The MATIC coin price shows double-digit growth to give a trendline breakout and surpass the $2 mark. Will the uptrend survive? The Ethereum blockchain experienced congestion after NFT projects, as well as DeFi applications launched on the network. MATIC provided a solution by expanding its Ethereum network. The layer-2 scaling solution reduces the burden on Ethereum’s blockchain network. In the race to fund Web3 initiatives, Sequoia Capital, Tiger Capital, and Softbank have put $450 million into the MATIC network. Its Polygon blockchain acts as an Ethereum scaling solution that is slated to further decentralize by becoming it becomes a Web3 project. Let us move ahead to read about Polygon technical analysis. Past Performance of MATIC The MATIC coin price shows dramatic growth in the past 24 hours with the news of new investments in the Polygon network. The recent bullish engulfing candlestick accounts for a 12% price growth and the resistance trendline breakout. Furthermore, the trend overcomes the selling pressure at $2 and crushes the sellers dominated mindset. MATIC/USD Daily Chart MATIC Technical Analysis The MATIC coin price action shows 30% growth in the past week resulting in multiple bullish engulfing candlesticks. However, the 200% jump in the trading volume accounts for the recent breakout move. The crucial Simple Moving Averages (50, 100, and 200) show a bullish alignment in the daily chart as the price breaks above...
