Polygon (formerly known as Matic Network) is the first well-structured, user-friendly Ethereum scaling and infrastructure development platform.
Polygon SDK is its main component, a modular, adaptable framework that can be used to create a variety of apps. Binance and Coinbase have backed Polygon (previously Matic Network), a Layer 2 scaling solution. The project aims to increase cryptocurrency acceptance by addressing scalability issues across several blockchains. Polygon is a blockchain that blends the Plasma Framework with a proof-of-stake design. Polygon’s Plasma framework, which was proposed by Vitalik Buterin, co-founder of Ethereum, enables the simple execution of scalable and autonomous smart contracts. Let us review the MATIC price
MATIC Price Prediction
Bullish Scenario: MATIC might retrace back to support levels $1.63. After retracements, if MATIC manages to break above the resistance level at $1.78 then it would be bullish. Breaking above the $1.91 price level with significant buying volume will lead to a move towards $2.10 and higher.
Bearish Scenario: MATIC has been in a downtrend since the last few months so we don’t have a strong bullish bias for long-term yet. If the support level $1.53 doesn’t hold then it will drop further towards $1.44, $1.31 and below sooner or later.
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