Joel Frank
Polygon (MATIC), the cryptocurrency that powers layer-2 Ethereum scaling protocol Polygon, has rallied a staggering 300% from its 2022 lows in the $1.32 area. MATIC was last changing hands in the upper $1.20s, having recovered from a blip that saw it briefly drop back into the mid-$1.10s earlier this week.
Resilience in the broader cryptocurrency market and optimism about the upcoming release by Polygon Labs of a beta version of Polygon’s zkEVM mainnet in late March have been cited as reasons why MATIC has been able to recover from earlier weekly lows.
Roses are red
Violets are blue
Poems are hard
Mainnet Beta is hereON MARCH 27, Polygon #zkEVM launches the future of Ethereum scaling
https://t.co/OqSOYTn8Uv pic.twitter.com/kpXavea3ff
— Polygon (@0xPolygon) February 14, 2023
MATIC continues to struggle with long-term resistance in the $1.30 area. But the cryptocurrency has been probing this level now for a few weeks, suggesting that the likelihood of an upside break is growing. That would open the door to swift gains towards the $1.50 and $1.75 levels, which would be the short-medium-term bullish targets in case of a convincing move to the north of the $1.30 level.
Is It Too Late to Invest in Polygon (MATIC)?
If traders take the view that Polygon is likely to soon break above the key $1.30 resistance area, opening the door to a run back to record highs, then now might be a good time to invest. Ultimately, asking whether it is too late to invest in any asset is a bad question.
What investors might actually be asking is “have the easy gains already been made?”, which suggests that investors have adopted a mentality of wanting to search out easy gains. This is a dangerous mentality, as there is no such thing as easy gains in financial/crypto markets. That’s because a higher potential for gains goes hand in hand with a higher potential for losses.
Investors need to do their research and due diligence to identify good risk-reward opportunities. Polygon, for example, seems like a very promising crypto project that could become a dominant player in driving adoption in the coming years. Its market cap of around $11 billion could go substantially higher. If someone deems this as a good risk reward, they should consider investing.
It doesn’t matter if they missed out on the 300% bounce from 2022 lows. What matters is the outlook for the cryptocurrency going forward. It’s never too late to invest in an asset class if you still believe it has good prospects to appreciate further.
Experts Give Their Polygon Price Predictions
One popular crypto trading profile on Twitter thinks that MATIC could be about to surge in terms of its valuation against Bitcoin. According to @morales_eth, MATIC/BTC has formed a cup-and-handle pattern on the monthly charts and could soon be due for a bullish breakout.
⚠️BREAKING NEWS!⚠️@0xPolygon $MATIC, MATIC/BTC monthly chart, cup & handle pattern breakout soon!
Non investment advice. TA is more likely 50:50%.$BTC $ETH $MATIC pic.twitter.com/177M38FK2y
— Morales (Green) (@morales_eth) February 7, 2023
The surge when MATIC/BTC breaks higher could be equal in size to the recovery back from the recent lows (i.e. the depth of the cup). That is about 280%, implying a possible move in the region of 300% higher from current levels. A 300% gain from current levels around 0.000056 would see MATIC/BTC hit around 0.000224.
Assuming Bitcoin’s market capitalization remains constant at around $440 billion, a 300% rise in Polygon’s market cap would imply a rise to about $44 billion and a MATIC/USD price rise to fresh record highs above $5.0 per token.
Altcoins to Consider
Polygon’s prospects look good. But traders should nonetheless always be looking to diversify and might want to consider other high-potential tokens, such as those being sold in pre-sale by promising up-and-coming crypto projects. Here is a list of a few presale projects vetted and favored by analysts at Business 2 Community.
Tamadoge (TAMA)
Tamadoge (TAMA) is the cryptocurrency that powers the dog meme and Tamagotchi-inspired Tamaverse, an up-and-coming web3 gaming ecosystem. The team behind Tamadoge recently launched the first two games of the Tamaverse’s play-to-earn arcade, with another three games scheduled for release soon.
In the coming months, the Tamaverse will continue to expand with the release of the main Tamadoge game – where players breed, raise and care for digital pet non-fungible token (NFT) Doges, which they can use to interact socially with one another within a metaverse setting, as well as use within the arcade games. A suite of Tamadoge NFT are already available for purchase.
Given all the above features of the Tamaverse, Tamadoge is being billed by some observers as “a meme coin with utility”. According to CoinMarketCap, Tamadoge currently only has a market cap of around $19 million. Some think this could go a lot higher. TAMA can be found on more than a dozen CEXs and DEXs, including Tier 1 exchanges such as OKX and Gate.io and leading decentralized exchange Uniswap.
Meta Masters Guild (MEMAG)
An alternative to Tamadoge that investors might want to consider is Meta Masters Guild, an up-and-coming mobile-based web3 gaming ecosystem that is developing a host of fun and addictive games. The games will utilize non-fungible tokens (NFTs), allowing community members to earn rewards, as well as stake and trade. The platform hopes to in the future host dozens of viral games. Its first game, Meta Karts Racers will be released later this year.
Join the #MEMAGFAM before it's too late! ⏳
The #Presale ends in just 2 days! ⏰
Get your $MEMAG tokens now to become a part of the elite Meta Masters Guild clan and earn while gaming!
Don't miss this opportunityhttps://t.co/SBqVjX5mWn#Play2Earn #Crypto pic.twitter.com/E6EGDY2Cs7
— Meta Masters Guild (@MEMAGgames) February 15, 2023
Meta Masters Guild is currently conducting a token presale to fund platform development. The presale just entered its final stage, with the project having raised a whopping more than $4.5 million in just a few weeks. Investors should note that the presale ends in just two days and there is a chance to win a massive $100,000 in MEMAG tokens.
RobotEra (TARO)
RobotEra is an up-and-coming metaverse looking to topple the likes of Decentraland and The Sandbox owing to a more exciting, gamified user experience. RobotEra is currently building a planet-rebuilding space robot-themed metaverse that hopes to attract a mainstream user base thanks to its various play-to-earn and passive income opportunities.
RobotEra is currently conducting a presale of the TARO token that will act as the in-metaverse currency, with the start-up having already raised an impressive $880,000. TARO tokens are currently available for $0.02, but this will soon rise to $0.025, so investors should move quickly to get in on the ground floor.
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This article was written for Business 2 Community by Joel Frank.
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