Should I buy Polygon (MATIC) in December 2021?

Should I buy Polygon (MATIC) in December 2021?

Polygon MATIC/USD has advanced from $1.12 above $2.2 since the beginning of October 2021, and the current price stands at $1.82.

Faster transactions and lower fees

Polygon is a platform for Ethereum scaling and infrastructure development with a mission to improve the accessibility of the decentralized finance (DeFi) space to more users.

Security, ETH compatibility, scalability, and sovereignty are the main characteristic of this platform.

Ethereum blockchain has limitations like low throughput, while Polygon combines the best of Ethereum into a full-fledged multi-chain system.

Polygon solves pain points associated with blockchains, like slow speed and high gas fees, which fuel its adoption in the DeFi space.

Polygon solves these issues by using an adapted version of the Plasma framework that offers a solution for quicker and extremely low-cost transactions.

Several popular DeFi projects have already migrated to Polygon, and this platform has experienced tremendous growth in its user activity in the last several months.

Polygon helps you to scale your DApps massively, and it is important to say that there are more than 3000 DApps on Polygon. The team of Polygon reported:

Some of the biggest Web3 platforms and developers in the industry are building on Polygon, from decentralized finance (DeFi) protocols such as lending platform Aave to luxury brands company Dolce & Gabbana, and even NFT marketplaces including OpenSea and Mark Cuban’s Lazy.com. Some of the DApps that have integrated Polygon are Sushi, Aavegotchi, and Arc8.

The team behind this project includes experienced developers and blockchain experts that are continuously working on new features and upgrades, which are very important for expanding the Polygon ecosystem.

MATIC is an ERC-20 token that powers Polygon; it secures the network via staking and is used to pay transaction fees.

MATIC is available on many of the leading centralized and decentralized exchanges, while you can find a full list on the official website of Polygon.

$1.8 represents current support

Data source: tradingview.com

MATIC is trading this Tuesday above the current support level that stands at $1.80, but the next target could be at $1.70 or even below if the price breaks it again.

On the other side, if the price jumps above $2, the next target could be at $2.2; still, traders should use “stop-loss” and “take profit” orders when opening their positions because the risk remains high.

Summary

Polygon is a platform for Ethereum scaling and infrastructure development, and some of the biggest Web3 projects and developers in the industry are building on Polygon. Polygon solves issues like slow speed and high gas fees by using an adapted version of the Plasma framework that offers a solution for quicker and extremely low-cost transactions.

The post Should I buy Polygon (MATIC) in December 2021? appeared first on Invezz.

Publication date: 
11/30/2021 - 19:19
Author: 
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.