Bitcoin and other top crypto tokens were trading sharply lower on Tuesday as US Commodity Futures Trading Commission (CFTC) sued crypto exchange Binance and founder Changpeng Zhao, alleging it offered unregistered crypto derivatives in the US.
Polygon (MATIC) is a Layer 2 scaling solution that seeks to stimulate mass adoption of cryptocurrencies by resolving the problems of scalability on many blockchains. Currently, MATIC is one of the top 10 cryptocurrencies in terms of market capitalization.
Polygon Labs recently went live with its much-awaited zero-knowledge Ethereum Virtual unveiled (zkEVM), a solution to scale Ethereum.
MATIC has been on a constant uptrend since mid-2022. The daily chart has formed an ascending channel pattern. We could expect the trend to continue likewise with the next resistance expected to be at $1.3 and strong support expected at the $0.81 level.(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
Also read: Adani stocks: LIC investments in Adani group shares recover to Rs 40,000 crore level
