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.

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