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Altcoin Thursday: Polygon (MATIC)

06 May 2021 | ZebPay Trade-Desk

You smashed our Twitter Poll this week, with an overwhelming response, and asked us to cover MATIC this AltCoin Thursday. So, here it is!

The Matic Network brings massive scale to Ethereum using an adapted version of Plasma with Proof of Stake (PoS) based side chains, which provides faster and extremely low-cost transactions with finality on the main chain, which can process up to 65k transactions/second on a single Matic chain.

Matic started to move upwards from February 2021 and in a month it made the top of $0.543 surging almost 980%.

Post this feat, the asset was consolidating and was trading in a range from $0.29 to $ 0.50. On 26th April, Matic gave a breakout to the upside and made an all time high of $0.947. On the technical front, the asset is trying to make a ‘FLAG’ pattern where currently the prices are consolidating between $0.688 to $0.897 and breakout will occur once the upper range is broken and the asset will close above this range with high volumes.

Support 1Support 2MATICResistance 1Resistance 2

This concludes on Altcoin synopsis for this week. Don’t forget to keep an eye out for our new poll, and let us know which coin you would like us to cover next week! 

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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