16 September 2021 | ZebPay Trade-Desk
Polygon (MATIC) has been riding the upward trend this week, up by approximately 8% over the past 24 hours. Polygon created a DAO for its community members focusing mostly on the Defi space, and data shows that Polygon has now become the 4th largest DAO network in terms of Total Value Locked (TVL) with around $5 billion funds locked in the network itself. Polygon (MATIC) currently trades at $1.45, and has a market capitalization of $1bn, ranked 22.
Matic after surging almost by 189% from $0.6221 to $1.7991 faced stiff resistance at $1.8 and witnessed a sharp correction almost by 38% making the low of $1.113. Post this move, the asset was consolidating and was trading in a range from $1.23 to $1.37. Technically, on a 12hour time frame, Matic has made a ‘Doji Morning Star’ pattern (Bullish Reversal Pattern) and has started moving upwards by trading in ‘Higher Top Higher Bottom’ formation. The asset has an immediate resistance at $1.55. If it breaks and sustains above this then we can expect the asset to touch $2mark.
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2 |
| $1.11 | $1.23 | MATIC | $1.55 | $1.80 |
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