Posted on

Polygon (MATIC) Flying: Is This Program The Primary Catalyst?

MATIC, the native token of Polygon, an Ethereum sidechain, is ripping higher, mirroring the general performance across the crypto scene, spearheaded by Bitcoin (BTC). As of November 9, MATIC is up roughly 5% in the past 24 hours and inching closer to July 23 highs, looking at the candlestick arrangement in the daily chart.

This upswing is at the back of rising trading volume and improving sentiment, which has seen the token expand 64% from October lows, a net positive for optimistic traders.

Polygon price trending upwards on the daily chart | Source: MATICUSDT on Binance, TradingView

The 110 Million MATIC Grant

Looking at events in the past few trading days, the MATIC rally seems to have been catalyzed by Polygon Village’s recent announcement. The team said it plans to distribute 110 million MATIC to projects aiming to deploy decentralized finance (DeFi), gaming, and social media solutions on the sidechain. 

Polygon said late-stage projects can receive direct grants of up to 2 million MATIC. Meanwhile, early-stage projects and startups, can apply via quadratic funding grants. 

In this funding arrangement, the amount of MATIC sent to a project will directly depend on how popular the project is. Those that are popular among crypto holders will receive more funds. Still, it remains unclear how Polygon Labs will deal with bots when deciding how popular a given project is. Voting will be on-chain on Polygon, where MATIC will be the currency through which users can support their favorite projects.

Polygon Rising Stature: From POL To ZK-EVM

Over the years, Polygon has emerged as a popular scaling solution for Ethereum, looking at statistics and total value locked (TVL), especially in DeFi. The platform is compatible with the Ethereum Virtual Machine (EVM). Accordingly, it allows protocols launching on its rails to easily connect with the mainnet without sacrificing security.

By connecting with Polygon, projects can operate in a highly scalable environment with relatively low fees. This feature allows intensive dapps, including social media platforms or decentralized exchanges (DEXes), to operate seamlessly.

Polygon is also transitioning and, subject to the community’s approval, will gradually replace MATIC with POL. This token will power the broader ecosystem, including supernets and layer-2 networks relaying on Polygon’s infrastructure. In late October, the POL contracts went live on the Ethereum mainnet as part of Polygon 2.0. This transition will see Polygon integrate zero-knowledge (ZK) technology into all its products. 

Manta Network said it would retool and integrate Polygon’s Chain Development Kit (CDK) in mid-October. Doing this, the protocol migrated from the optimistic rollup it initially launched on. Using Polygon’s CDK, Manta integrates zk Rollup technology to settle transactions faster and confidentially.

Posted on

Polygon Labs And NEAR Foundation Partner For zkWasm L2 Prover Integration

Polygon Labs (MATIC) and the NEAR Foundation have recently announced their collaboration on the development of a zero-knowledge (ZK) prover for the WebAssembly (Wasm) blockchain.  

The alliance aims to “bridge the gap” between Wasm-based chains and the Ethereum ecosystem, providing customization and options for developers building with the Polygon CDK (Chain Development Kit).

NEAR Foundation Joins Polygon As Core Contributor

According to Polygon Labs’ announcement, introducing a zkWasm prover will enable developers utilizing Polygon CDK to choose from various provers when building their projects.

This can be leveraged in various scenarios, including launching or migrating an Ethereum Virtual Machine (EVM) chain or constructing a Wasm chain for closer alignment with Ethereum and access to liquidity. 

The zkWasm prover will serve as a new runtime, generating zero-knowledge proofs that validate the correctness of native Wasm runtime execution. This advancement is expected to enhance scalability and decentralization, bringing the NEAR protocol closer to Ethereum.

As part of this partnership, the NEAR Foundation is set to become a core contributor to Polygon CDK, expanding the toolkit’s capabilities for developers.

Sandeep Nailwal, the co-founder of Polygon, expressed pride in collaborating with NEAR on this research and emphasized the value of the zkWasm prover in providing developers with increased customization options. 

To provide further context, WebAssembly is a widely used framework for running complex programs in web browsers, offering performance comparable to native computer applications. In the context of Web3, the Wasm Virtual Machine serves as a runtime for blockchains like NEAR and Polkadot, differing from the Ethereum Virtual Machine.

Scalability And Decentralization Boost?

Per the announcement, in the future, an in-development interop layer will allow chains to join a unified ecosystem of Layer 2 solutions deployed through Polygon CDK. 

This ecosystem will encompass alternative layer-1 chains, EVM layer-2 solutions, and Wasm chains, providing interoperability and defragmentation of liquidity across different chains.

