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! 

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