MATIC Long Term View

19 ก.พ. 2022

Analysis done on daily candles. MATIC, or Polygon, has become a popular name in the crypto markets due to its heavy involvement in the NFT world. Web3 and the NFT market have provided new opportunities in the crypto market, MATIC is specific has attracted investments from names like Softbank and Sequoia capital. Polygon's use in the Ethereum network reduces the price of transactions and offers an incentive to those participants that interact with the network, making it an attractive asset in a crypto portfolio. Ethereum itself is growing to be more attractive than Bitcoin due to its visible use in the NFT market, and as Ethereum grows, Polygon will likely to follow-suit. Looking at the chart in particular, Polygon saw a tremendous amount of buyers this month after Sequoia capitals $450 million stake was announced, but it wasn't enough to move it back above the 2.20 resistance. The market's overall uncertainty is making it hard for breakouts to hold, but regardless Polygon is in a healthy range overall. The blue highlighted range is an okay consolidation area as markets gain buying momentum again.