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.
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