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.
Is It Too Late to Buy Polygon (MATIC)?
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 ongoing SEC FUD.
Whilst it certainly isn’t too late to buy MATIC as it could go higher in the near term, it remains a highly risky play.
Polygon (MATIC) Alternative to Consider – Chimpzee (CHMPZ)
Chimpzee, which is being touted by crypto experts as one of the hottest charity-focused web3 projects of the year, is generating waves in the crypto space.
The project’s highly sought-after presale, which analysts at reputable news outlets such as Cryptonews.com and Business 2 Community rank as one of the year’s best presale opportunities, just shot past the $800,000 mark.
Chimpzee is a disruptive crypto platform that allows its users and supporters to earn a passive income whilst simultaneously saving animals and fighting climate change.
The charity-focused web3 platform is set to feature a shop-to-earn Chimpzee merchandise store, a trade-to-earn non-fungible-token (NTF) marketplace and a play-to-earn game called “Zero Tolerance”.
The presale is currently in its 7th stage and potential investors need to move quickly as when the $1.1445 million mark is hit, the $CHMPZ token price will go up from $0.0007 to $0.000775.
Visit Chimpzee Here
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 of your capital.
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