Matic surges 9 percent in one day and its strong performance came in spite of Bitcoin stagnating along with Ethereum, which only gives the altcoins more opportunities to break higher so let’s find out more in the Matic news.
While the ongoing move is nascent, the analysts are quite optimistic about Matic’s long-term prospects thanks to the technical factors and the strengthening fundamentals of the Matic Network. Against bitcoin, the coin was rallying for three or four weeks but analysts are now expecting a macro bull market as Matic surges over the past day. One trader even indicated that the MATIC’s BTC pair is preparing for a parabolic move saying:
“The $MATIC train has left the station. CHAD candle, +15% since the first tweet.”
The optimism was supported by the pseudonymous head of technical analysis at Blockfyre which is a cryptocurrency research firm, sharing a chart that shows how the cryptocurrency will enter a “price discovery” and will set all-time high:
“This laggard finally getting ready to join the party. Interested in the recent highs at 303 and ultimately price discovery. I think the news coming out will get it there.”
Against the US dollar, MATIC is in a bullish state and one trader who has previously outlined the price action over the past two months argued that with the altcoin moving in a macro resistance, it is poised to double to $0.05 in the upcoming months. The cryptocurrency could be boosted by the need for an ETH scaling technology. For those that are not aware, Matic Network is an Ethereum-based scaling technology protocol that can process more than 60,000 transactions per second according to the marketing copy:
“Decentralized Apps are making huge progress but the current blockchain ecosystem is not prepared to scale as per the demand. The issues of slow block confirmations and high gas fees need to be solved before we target mass adoption by mainstream users… We aim to change that by simplifying the interaction between users and the decentralized world.”
As Ethereum is currently hitting record transaction fees, solutions like the ones that Matic Network can provide are needed to attract more users to a safe space.
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