MATIC Price Analysis: What’s Next for MATIC Price? Polygon Reaches Milestone of 1 Million NFTs Minted

• At the time of publication, MATIC was trading at $1.429, down 1.37% on the day
• More than one million NFTs have been minted by devs on the Polygon Network
• The Polygon Network has been restored after an 8-hour outage

MATIC price continues to consolidate ahead of the next major move. At the time of publication, MATIC was trading at $1.429, down 1.37% on the day. Polygon remains one of the biggest blockchain ecosystems, with over 7,000 decentralized applications built or developing on the network. NFTPort, a stripe-like company for NFTs reports that more than one million NFTs have been minted by devs on the Polygon Network. The layer 2 scaling blockchain network was down for roughly eight hours on Thursday night due to a technical upgrade that went wrong. The network has now been restored with a “temporary hotfix,” according to a tweet from the company. “No user funds were at risk at any moment,” according to Polygon co-founder Mihailo Bjelic. A permanent fix, which requires wider action from validators and a network upgrade, is expected today or tomorrow.

Key Levels
Resistance Levels: $1.700, $1.600, $1.500
Support Levels: $1.400, $1.246, $1.096

MATIC/USD Daily Chart: Ranging

MATIC/USD Daily Chart

After retreating from a medium-term high of $1.701, MATIC is stabilizing. The downsloping MA 50 is sustaining an anticipated range-like structure in the pair, therefore the bias appears to be continuing favoring a consolidation. The medium-term technical oscillators are also sending out signals of flat trading while the RSI tries to maintain its trend towards the 50-point mark.

Initial resistance could be found at the nearby $1.50 horizontal barrier if buying enthusiasm grows. If the bulls gain confidence, they may go for the $1.60-$1.70 resistance ceiling, which contains borders the moving average (MA 200). A loose foothold from low at $1.408 level, on the other side, might hit the ascending trendline support at $1.28.

MATC/USD 4-Hour Chart: Ranging

MATIC/USD 4-Hour Chart

MATIC has gently risen from a February 24 low of $1.246, having recovered towards the 4-hour moving average (MA 50). The price action has retreated from the MA 200 near the $1.700 barrier and is currently consolidating. On the negative side, $1.50 serves as a temporary stumbling block ahead of the $1.60 and $1.70 significant resistance levels.

Weaker support zones, on the other hand, suggest a downward tendency and may provide some fuel for the bears. A drop below $1.40 support would, on the other hand, extend the sideways movement to $1.246 February 24 low. If momentum traders follow, a bullish breakout beyond $1.50 might unleash a prolonged surge to $1.90 highs.

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