MATIC technical analysis Archives

3rd November 2023

Polygon’s NFT Sales Skyrocket By 131% To $20 Million In Q3 2023

Polygon (MATIC), a Layer 2 (L2) blockchain network, experienced remarkable growth in the third quarter of 2023. According to a report by Messari, the platform witnessed a significant increase in non-fungible token (NFT) sales, successful network upgrades, and the activation of a new token.

Polygon NFT Sales Skyrocket

Per the report, in Q3 2023, Polygon witnessed a staggering 131% quarter-on-quarter increase in weekly NFT sales volume, reaching an impressive $20 million. This growth was primarily attributed to the success of DraftKings’ Reignmaker NFT collection, which became the top collection on the network.

Polygon

The collection featured officially licensed cards from renowned sports organizations like the National Football League Players Association (NFLPA), Professional Golfers’ Association of America (PGA TOUR), and Ultimate Fighting Championship (UFC). Furthermore, through Q3, Polygon achieved significant milestones in terms of technological advancements.

Moreover, Polygon activated the POL token on its mainnet during Q3 2023. POL serves as an upgrade to the existing MATIC token and offers holders the opportunity to contribute to network security across various chains within the Polygon ecosystem through a native re-staking protocol.

The token features an inflationary model with an annual issuance rate that is subject to community governance, which, according to the report, enhances the overall security and decentralization of the platform.

Daily Active Addresses Surge Fueled By DeFi Dominance

During Q3, Polygon experienced a 1.4% quarter-on-quarter growth in daily active addresses, reaching an impressive 364,000. The decentralized finance (DeFi) sector accounted for the majority of the active addresses on the network, showcasing the platform’s strength and popularity within the decentralized finance space.

Polygon

What’s more, Polygon Labs unveiled Polygon 2.0, a comprehensive upgrade roadmap aiming to unify all Polygon protocols and blockchains using ZK technology. This initiative seeks to establish Polygon as the “Value Layer of the Internet” and introduces significant updates to protocol architecture, tokenomics, and governance.

One of the key upgrades includes transitioning the network to a zkEVM Validium network, ensuring enhanced security while sharing the same level of robustness as Ethereum (ETH).

Furthermore, according to Token Terminal data, Polygon has shown positive momentum in price performance, network fees, and circulating market cap.

Polygon

The network’s native token, MATIC, has experienced an increase of 3.95% over the past 24 hours, trading at $0.6556, reflecting positive sentiment among investors.

Over the past 30 days, the coin has experienced a notable increase of 13.01%, signaling a potential recovery from previous market downturns.

However, the six-month data shows a decrease of 34.97%, indicating the impact of market volatility on the long-term value of the token.

Polygon’s circulating market cap currently stands at $6.00 billion, exhibiting a 15.36% increase. However, the fully diluted market cap of $6.49 billion, which considers the total supply of tokens, has grown by 12.79%.

The network’s fees over the past 30 days amounted to $1.21 million, representing a slight decline of 8.57%. However, on an annualized basis, the fees reached $14.68 million, indicating a downward trend of 20.24%.

Featured image from Shutterstock, chart from TradingView.com

27th January 2023

MATIC Price Prediction: Rallies 10%, Polygon Bulls Aim Big

MATIC price started a fresh increase from the $0.920 support zone. Polygon bulls are now aiming more gains above the $1.12 resistance zone.

MATIC price started a fresh rally above the $0.98 resistance against the US dollar.
The price is trading above $0.98 and the 100 simple moving average (4-hours).
There was a break above a key contracting triangle with resistance near $1.02 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
The pair could continue to rise towards the $1.18 and $1.20 resistance levels.

Polygon’s MATIC Price Rallies Above $1

This week, polygon’s price formed a strong base above the $0.900 zone. MATIC remained stable and started a fresh increase above the $0.95 resistance zone.

There was a strong move above the $1.0 level and the 100 simple moving average (4-hours). Besides, there was a break above a key contracting triangle with resistance near $1.02 on the 4-hours chart of the MATIC/USD pair.

The price traded to a new yearly high at $1.1298 and is currently consolidating gains. It is trading above $0.98 and the 100 simple moving average (4-hours). It is also trading near the 23.6% Fib retracement level of the upward move from the $0.942 swing low to $1.129 high.

