Despite the close relationship between Ethereum [ETH] and Polygon [MATIC], recent price movements had no positive correlation.
benefits both ecosystems. One is a main blockchain network bogged down by scalability issues, while the other is a scaling solution – a perfect match made in heaven.But to what extent does this relationship and mutual inclusivity affect their price performance? Can investors get a clue on this front to gauge the assets’ potential outlook in 2023? Read along for some answers.
The altcoins also reacted differently to BTC’s drop in the second half of April. Notably, BTC plunged 11%, dropping from $30.5k on 18 April to $26.9k on 24 April, setting the market into correction. On the other hand, MATIC posted 28.5%, rallying from $0.9700 to $1.25 in the same period. It outperformed ETH in this instance.
But MATIC only increased by 1.56%, rising from $0.9750 to $1.0085 on the same day. As such, ETH surged more than BTC and MATIC on this particular day. Sellers had the upper hand at press time. However, they will only dent the bullish sentiment if they crack the $1800 support. Any drop below $1800 could see ETH drop to $1700 or $1500 . The $1500 support is a bullish order block formed on 8 April.
A rebound could set MATIC to rally towards the supply zone near $1.2514 before experiencing some resistance.
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