The price of MATIC, the native token of Ethereum’s largest Layer 2 scaling protocol by market capitalization Polygon, has risen more than 5% in the last 24 hours, according to CoinGecko.
MATIC last traded just above $0.74 and north of its 50-day moving average (DMA) for the first time since April, as the cryptocurrency continues to recoup losses it experienced in June as a result of the Securities Commission. and US Securities (SEC) that it is actually a security.
While MATIC is still more than 16% below 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 the wake of the impressive bounce, crypto investors are wondering if they missed the opportunity to buy the dip.
Is it too late to buy Polygon? they might ask.
Is it too late to buy Polygon (MATIC)?
While crypto investors who held off on buying the June dip missed out on easy gains close to 50%, it is not too late to buy Polygon.
This is because the cryptocurrency is still trading more than 50% below its previous yearly highs, and if it can break through some near-term resistance levels, it could stand a chance of posting gains of more than 100% in the coming months.
As noted, MATIC managed to rally back above its 50DMA but is finding stiff resistance at the late 2022/early 2023 lows around $0.74.
If it can remove this resistance, as well as a downtrend from the yearly highs and May lows around $0.81, the door is open for a quick rally towards the 200 SMA around $1.0 and then towards the highs. per year in the mid-$1.50s.
Of course, as the MATIC reaches 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 ruled out given the ongoing SEC FUD.
While it is not too late to buy MATIC as it could go higher in the short term, it is still a very risky play.
Polygon (MATIC) Alternative to consider: chimpanzee (CHMPZ)
chimpanzeetouted by crypto experts as one of the most popular charity-focused web3 projects of the year, is making waves in the crypto space.
The highly sought after presale of the project, which analysts from renowned news outlets such as Cryptonews.com and Business 2 Community ranks as one of the best pre-sale opportunities of the year, it just passed the $800,000 mark.
Chimpzee is a disruptive crypto platform that allows its users and supporters to earn passive income while saving animals and fighting climate change.
The charity-focused web3 platform is set to feature a buy-to-win Chimpzee merchandise store, a trade-to-win non-fungible (NTF) token marketplace, and a play-to-win game called “Zero Tolerance.”
The presale is currently in its 7thhe The scenario and potential investors should move quickly, as when the $1.1445 million mark is reached, the price of the $CHMPZ token will increase from $0.0007 to $0.000775.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.
