The integration opens the doors to faster and cheaper transfers of ETH and ERC20 tokens to the Polygon network
23 digital assets will benefit from the new efficiency brought about by integrating Polygon
MATIC’s 50-day moving average is providing adequate support at the $1.30 price area
The crypto exchange of OKEx has announced that it has integrated Polygon (MATIC) into both its web platform and mobile app. The integration is effective immediately and will enable the efficient transfer of Ethereum and ERC20 tokens to the Polygon Network. The announcement by OKEx comes only a day after OKCoin made public its own integration of Polygon (MATIC).
The Polygon integration on OKEx will benefit users by reducing transaction fees and the time it takes to confirm the same transactions. It will also provide an alternative layer 2 solution during times of congestion on the Ethereum network.
At the time of writing, the Polygon integration on OKEx will support Ethereum and the following ERC20 tokens: Balancer (BAL), Basic Attention Token (BAT), Celsius (CEL), Compound Finance (COMP), Curve (CRV), DAI, Aavegotchi (GHST), Gemini USD, Chainlink (LINK), Maker (MKR), PAX, Synthetix (SNX), SUSHI, TUSD, Uniswap (UNI), USDC, Tether (USDT), USDK, Wrapped BTC (wBTC), Yearn Finance (YFI), YFII and ZRX.
Polygon’s 50-day MA Continues to Offer Adequate Support
With respect to price action, Polygon (MATIC) is currently consolidating above the 50-day moving average as seen in the following daily chart.
Also from the chart, it can be observed that the same moving average provides support at the $1.30 price area. The daily MACD is hinting at a scenario of reduced selling of MATIC. The RSI and MFI are hovering around neutral territories of 43 and 45 respectively.
Therefore, it could go either way for MATIC in the days to follow and as Bitcoin attempts to recapture the crucial $38k and $40k support zones. If BTC continues on its reversal from Tuesday’s low of $31k, the renewed optimism could assist MATIC in turning $1.50 into support after which it could springboard to $1.70.
However, Bitcoin’s death cross is still on the horizon and it might be wise to trade MATIC on spot markets as opposed to futures.