The crypto market is still in consolidation mode. However, some cryptos managed to increase in prices. Despite low fundamental backings, the technicals behind their price action stand strong. MATIC price is currently trying to recover from its low price, as it reached $0.31 during its bottom in 2022. However, prices managed to recover and almost tripled so far. Can MATIC reach 1 $ soon? Let’s analyze in this MATIC price prediction article.
What is Polygon MATIC crypto?
Polygon is a blockchain network that represents a scaling solution for Ethereum. Polygon aims to enable faster and cheaper Ethereum transactions. It uses layer 2 sidechains, which can better distribute the high transaction load across different chains. The network token is called MATIC. It is used to pay transaction fees and participate in the proof-of-stake consensus mechanism. MATIC was also the former name of the Polygon network. In the future, Polygon wants to become its own multi-chain network. The blockchain describes itself as “Ethereum’s Internet of Blockchains”.
Polygon crashed hard in the past Crypto Crash
Polygon (MATIC) price has fallen sharply in recent months. This was not due to internal blockchain reasons, but to the onset of the bear market. Polygon (MATIC) price reached an all-time high in December 2021. The price jumped above 2.8 dollars. The all-time high came a lot later than the highs of other cryptocurrencies.
This resulted in heavy losses in the months that followed as the bear market hurt the entire market. By early March, the Polygon price was down about 50% from its all-time high. More heavy losses followed in May and June. The price dropped below $0.40. The price has lost more than 85% since December.
MATIC Prices UP from their Bottom
In the past 4 months, MATIC prices managed to come back higher. MATIC increase from its bottom price of $0.31 and reached a current price of around $0.81. This happened while other cryptocurrencies such as Bitcoin struggle to keep their consolidation in check. In fact, Bitcoin is currently in a consolidation mode delimited by a low price of $18,500 and a high price of $22,500.
After an uptrend that pushed MATIC prices higher, we currently see a brief consolidation for MATIC as well. This consolidation is delimited by a high price of $1 and a low price of $0.70. In figure 2 below, we can clearly see how MATIC prices are currently consolidating.
MATIC Price Prediction – Will MATIC price reach 1 $ soon?
If we look back at figure 2, we can clearly see how MATIC prices managed to break the upper trendline delimited by a price of 1 $. This happened back in mid-August, when the market was trying to recover. However, MATIC prices specifically needed an adjustment as part of profit-taking.
In order for MATIC to reach 1 $ again and breach it, prices need to reach the 50% Fibonacci retracement level shown in figure 3. This level coincides with a price of around $0.86. If this level is successfully breached, we can estimate MATIC reaching 1 $ and continuing its uptrend.
However, if MATIC fails to regroup higher and breaches the price of $0.70, we risk seeing MATIC fall back towards its previous price level of around $0.54.
Best exchange cryptocurrencies to buy this week
UNI and SUS are native tokens of the leading decentralised exchanges and have been performing well today. BNB is underperforming today but could rally higher over the coming days. The total crypto market cap could reach the $900 billion mark in the near term. The cryptocurrency market is trading in the green zone for the […]
UNI and SUS are native tokens of the leading decentralised exchanges and have been performing well today.
BNB is underperforming today but could rally higher over the coming days.
The total crypto market cap could reach the $900 billion mark in the near term.
The cryptocurrency market is trading in the green zone for the second consecutive day this week. The total market cap stands above $850 billion and could rally higher over the next few hours.
With most cryptocurrencies performing well this week, we will focus on exchange-based tokens and look at the top five you can buy before the end of the week.
Top five exchange tokens to buy this week
UNI, the native token of the Uniswap decentralised exchange, is one of the best-performing exchange tokens this week. The token has added more than 4% to its value in the last 24 hours. At press time, the price of Uniswap stands at $5.73 per token.
UNI is an excellent choice because Uniswap remains the number one decentralised exchange in the world, processing over $700 million in daily trading volume.
Where to buy Uniswap now
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
Sushiswap is the second decentralised exchange to make this list. SUS powers the Sushiswap exchange and has been performing well over the last 24 hours. The token is up by more than 4% in the last 24 hours and is now trading at $1.41.
Uniswap remains ahead of Sushiswap, with Sushiswap processing roughly $20 million in daily trading volume. However, its SUS token is still a leading exchange coin.
Where to buy Sushiswap now
The native coin of the Crypto.com cryptocurrency exchange is also trading in the green zone today. Cronos is up by less than 1% in the last 24 hours but could rally higher over the coming hours and days.
At press time, CRO is trading at $0.06447. Crypto.com is one of the top 20 cryptocurrency exchanges by trading volume and processes more than $220 million daily.
Where to buy Cronos now
Founded in December 2017, CoinEx is a global and professional cryptocurrency exchange service provider. CoinEx supports multiple languages and are providing global trading services in nearly 100 countries/regions.
Okcoin is a globally licensed exchange with offices in San Francisco, Miami, Malta, Hong Kong, Singapore and Japan. Okcoin's mission is to help decentralize finance and level the economic playing field for everyone around the world. Serves 190+ countries with over 100K+ active traders and investors.
Binance Coin (BNB)
BNB, the native coin of the Binance cryptocurrency exchange, is also one of the exchange tokens to consider. At press time, the price of Binance Coin stands at $300.19, down by 1% in the last 24 hours.
Binance is the world’s leading crypto exchange. Earlier today, the exchange announced that it had acquired the Japanese-regulated Sakura Exchange BitCoin. Thus, allowing Binance to operate legally in Japan following its exit from the country four years ago.
#Binance Acquires JFSA Registered Sakura Exchange BitCoin, Committed to Enter Japan Under Regulatory Compliancehttps://t.co/xfdnaY2hiO
— CZ 🔶 Binance (@cz_binance) November 30, 2022
Where to buy Binance Coin
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
KuCoin Token (KCS)
The last token on this list is the KuCoin Token (KCS). Similar to BNB, KCS has been underperforming so far today. However, it could recover and rally higher in the coming hours or days.
KCS is currently trading at $6.71 per coin. KuCoin is the fourth-largest crypto exchange and processes nearly $500 million in daily trading volume.
Where to buy KuCoin Token now
As KCS is such a new asset, it's yet to be listed on major exchanges. You can still purchase KCS using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy KCS right now, follow these steps:
1. Buy ETH on a regulated exchange or broker, like eToro ›
We suggest eToro because it's one of the world's leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It's also beginner-friendly, and has more payment methods available to users than any other available service.
2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask
You'll need to create your wallet, grab your address, and send your coins there.
3. Connect your wallet to the 1Inch DEX
Head to 1Inch, and 'connect' your wallet to it.
4. You can now swap your ETH for KCS
Now that you're connected, you'll be able to swap for 100s of coins including KCS.
The post Best exchange cryptocurrencies to buy this week appeared first on CoinJournal.
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