The Polygon price relentless rally gained steam as demand for the coin kept rising. MATIC soared to an all-time high of $2.16, bringing its total market capitalization to more than $12 billion. This makes it the 17th biggest cryptocurrency in the world according to data compiled by CoinTelegraph.
MATIC rally resumes
Polygon has defied gravity in the past few months. The currency has moved from obscurity to become one of the biggest names in the blockchain technology. This has happened as more developers have embraced Ethereum’s network. Indeed, most blockchain projects are built using Ethereum’s network. These include well-known brands like Uniswap, Maker, and Aave.
This is an important fact for Polygon, which has developed a platform that helps developers build applications that are compatible to Ethereum’s network. A good example of apps that are embracing the network is Decentral.Games, a decentralized virtual casino that is owned by the players. The relatively new game has more than 5,000 active players from around the world.
Other projects currently in Polygon’s network are Biconomy, The Graph, PolyMarket, and EasyFi, among others.
Polygon Price Prediction
In my latest Polygon price prediction, I wrote that the currency was set to rise by 33% and cross $2. This happened this week as the currency soared to an all-time high of $2.16.
Turning to the hourly chart, we see that the MATIC price has moved above the upper side of the bullish flag pattern that is shown in black. In price action, this pattern is usually a sign of a bullish continuation. It is also one of the most common patterns in a bullish trend.
The price is also being supported by the 25-day and 15-day exponential moving averages (EMA) while the Relative Strength Index (RSI) has risen to the highest level since May 16.
So, is MATIC a buy or sell? In my view, the price could keep rising as bulls target the next resistance level at $2.5. This is possible. However, for traders who have been in the trade for a while, scaling down their positions could help reduce risks in case of a major parabolic dive. In fact, these dives have happened recently among some of the high-flying currencies like Filecoin and Theta.