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Altcoin Thursday: Matic

19 August 2021 | ZebPay Trade-Desk

Polygon (MATIC) has risen up to 150% over the past month, which means it has outperformed both BTC and ETH. This comes as MATIC remains a popular altcoin, and as the market recovers, we have witnessed good momentum and strong volume growth in the asset. The newly integrated plasma chain provides better scalability, coupled with the integration of more than 80 new applications done over the past few months, makes the protocol a force to be reckoned with. Industry experts have seen that DeFi investors are becoming generally optimistic towards Polygon and projects on top of the blockchain, which from a fundamental standpoint is a good sign.

Matic has witnessed a massive rally from $0.62 up to $1.56 surging almost by 151% within a month. The asset is resisting and the longer upper shadow indicates selling around $1.5 levels and has corrected almost by 20%. Matic has strong support at $1.25, If the price rebounds off this level, the bulls will again try to resume the up move and if it fails to sustain the support then we can expect the prices to further slide to the next support which is at $1.

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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