MATIC Technical Analysis - Rising Channel Fallout Brings Sellers in Action

Polygon is described as an Layer 2 scaler, which implies that the project isn't looking to improve its existing blockchain layer anytime very soon. The focus of the project is on reducing the complexity of scaling and quick blockchain transactions.

 

Polygon is a combination of the Plasma Framework with the proof-of-stake blockchain. The Plasma framework utilized by Polygon which was proposed by co-founder of Ethereum, Vitalik Buterin. Ethereum, allows for the quick execution of autonomous and scalable smart contracts.

The live MATIC token price today is $2.07 with an intraday trading volume of $1,481,727,872. The coin price is up by 5.62% in the last 24 hours. With a live market cap of $15.11 Billion, the coin has a spot reserved in the Top 15 largest coins in the world.

 

MATIC coin price fails to rise above the resistance zone at $2.45 and falls lower to the $2 mark. The coin price shows a downfall of more than 15% in the 72 hours as it approaches the support trendline.

 

Currently, the price rests close to the support trendline of the rising channel and the psychological support mark of $2. Therefore, the price is close to a support confluence that increases the chances of a reversal.

 

Let’s have a deepened insight into the technical analysis of MATIC Token and see what the indicators have to say about it.

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