It is up over 10% in a day, outperforming bitcoin and ethereum. On the upside, an immediate resistance is near the $1.12 level. The first major resistance is forming near the $1.15 zone.

Source: MATICUSD on TradingView.com

If there is an upside break above the $1.12 and $1.15 resistance levels, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.20 level.

Dips Limited in MATIC?

If MATIC price fails to rise above the $1.12 and $1.15 resistance levels, it could start a downside correction. An immediate support on the downside is near the $1.080 level.

The main support is near the $1.050 level or the 50% Fib retracement level of the upward move from the $0.942 swing low to $1.129 high. A downside break below the $1.050 level could open the doors for a fresh decline towards $0.98. The next major support is near the $0.92 level.

Technical Indicators

4-hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.

Major Support Levels – $1.05 and $0.98.

Major Resistance Levels – $1.12, $1.15 and $1.20.

17th January 2023

MATIC Price Prediction: Rally Could Resume Above $1.05

MATIC price started a fresh increase from the $0.80 support zone. Polygon bulls are now aiming a another increase above the $1.05 resistance zone.

MATIC price started a decent increase above the $0.85 resistance against the US dollar.
The price is trading above $0.92 and the 100 simple moving average (4-hours).
There is a key bullish trend line forming with support near $0.955 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
The pair could continue to rise towards the $1.08 and $1.20 resistance levels.

Polygon’s MATIC Price Eyes More Upsides

This past month, polygon’s price declined below the $0.80 support zone. MATIC even broke the $0.75 support zone and the 100 simple moving average (4-hours).

However, the bulls were active near the $0.70 support zone. A base was formed above the $0.75 level and the price started a fresh increase. The price was able to clear the $0.80 and $0.85 resistance levels. The bulls took control above the $0.90 level and the 100 simple moving average (4-hours).

Finally, the price spiked above the $1.0 level, outperforming bitcoin and ethereum. A high is formed near $1.05 and the price is now consolidating gains. It is trading above $0.92 and the 100 simple moving average (4-hours).

MATIC price is also trading above the 23.6% Fib retracement level of the upward move from the $0.831 swing low to $1.054 high. On the upside, an immediate resistance is near the $1.02 level. The first major resistance is forming near the $1.05 zone.

Source: MATICUSD on TradingView.com

If there is an upside break above the $1.02 and $1.05 resistance levels, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.20 level.

Dips Limited in MATIC?

If MATIC price fails to rise above the $1.02 and $1.05 resistance levels, it could start a downside correction. An immediate support on the downside is near the $1.0 level.

The main support is near the $0.950 level and a bullish trend line. A downside break below the $0.950 level could open the doors for a fresh decline towards $0.90. The next major support is near the $0.85 level.

Technical Indicators

4-hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.

Major Support Levels – $1.0 and $0.95.

Major Resistance Levels – $1.02, $1.05 and $1.20.

1st December 2022

MATIC Price Prediction: Bulls Aim Fresh Rally To $1.12

MATIC price started a fresh increase from the $0.765 support zone. Polygon bulls are now aiming a fresh increase above the $1.00 resistance zone.

MATIC price started a decent increase above the $0.90 resistance against the US dollar.
The price is trading above $0.90 and the 100 simple moving average (4-hours).
There was a break above a key contracting triangle with resistance at $0.850 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
The pair could continue to rise towards the $1.00 and $1.12 resistance levels.

Polygon’s MATIC Price Eyes Steady Increase

This past month, polygon’s price declined below the $1.0 support zone. MATIC even broke the $0.85 support zone and the 100 simple moving average (4-hours).

However, the bulls were active near the $0.765 support zone. A low was formed near $0.7642 and the price started a decent recovery wave. The price was able to clear the $0.80 and $0.85 resistance levels. There was a break above the 23.6% Fib retracement level of the main drop from the $1.231 swing high to $0.764 low.

Besides, there was a break above a key contracting triangle with resistance at $0.850 on the 4-hours chart of the MATIC/USD pair. The pair is now trading above $0.90 and the 100 simple moving average (4-hours).

It gained over 5% today, outperforming bitcoin and ethereum. On the upside, an immediate resistance is near the $0.9580 level. The first major resistance is forming near the $1.00 zone. It is near the 50% Fib retracement level of the main drop from the $1.231 swing high to $0.764 low.

Source: MATICUSD on TradingView.com

If there is an upside break above the $0.98 and $1.00 resistance levels, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.12 level.

