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Is Polygon MATIC a good buy ahead of the Ethereum merger?

 


Polygon (MATIC) price has been moving sideways for the past few days, even as other cryptocurrency prices have recovered. It is trading at $1.61, which is slightly above its lowest level this year. Other coins like Ethereum and Cardano have all rallied.


What happens to Polygon after The Merge?

Polygon is one of the leading blockchain projects in the world. Its main goal is to help developers scale their Ethereum apps. By moving to Polygon, they can leverage applications that complete transactions faster. Above all, they save money. According to Polygon, it saves Ethereum users over $29 million in gas fees every day.


Therefore, the main reason why MATIC price has been moving sideways for the past few weeks is concern that the ongoing Ethereum upgrade will push more developers onto the network.


For starters, it is important to understand what Ethereum developers are doing. They simply migrate Ethereum's architecture from a proof-of-work network to a proof-of-stake one. This is a multi-year project that started in 2020 and is expected to be completed in 2023. This year the most important thing that will happen is known as The Merge.


In the future, Ethereum will introduce a concept called sharding, which will supercharge its network. Sharding solves a major challenge by breaking the blocks on the blockchain into smaller pieces known as shards.


As a result, developers expect Ethereum to increase its transactions per second from less than 15 to over 5,000. Transaction costs will also fall sharply.


As such, there are concerns as to whether Layer 2 networks such as Polygon, Loopring, and Immutable X will exist after this merge. Most analysts expect these platforms will still attract developers looking to scale their platforms.


MATIC price analysis



The daily chart shows that the Polygon price has been moving sideways for the past few days. As a result, the coin is trading slightly above the lower side of the rising channel. Its volatility has also decreased, as evidenced by the performance of the Average True Range (ATR), which has fallen to its lowest level since Aug. 21.


Hence, there are chances that MATIC price will continue higher as bulls target the upper side of the channel above USD 3. However, a move below the lower side of the channel will signal that there are more sellers left.


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