Illia Polosukhin, co-founder of NEAR Protocol, expressed optimism about the collaboration, emphasizing that it will bring the benefits of zero-knowledge proofs not only to NEAR but to the entire Web3 ecosystem. Polosukhin stated:

We are very excited to work with Polygon Labs to bring all the benefits of zero-knowledge proofs not just to NEAR but all of Web3. NEAR is integrating more with Ethereum by innovating in new research frontiers, and the shared expertise of these two teams will bring a much-needed expansion of the ZK landscape and defragmentation of liquidity across chains. And by creating and using the zkWasm prover, NEAR will also improve the scalability and decentralization of the NEAR L1.

Overall, the collaboration between Polygon Labs and the NEAR Foundation holds significant implications for both protocols. Integrating the zkWasm prover will enhance the capabilities of Polygon CDK, providing developers with more options in building “custom blockchains.” 

Additionally, it will bring NEAR Protocol closer to Ethereum, expanding its interoperability and liquidity opportunities. 

Polygon

As of the latest update, MATIC, the native token of Polygon, is on the verge of reaching the $0.800 level, a milestone that has not been attained since July. The token currently trades at $0.7903, showcasing a noteworthy upward trajectory. 

This positive movement is further bolstered by an impressive 11% uptrend recorded over the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com 

Posted on

Analyst Endorses MATIC, Time To Double Down On Polygon And Ethereum Layer-2 Tokens?

Ryan Sean Adams, a vocal Ethereum commentator and crypto investor, is bullish on MATIC, the native token of Polygon. Taking to X on November 8, Adams said MATIC should be a top-10 crypto asset, adding that people are asleep on layer-2s.

Polygon (MATIC) Remains In An Uptrend

When writing on November 8, MATIC is among the top 15 most valuable coins by market cap. It also remains volatile, fluctuating, and moving up and down the market cap leaderboard rankings. Even so, considering its spot valuation exceeding $7.3 billion according to CoinMarketCap (CMC), a crypto tracker, MATIC remains relatively liquid with a broad user base. 

Etherscan data on November 8 shows that there are 629,967 MATIC holders, down roughly 2%, but the number remains higher despite the contraction following the crypto winter of 2022, which spilled over to 2023.

MATIC holders | Source: Etherscan

As of November 8, MATIC is up 60% from September 2023 lows. According to CMC, the coin is also up 13% on the last trading day, pushing weekly gains to over 27%. Looking at the candlestick arrangement in the daily chart, the uptrend momentum is strong, and buyers appear to be doubling down.

Presently, bull bars are aligned along the upper BB, suggesting that there is intense buying pressure. At the same time, MATIC is within a bullish breakout formation, breezing past August highs. 

Polygon, a sidechain, is among the many scaling solutions for Ethereum. The platform is compatible with Ethereum, allowing protocols to build on Polygon while enjoying the high activity and security of the first smart contract network. Polygon is also considered a layer-2, though it isn’t technically a layer-2 since it doesn’t depend on roll-ups like Arbitrum or OP Mainnet.

Time To Double Down On MATIC And Layer-2 Tokens

In Adams’ view, considering layer-2 tokens, including MATIC or ARB, at spot levels could translate to more gains in the next bull run. Nonetheless, it should be noted that MATIC, for instance, is down 72% from 2021 highs.

Moreover, the coin is trending inside June’s bear trade range. A comprehensive close above this level may signal the end of the bear run, possibly anchoring buyers targeting $1.5.

Polygon price trending upwards on the daily chart | Source: MATICUSDT on Binance, TradingView

In late October, Polygon Labs officially launched the POL, a token that will prime Polygon 2.0, Ethereum, signaling the first steps to see MATIC gradually phased out. POL will serve more roles in Polygon 2.0, specifically powering an ecosystem of zero knowledge-based layer-2 chains using Polygon’s infrastructure. News of this smart contract launch seemed to have catalyzed demand, driving token prices higher.

Posted on

MATIC Propels Over $0.75, Is $1 Possible?

Amid the bullish trend circling the cryptocurrency market due to the recently concluded Uptober rally, Polygon’s native crypto MATIC has recently gained traction recording a 50% increase in price surge in the last 20 days.

MATIC Experiences Price Growth

The recently concluded Uptober (October) which is believed to be a month of green (gains) saw some cryptocurrencies performing significantly great. Many altcoins experienced price surges during the past month, and one of the notable altcoins that benefited from this is MATIC.

The crypto asset recently went past the crucial $0.75 mark sparking momentum toward reaching the significant $1 mark. However, if the token is fortunate enough to sustain its current pace, it might reach the $1 mark by the end of 2023.

MATIC reaching the coveted $1 mark is expected to happen if the token manages to surpass $0.85 in November. Meanwhile, a reverse below $0.75 will bring the MATIC price down to $0.55, if buyers are unable to maintain their lead at $0.60.

MATIC’s Exponential Moving Averages (EMAs) have also experienced a significant breakout over the recent weeks. The price of MATIC experienced a price surpassing the crucial $0.75 barrier after the crypto’s 200-day EMA breakout. 

