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Altcoin Thursday: MATIC

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 2Support 1AssetResistance 1Resistance 2

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.


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