Dips Limited in MATIC?

If MATIC price rise above the $0.958 and $1.00 resistance levels, it could start a downside correction. An immediate support on the downside is near the $0.90 level.

The main support is near the $0.850 level and the 100 simple moving average (4-hours). A downside break below the $0.850 level could open the doors for a fresh decline towards $0.80. The next major support is near the $0.725 level.

Technical Indicators

4-hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now in the overbought zone.

Major Support Levels – $0.90 and $0.85.

Major Resistance Levels – $0.95, $0.98 and $1.00.

21st November 2022

MATIC Price Prediction: Breakdown Might be the Real Deal, $0.70 Next?

MATIC price started a major decline from the $1.00 resistance zone. Polygon bears are in control and might aim more losses towards $0.70 in the near term.

MATIC price started a major decline from well above $0.95 against the US dollar.
The price is trading below $0.85 and the 100 simple moving average (4-hours).
There is a major bearish trend line forming with resistance at $0.821 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
The pair could continue to decline towards the $0.70 support zone in the near term.

Polygon’s MATIC Price Dives

Earlier this month, polygon’s price made an attempt to gain pace above the $1.0 resistance zone. However, MATIC struggled to gain bullish momentum for a move above $1.0.

A high was formed near $0.972 before the price started a fresh decline. There was a steady decline, similar to bitcoin and ethereum. The bears were able to push the price below the $0.90 support zone and the 100 simple moving average (4-hours).

Finally, the price broke a major support at $0.840 and traded as low as $0.7748. It is now consolidating losses near the $0.800 level. On the upside, an immediate resistance is near the $0.8210 zone.

There is also a major bearish trend line forming with resistance at $0.821 on the 4-hours chart of the MATIC/USD pair. The trend line is near the 23.6% Fib retracement level of the recent decline from the $0.972 swing high to $0.7748 low.

The first major resistance is forming near the $0.875 zone. It is near the 50% Fib retracement level of the recent decline from the $0.972 swing high to $0.7748 low.

Source: MATICUSD on TradingView.com

The main resistance is now forming near the $1.00 level. If there is an upside break above the $0.90 and $1.00 resistance levels, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.20 level.

More Losses?

If MATIC price rise above the $0.82 and $0.87 resistance levels, it could continue to move down. An immediate support on the downside is near the $0.780 level.

The main support is near the $0.750 level. A downside break below the $0.750 level could open the doors for a fresh decline towards $0.70. The next major support is near the $0.665 level.

Technical Indicators

4-hours MACD – The MACD for MATIC/USD is slowly losing momentum in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now below the 50 level.

Major Support Levels – $0.78 and $0.70.

Major Resistance Levels – $0.821, $0.875 and $1.00.

25th October 2022

Polygon (MATIC) Among Gainers When Top Coins Bleed

MATIC enjoyed significant gains on the trading day despite other coins going red. The Ethereum layer-2 token gained bullish momentum on the day, keeping over 6% gains in the last 24 hours.

The token has also held its end against Bitcoin and Ethereum, leading significant gains over the two biggest coins. Polygon hasn’t been its best self in terms of social media engagement. It also traded red midway through the last 7 days.

However, the team has scored some big partnerships recently, including Nubank. These partnerships are part of the reasons why the coin is currently up.

MATIC Survives A Midweek Crisis To Soar Over 7%

The last seven days haven’t been the most stable for the crypto market in general. MATIC also experienced a midweek crisis that saw it drop to $0.78 on Friday from a $0.87 high on Wednesday. However, the coin recovered quickly and was able to climb to $0.90 today.

The token’s price action indicates strong backing from the bulls. Currently, MATIC is trading at $0.89, up 6.40% in the previous 24 hours. This level now acts as its resistance zone. Assuming further gains, the price might once again test the 0.884 level of resistance.

At the time of writing, MATIC had a somewhat optimistic outlook, as indicated by the Chaikin Money Flow (CMF) of 0.08. Nevertheless, the Relative Strength Index (RSI) was at 50. This indicated that the market strength was not on either the buyer’s or the seller’s side.

