2nd December 2021 | ZebPay Trade-Desk
Polygon (MATIC) has witnessed a strong rally, upwards last week, when it surged to $2.13, from $1.78, over a span of just 24-hours. The asset has a market capitalization of $14.8bn and is ranked 15th. It has a circulating supply of 7,021,682,963 MATIC coins and a max. supply of 10,000,000,000 MATIC coins. Polygon effectively transforms Ethereum into a full-fledged multi-chain system that allows for a modular and flexible framework that is conducive to building dApps.
At the time of writing Matic is trading at $2.1.
Matic witnessed a sharp correction in May this year after making the life high of $2.82 and the prices dropped to $0.6221. Post this move, the asset is in a recovery mode and the prices surged almost by 250% making the high of $2.2 in October. Technically, on a daily time frame, Matic has formed a broad ‘Symmetrical Triangle’ pattern where the rising sloping line acts as support and the upper sloping line acts as resistance. Matic has given a breakout on the upside but has resisted exactly at the previous high of $2.22. Hence, to further rally the asset needs to break and close above the resistance level.
|Support 2||Support 1||Asset||Resistance 1||Resistance 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 the Author is for informational purposes only and should not be treated as investment advice.