Tech

MATIC Price Flying HIGH! Can MATIC reach $2 now?

01/27/2023
Bitcoin Ethereum News

The crypto market continues to increase and make higher highs. In the past 24 hours alone, the average return in the crypto market was capped at around 2%. However, MATIC manage to fly high and increase by more than 13% during that same time frame, breaching the psychological price of $1 higher. Can MATIC reach $2 now? Let’s analyze, no hype 😉

What is MATIC?

Matic Network is a layer 2 scaling solution that uses an adapted version of Plasma to enable faster and cheaper transactions on the Ethereum blockchain. It uses a system of child chains that are secured by the main Ethereum blockchain, allowing for increased transaction throughput and lower fees. Matic also has its own cryptocurrency called MATIC, which is used to pay for transaction fees on the network.

How does Matic Network work?

Polygon (the name of the blockchain) uses a network of so-called “Polygon Validators” that ensure that transactions in the blockchain are processed correctly. This allows many transactions to be processed simultaneously, increasing the speed and efficiency of the blockchain. For this, the cryptocurrency uses a system of security and delegation mechanisms to ensure that the network remains stable and secure.

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MATIC Price UP +13% in the past day?

Yes, MATIC was among the top performers in the crypto market. In the past 24 hours alone, MATIC token managed to jump from the support price of $0.77 and breached the $1 price mark higher. This move proves that prices are here to stay, and the uptrend should continue in the next days and weeks.

Fig.1 MATIC/USD 1-day chart – GoCharting

MATIC Prediction 2023: Can MATIC reach $2 now?

Since the crypto bull run is proving that it’s here to stay, MATIC price should in theory continue to increase. In addition to the green crypto market, the break of the price of $1 for the third time proves that MATIC should continue higher. IF MATIC does not retrace lower than $1 in the coming days, MATIC can continue and reach the following price targets:

Fig.2 MATIC/USD 1-week chart – GoCharting

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Source: https://cryptoticker.io/en/can-matic-reach-2-now-2023/