MATIC’s price is currently hovering around $0.90. | Source: MATICUSD price chart from TradingView.com

MATIC Gains After Nubank’s Partnership

MATIC’s price climbed nearly 6% four days after its announced partnership with Nubank. Nubank stated that it’d use Polygon’s “Supernets technology” for its blockchain and digital token. The Brazillian Fintech, backed by Warren Buffett’s Berkshire Hathaway and Softbank.

The official announcement also added;

Nubank plans to airdrop the digital token [Nucoin] to its customers in the first half of 2023. These tokens will serve as the basis for its customers loyalty rewards program and will have benefits such as discounts and other advantages.

As a result of the rally, MATIC was worth $0.90 on October 24. This was the most it had been worth in three weeks. Business-grade solutions like Polygon Supernets make it easier for enterprises to create their own private blockchains. The gaming startup GameSwift used the product to debut its own blockchain before Nubank did. MATIC can potentially reach new highs in the coming weeks as demand for Polygon products increases.

TradingView User Predicts Higher Resistance Breakthrough For MATIC

A TradingView user, known as Clara_Trader, sees MATIC breaking new high resistance. She wrote,

As long as the bottom of the channel is maintained, there is a possibility of breaking higher resistances. In the 1-hour time frame, the price trend is also upward, and the support of the $0.82-$0.83 range has prevented the growth of the price of this currency.

She also mentioned that keeping the price inside this range will bring it closer to the first short-term goal. This is the top of the short-term ascending channel in the above chart. However, if this level of support is breached, the price will tumble back down to the $0.70 area, where the channel bottom is located.

Featured image from Pixabay and chart from TradingView.com

5th October 2022

Polygon (MATIC) Leads Gains Amidst Market Uncertainty

Polygon, the popular Ethereum layer-2 solution, has bagged substantial gains amidst a bearish market. Over the past 24 hours, Polygon has achieved a strong performance, recording a 4.37% gain at $0.833. The L2 protocol’s market valuation of $7.07 billion places it back in the top 12, above both DAI and Shiba Inu.

Compared to its all-time high of $ 2.68 in December ’21, MATIC is down by roughly 73% at its present pricing. However, the same factors that contributed to Polygon’s fall also hampered the performance of cryptocurrencies during 2022.

What Polygon Has Been Up To These Summer Months

The entire crypto market faces bearish trends during the summer months, and Polygon was no exception. Looking at the daily data for Polygon, we can see that it hit a low of $0.313 in June. It rebounded from that low by more than 240% to reach $1 again in just two months.

The price eventually found support in the region of $1. This is where the 50% Fibonacci retracement level supplied by the bearish vector it controls passes. This level was calculated using data ranging from the highs of $1.75 in March to the lows of $0.31.

Zoom in on the previous few weeks. We can see that $ 0.69 has been a crucial supporting region for MATIC throughout. The price has since bounced back up. Currently, the most important metric is the bearish vector from September’s high of 0.9438 to its $ 0.69 low.

MATIC Hits 3-Week High

After yesterday’s failed breakthrough, Polygon (MATIC) was a top performer, rising to a three-week high on Tuesday. At the beginning of the weekend, the MATIC/USD currency pair traded as low as $0.7548. This was just slightly lower than its floor of $0.7690. But as optimism returned to the cryptocurrency market, the token shot up to a high of $0.8336 during the day.

This high marks Polygon’s strongest position since the middle of September. It also coincides with the 14-day relative strength index (RSI) reaching its greatest point over three weeks. The index is now trading around 55.90, just below a higher resistance point at 57.65. If this barrier is broken through, then the token price will most likely climb closer to the $0.8500 level.

MATIC’s price currently stands at $0.815. | Source: MATICUSD price chart from TradingView.com
Polygon Surge Might Be Related To Recent Integration News

Polygon’s recent surge might be related to recent bullish news. On September 27, RobinHood, a popular crypto brokerage, launched its non-custodial wallet with MATC to over 10k beta testers.

Robinhood Wallet beta customers could get MATIC from the company’s primary trading app. They’ll be able to use the DeFi platform, which hosts dApps like Uniswap, Kyberswap, and others, on the Polygon network.

Shopping.io, a cryptocurrency-focused e-commerce site, also said it would accept Polygon’s native token MATIC as a payment method. Token users will receive free delivery for the first seven days and a 2% 30-day discount. These bullish reports might be responsible for the surge in activity. As of writing, MATIC trades at $8.33, up by almost 12.31% in seven days.

Featured image from Pixabay and chart from TradingView.com