Is It Too Late to Buy Polygon? MATIC Price Rallies Up 5% in 24 Hours as Green Crypto Chimpzee Sails Past $800,000 Milestone
The price of MATIC, the native token of Ethereum’s largest layer-2 scaling protocol by market capitalization Polygon, is up over 5% in the last 24 hours, as per CoinGecko.
MATIC was last trading just above $0.74 and to the north of its 50-Day Moving Average (DMA) for the first since April, as the cryptocurrency continues to unwind the losses it experienced in June as a result of the US Security and Exchange Commission (SEC)’s claim that it is actually a security.
While MATIC is still over 16% down from its pre-SEC FUD (fear, uncertainty and doubt) levels near $0.90, the cryptocurrency is up an impressive more than 45% from its June lows in the $0.50 area.
In wake of the impressive bounce, crypto investors are asking whether they missed their chance to buy the dip.
Is it too late to buy Polygon? they might ask.
While crypto investors who refrained from buying the June dip have missed out on easy near 50% gains, its not too late to buy Polygon.
That’s because the cryptocurrency is still trading more than 50% below its earlier yearly highs and, if it can break above a few near-term resistance levels, could be in with a shot of posting more than 100% gains in the coming months.
As noted, MATIC has managed to clamber back above its 50DMA, but is finding strong resistance at the late-2022/early-2023 lows around $0.74.
If it can clear this resistance, as well as a downtrend from the yearly highs and the May lows around $0.81 the door is open for a swift rally towards the 200DMA around $1.0 and then on towards the yearly highs in the mid-$1.50s.
Of course, as MATIC hits key near-term resistance, some bears might see this as attractive levels to add to short positions.
A retest of yearly lows at $0.50 should not be discounted given the
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