Polygon (MATIC) Trades Flat Despite Higher Volumes!

Polygon (MATIC) Trades Flat Despite Higher Volumes!

Matic, since its inception in the year 2017, has undergone a lot of changes. From using the Ethereum network to run their operations to changing their name and launching their own blockchain, Matic has reached a new level of innovation. It uses a combination of the revered Plasma Framework and Proof of stake algorithm. 

Polygon is backed by some of the largest cryptocurrency exchanges, such as Coinbase and Binance, and they support the goal of improving the scalability offered by the Blockchains. It claims to support a total of 65,000 transactions per second. While the number is mindblowing, the capability is still under development, and once fully synthesized, the number s would be much higher. 

Polygon currently ranks at the 21st position in terms of market capitalization and is valued at $8.7 billion with a value of just $1.32 per coin. At present, only 67% of this coin is under circulation that totals 10 billion coins.

MATIC Price Analysis

Trades in tight consolidation zones with higher volumes. A tussle between buying and profit booking.

MATIC offers a great scalability solution, but the same is not reflected in its price action. Despite having potential, MATIC has sat under consolidation for the last one month and counting. The support for Polygon lies close to $1.22, with resistance at $1.3 to $1.6. 

Breakout from the consolidation zone in any direction will take a sharp movement, whether on the positive or negative side. Based on our MATIC coin price prediction, one should wait for a day or two to reaffirm the breakout before making an entry into this cryptocurrency. RSI, for now, is trading at a decent positive bias of 46, with increasing volumes indicating equal buying and selling at the consolidation zone of $1.30 – $1.60.

Trevor Holman: Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.