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MATIC Rallies by Over 10% Following Polygon Listing on 21Shares

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The cryptocurrency market is warming up to exchange-traded funds and products as institutional investors desire more exposure to the space. With the number of exchange-backed products rising, the number of institutional investors entering the market is also increasing.

21Shares Adds Polygon to its ETP List

21Shares, one of the leading exchange-traded product (ETP) issuers in the cryptocurrency space, has announced the listing of a product linked to Polygon. The Polygon ETP is now live on Euronext exchanges in Paris and Amsterdam, the firm added.

Polygon is one of the leading cryptocurrency projects in the world. It is a layer-2 project designed to speed up transactions for the primary blockchains. This implies that Polygon is a project that provides scalability to the major blockchains in the ecosystem.

The listing of the Polygon ETP on Euronext exchanges comes after it was unveiled on the SIX Swiss Exchange in November. The addition of the Polygon ETP to the Euronext exchange saw the MATIC token surge by more than 11% over the past 24 hours.

MATIC’s Price Could Soar Higher

MATIC is currently one of the top 20 cryptocurrencies by market cap. However, MATIC didn’t perform excellently last month as the broader cryptocurrency market recorded losses. MATIC began November trading at $1.9 per coin and raced to the $2.03 level at a time when Bitcoin and Ether set new all-time highs.

However, MATIC’s value dipped below $1.50 as the cryptocurrency market lost billions of dollars in the middle of November. The coin’s price began to recover towards the end of the month as the financial markets rallied again after the Omicron fears.

MATIC’s indicators show a strong positive trend. Source: FXEMPIRE
MATIC’s indicators show a strong positive trend. Source: FXEMPIRE

MATIC is one of the bullish coins amongst the top 20 cryptocurrencies at the moment. Its MACD line crossed the neutral zone a few hours ago, while its RSI currently stands at 66. These indicators show that MATIC is currently bullish and could rally higher over the coming hours and days. At press time, MATIC is trading at $2.14 per coin, which is way above its 100-day simple moving average of $1.53.

Polygon’s native token could record further gains in the coming days and weeks. If it maintains the current momentum, then MATIC could top the $2.5 resistance level before the end of the week. However, it might need the support of the broader market if it wants to breach the $3.0 psychological level.

This article was originally posted on FX Empire


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