My latest trade involves yet another LeoFinance favourite, Polygon (Matic).
Despite my best efforts to post this trade yesterday, I was too tired and my eyelids were like sandpaper by the time I finished watching West Brom vs Arsenal last night hoping for an upset.
Unfortunately that ended up not happening and I hope that bad luck does not apply to my current bullish order on the MATIC/USDT spot market.
First, some history on Polygon.
Polygon, formerly known as Matic, is a second layer solution built on the Ethereum Network seeking to solve Ethereum's long-standing issue of slow transactions and high gas fees.
As many of the DeFi folks will attest, fees on Polygon are a fraction of the fees on the Binance chain, which is something of a big deal. Being on Hive has spoilt us so much that we are always seeking near-to-zero fees on any valuable chain we can find.
Cub Defi, which is built on the Binance Chain, is also currently working on a DeFi app on the Polygon Network, which will be released in the soonest of soons.
If you are a Degen like me, it is never a bad idea grabbing a bag of the token that is used to pay gas fees on a network. The more Polygon becomes popular, the more valuable the underlying asset will become. Think of BNB!
Read more on Polygon by visiting this link.
Price channels for the Win?
Based on personal preferences, I avoid plotting price channels. I often prefer to rely on demand and supply zones in higher time frames to set up trades.
In this case, I saw this ascending price channel building up on the 4-hour timeframe and decided to take the risk and buy off the previous low at around $1.33.
The bias is that the price will break higher since the market is continuously making higher highs and lower lows. Simply put, the bears are losing to the bulls.
I had my sell order previously set at $2 before lowering it down to $1.69 anticipating that the price will be creating another higher high.
I made this change mainly because I wanted to make a profit sooner after I saw that RUNE had dropped below $10 and I wanted to move the value from this trade to grow my RUNE bag.
You will also note that the price has previously rebounded off the $1.7 price level on its way down to what I verified to be a very strong support zone around $0.67.
If the price of Polygon ever dropped to this price level I would just take money out of my other investments and ape in hard. Setting up a price alert to buy at this level would definitely be a good idea. (Not financial advice...Or is it?)
Now that it seems we are in the early days of a fresh bull run, it will be interesting to see the direction the price breaks.
Could we see Polygon break above $2 again?