• MATIC price rallied 10% over the past 12 hours, suggesting a resurgence of buying pressure.
  • Investors can anticipate a 15% upswing to $1.88 as this bullish scenario continues.
  • The proposal to migrate Uniswap to Polygon received a 7.79 million UNI ‘yes’ vote.

MATIC price recently swept the swing lows of a crucial barrier, kick-starting an upswing. This development comes as the cryptocurrency market recovers from the COVID-induced crash over the past three days.

Uniswap on Polygon soon

Uniswap saw a proposal on its forum on November 20, suggesting that it  should migrate to Polygon, a scaling solution. Since Uniswap, an automated market maker (AMM), is built on the Ethereum blockchain, it is plagued with high gas fees and slow transactions. Therefore, Polygon proposed to migrate the AMM on its platform to address these issues.

The proposal was by way of seeking authorization from the AMM’s team for the migration. With 7.79 million UNI voting ‘yes,’ it is likely to see a Polygon chain-based Uniswap soon. This will allow users to transact on the AMM without having to worry about high gas fees.

While Uniswap is the latest to come aboard the Layer 2’s network, other popular platforms like Aave, Curve, Balancer, SushiSwap, Matcha, and others are already present, hinting at the capability of the scaling solution.

MATIC price prepares for comeback

MATIC price dropped 24% from November 26 to November 28 to set a swing low at $1.49. Interestingly, this downswing swept the lows formed at $1.52 on November 22, allowing market makers to collect the liquidity and signal the start of an uptrend.

This move was quickly followed by an 11% upswing to where MATIC price currently trades - $1.65.  Going forward, investors can expect Polygon to grapple with the 50% retracement level at $1.75. If MATIC price manages to produce a higher high above this barrier, it will confirm the start of an uptrend.

In this situation, Polygon could continue its ascent and make way to retest the $1.88 resistance barrier. This climb would constitute a 15% advance from the current position. If the buying pressure increases, MATIC price could extend this run-up to tag the range high at $1.97.

MATIC/USDT 4-hour chart

MATIC/USDT 4-hour chart

While things are looking up for MATIC price, a failure to flip the $1.75 hurdle to support will indicate weakness among buyers. If the selling pressure increases, knocking Polygon to produce a lower low below $1.52 will invalidate the bullish thesis.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Watch out for Ethereum price as technical indicators point to dip below $1,000

Watch out for Ethereum price as technical indicators point to dip below $1,000

Ethereum (ETH) price is revealing a not-that bright picture for bulls this week, both from a technical perspective and because of ballooning tail risks. As bulls could not manage a close above a crucial technical hurdle, price action slipped further to the downside and moved away from the essential historic barrier. 

More Ethereum News

As NATO troops double, so do the bears' army in XRP

As NATO troops double, so do the bears' army in XRP

Ripple (XRP) price is returning with a hangover after a very short-lived party in which it rallied from $0.3043 to $0.3710, and booked 21% gains. Although bulls temporarily pushed the price above $0.3710, it turned out to be a false breakout, and eventually closed the day below, catching a lot of bulls in a bull trap in the process.

More Ripple News

Why you should approach Bitcoin price with caution

Why you should approach Bitcoin price with caution

A brief technical and on-chain analysis on Bitcoin price. Here, FXStreet's analysts evaluate where BTC could be heading next.

More Bitcoin News

Why this move from Shiba Inu price could catch investors off guard?

Why this move from Shiba Inu price could catch investors off guard?

Shiba Inu price prepares for a quick retracement after nearly a week of recovery bounce. While this run-up was impressive, things are likely going to go slow for SHIB as investors continue to book profits.

More Shiba Inu News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis