Matic’s Increase and the Bitcoin Dominance Rate

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In Brief
  • MATIC is trading inside a range between 175 and 305 satoshis, with the first support level being found at 235 satoshis.

  • The price is possibly trading inside an ascending parallel channel.

  • BTCD broke out from a descending resistance line and is trading above the 66.5% major support level.

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Matic Network (MATIC) has increased by 64% since May 11. The price is trading inside a steep ascending channel and has reached an important resistance level. Whether the Bitcoin dominance rate (BTCD) breaks down or bounces from the current support area will determine if the upward move for MATIC will continue. The increase for MATIC is better illustrated by the weekly chart, which shows

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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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