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Crowd Attention Shifts From Ethereum to Matic! Time For MATIC Price Breakout!

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Highlights

    Matic price awaits a breakout as it is hovering around a major resistance level

    Big partnerships are underway for Matic to counter Ethereum’s dominance in the market

Matic platform has been making headlines in recent days as the altcoins daily user activity leapt to new highs! The traffic seems to be the result of Matic’s exciting partnerships ahead. With a series of events scheduled to launch in quarter 4, Matic price looks quite promising. The network is building the best DeFi technology outside of the Ethereum main chain.  

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Matic Network Daily User Activity Booms Ahead Of Ethereum

The crowd is going crazy to see Matic’s performance over the last few days. Popular Matic fundamental analyst Raphael shared interesting statistical data. The metric revealed that on 27th September 2021, daily user activity on the Matic network surpassed Ethereum. Well, Matic hit 351k daily active users, where Ethereum’s user activity stood at 326k.

Also Read: Why Cardano Price Is Falling Apart? This Is When ADA Price Could Restart Pumping!!

Additionally, one of the metrics received from Polygonscan.com hinted that Matic price will go for an aggressive run in Q4! Yes, it indicated a massive uptrend in the HODLer count. Active polygon PoS chain addresses surged from 50k in march to surpassing 350k in September 2021. The network seems to be attempting hard to overtake Ethereum. This is because every upgrade or partnership that comes out of the Matic platform tries to be better than Ethereum. 

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Source: Polygonscan.com

Recent Matic Partnerships

  • Polygon network soon is going to collaborate with idle finance, a leading yield aggregator. This venture will help users earn the highest rewards from several DeFi strategies.

Matic Price Analysis

The recent market crash in the crypto space impacted MATIC price too. With a slight pull back the price is trading at $1.09 at the press time. Matic price is patiently waiting for a breakout as its major resistance level lies at $1.162. With breakout, the price could skyrocket to new highs!

Matic price would plunge to an immediate support level of $1.030 if the breakdown happens.

Collectively, Matic seems to be a tough competitor for Ethereum with respect to fundamentals and price. The Polygon network is working from roots to strengthen the network for futuristic technology. On the other hand, due to Ethereum’s slow network activity could be another reason the user base is jumping to Matic.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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