Wednesday, December 7, 2022
    HomeMarketPolygon's MATIC remains attractive, but a key hurdle remains

    Polygon’s MATIC remains attractive, but a key hurdle remains


    • Robinhood introduced MATIC transactions on Polygon along with Ethereum

    • The assist will increase liquidity for MATIC token

    • MATIC features previously one week are 10%

    Discuss of constructing vital headlines and defying market sentiment. Polygon’s MATIC/USD is a cryptocurrency to observe every time one is on the lookout for a superb funding. The Ethereum Layer-2 scaling resolution has proved to be a dependable blockchain. 

    On CoinMarketCap, MATIC has registered greater than 10% features previously week. Different cryptocurrencies have negligible features, whereas others stay within the bear zone. The features mirror confidence in Polygon and the rising utility of its native token MATIC.

    On August 31, Robinhood introduced that customers may transact with MATIC on the polygon community. It’s further assist to Ethereum, with Robinhood saying extra cryptos are coming quickly. The assist will increase MATIC liquidity and increase the worth. The brokerage agency stated the addition of MATIC was attributed to the massive charges on Ethereum. 

    MATIC is trapped by the $1 resistance as worth makes a comeback

    Supply: TradingView

    The weekly chart is the true barometer as an example MATIC’s worth motion. Within the weekly chart, it may be seen that MATIC is trapped beneath the $1 resistance. The value is bullish after the newest retracement however is dealing with some bear stress. The bear stress may very well be a results of the weak crypto market sentiment.

    Concluding ideas

    Whereas Polygon’s MATIC has sturdy fundamentals, weak market sentiment is a bear set off. The value faces a key hurdle at $1 whereas the underside is at $0.6. Whereas we consider MATIC has room to go larger, warning needs to be exercised as worth battles $1. The $0.78 is short-term assist that the worth may additionally slide if a breakout fails at $1. We urge traders to purchase when the worth crosses $1 or purchase now for a long-term maintain.

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