Ticker: MATIC
Category: Layer 2
Market Cap: $8,238,710,945
Circulating Supply: 9,249,469,069
Total Supply: 10,000,000,000
Update: Polygon is an Ethereum layer-two (L2) scaling and infrastructure development solution. Using Polygon, one can create optimistic rollup chains, ZK rollup chains, stand alone chains or any other kind of infra required by the developer. MATIC price at the time of writing (9th May, 17:00) is $0.89 with 24-hour trading volume of $446,199,104. MATIC price is down by 4.9% in the last 24 hours.
With Reference to above Chart:
- During the early month of 2023, MATIC price doubled after the initial announcement of Zero Knowledge Proof rollups.
- However, after the peak at $1.56, prices are constantly falling, and looks like a ABC pattern correction of Elliott Wave Theory.
- Wherein, wave A corrected till $1, and wave B moved upwards by 18%, and we are currently seeing wave C ongoing downwards.
- A Swing Short Trading strategy can be assessed between $0.892-$0.94, with invalidation above $0.95.
- On the downside, one can see 12-14% fall towards $0.77 with first level at $0.85 before further correction.
- It is advisable to maintain a good risk to reward ratio and limit the use of leverage and position size. A longer time horizon may be necessary to ride out the current market conditions.
Note: MATIC is now available in the futures market in both Go and Pro apps with up to 15x leverage.
Trade MATIC Futures in CoinDCX
Trade MATIC Futures in CoinDCX Pro App
Past Week Results:
- GRT– Short Analysis- Down by 13% (we called for 10%) 5-6 days (Link)
- GALA– Short Analysis- Down by 23% (we called for SWING 16% drop) took a bit longer time ~10 Days (Link)
- ANKR– Short Analysis- Down by 12% (We called for SWING 9% drop) took a bit longer time ~10 Days (Link)
- ARB- Long Analysis- Stopped (Link)
Disclaimer:
Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The Content is for informational and educational purposes only. The Content is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or securities or virtual digital assets or to participate in any investment or trading strategy.The Content or any part of it is not legal, financial, investment or tax advice. The calculations, data, risk return formulations, performance or market capitalization indicators are based on the independent data sourced by CoinDCX or third parties. Past performance is not indicative of any future results.
