Price Analysis

MATIC Price Trends Within Falling Wedge, Will It Rebound Or Collapse?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Jun 9, 2021

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Highlights

    Polygon releases polyscan powered by etherscan, a blockchain explorer with additional features

    Matic price currently is trading within a narrow falling wedge, and therefore it’s interesting to watch whether the huge development will impact the price

Polygon network releases its own blockchain explorer ‘polyscan’ powered by etherscan intending to provide a fast and scalable explorer. Polyscan aims to support high transactions of about 7 million per day and hence give a bigger boost for MATIC price.

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Moreover, Polygon is all set to launch a DApp on polygon which would make it much easier for the developers. Also, the end-users can enjoy the best possible experience using their favourite DApp.

On the contrary, if we consider the performance of the entire month MATIC price is among the assets gained with a certain number. Whereas the majority of the cryptos in the space recorded losses in the same time frame. 

Also Read: XRP Price Rebounds From Critical Support Levels, Will It Hit $1 Today?

Considering the current price trend, the MATIC price is trending within a falling wedge which is condensing offlet. The range is minimizing and the probability of the price breaking the upper barriers appears to be high. As the price is consolidating above certain levels throughout the day, a massive breakout appears imminent. 

matic falling wedge

Previously, when the price followed a rising wedge and reached its all-time high, a steep downtrend initiated thereon. However, the bullish narrative is only valid if the price successfully breaks the upper resistance at $1.52. After massive selling pressure for the past consecutive days, green candles appear to showcase a probable uptrend on the way.

Therefore, with the release of polyscan, the MATIC price may also be impacted in a positive way. Moreover, if the Polygon platform provides a wider space for the development of the decentralized ecosystem, the Polygon price may also revisit its ATH too. 

Also Read: Dogecoin Price Poised To Surge Towards North, How High Will It Rally?

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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