MATIC

MATIC surpassing a 200-day EMA puts it on its way to potentially reaching the $1 mark by the end of the year. This is because, in the Polygon chart, a golden crossover opportunity appears when the 50-day and 200-day EMAs are crossed above.

While the 50-day EMA’s upward trend suggests that a golden crossover could take place, the bull run cutting across the 200-day EMA may also suggest a reversal movement. However, the crypto asset has managed to sustain its upward trajectory since it surpassed the 200-day EMA.

Significance Of The Crypto’s Market

Currently, the token’s price is sitting at $0.77, indicating an 8% daily increase in price with a 24-hour trading volume of $489,605,430. The token market is standing robust, ranking 13 in the cryptocurrency market with a market cap of $7 billion.

MATIC has a significant market presence and a circulating supply of 9.24 billion MATIC, which buttresses its long-term technical score and puts it above 48% of all cryptocurrencies in service.

Related Reading: MATIC Price Rally Threatened As Whales Deposit Millions Of Tokens To Exchanges

One significant aspect of the surge in MATIC’s price is that the token experienced a 33% year-to-date (YTD) decline in September. Consequently, the crypto recovered from this within a month.

In addition, the token’s strong bullish candles and rising volumes hint at a continuation of an upward trajectory. As a result of this, buyers have a good chance of maintaining their lead at the current price of MATIC.

So far, MATIC has experienced a 50% increase in the last 20 days, putting it in a profitable position following the 33% year-to-date decline in September. With the current bullish continuation, the token presents more profits in the future.

Posted on

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 

Posted on

MATIC Price Prediction: Polygon Could Blast 10% To $0.70

MATIC price is consolidating gains above the $0.58 support zone. Polygon might gain bullish momentum if it clears the $0.650 resistance zone.

  • MATIC price is showing positive signs below the $0.65 resistance against the US dollar.
  • The price is trading above $0.60 and the 100 simple moving average (4 hours).
  • There is a key contracting triangle forming with resistance near $0.640 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $0.640 and $0.650 resistance levels.

Polygon’s MATIC Price Aims Higher

After forming a base above the $0.50 level, Polygon’s price started a steady increase. MATIC broke many hurdles near $0.550 to move into a positive zone, like Bitcoin and Ethereum.

There was a move above the $0.60 resistance and the price climbed as high as $0.6646. Recently, there was a minor downside correction below the $0.640 level. The price declined below the 23.6% Fib retracement level of the upward move from the $0.5032 swing low to the $0.6646 high.

MATIC is now trading above $0.60 and the 100 simple moving average (4 hours). There is also a key contracting triangle forming with resistance near $0.640 on the 4-hour chart of the MATIC/USD pair.

MATIC Price Prediction

Source: MATICUSD on TradingView.com

Immediate resistance is near the $0.640 level. The first major resistance is near the $0.650 level. If there is an upside break above the $0.650 resistance level, the price could continue to rise. The next major resistance is near $0.665. A clear move above the $0.665 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.680 level or $0.700.

Downside Correction in MATIC?

If MATIC’s price fails to rise above the $0.640 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.6100 level.

The main support is near the $0.584 level or the 50% Fib retracement level of the upward move from the $0.5032 swing low to the $0.6646 high. A downside break below the $0.584 level could open the doors for a fresh decline toward $0.550. The next major support is near the $0.532 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 – $0.610 and $0.584.

Major Resistance Levels – $0.640, $0.650, and $0.700.

Posted on

Polygon’s POL Upgrade Live On Ethereum Mainnet, MATIC To $1?

After months of development and weeks after testnet deployment, the POL upgrade is now live on the Ethereum mainnet. According to an update on October 25, Polygon Labs, the team behind the Ethereum sidechain, Polygon, said the move is a milestone for the project. The team claims the release of POL “paves the way for the next series of milestones in the Polygon 2.0 roadmap.”

Polygon 2.0 Taking Shape: What’s In Store?

The Ethereum sidechain continues to build. Despite challenges in the last bear run, which saw MATIC, the platform’s native currency, drop below $1 before crashing to spot levels, the team announced the start of Polygon 2.0, reviving developer activity.

The primary objective of the upgrade is to make the network more scalable, secure, and user-friendly. To achieve this, Polygon will leverage a new consensus mechanism, proof-of-stake liquidity (POSL), which the developer claims is more efficient. 

Notably, the team is developing key differences between this consensus system for Polygon 2.0. For instance, validators must stake their native tokens and liquidity to participate in the network. 

The liquidity provided by participating validators will then be channeled to boost the liquidity of its decentralized exchanges (DEXes). Subsequently, once Polygon 2.0 goes live, exchanges running on the sidechain will be more liquid, meaning users can easily swap tokens in a low-fee, highly scalable environment. 

Will MATIC Bulls Break $1?

Moreover, POL will be critical for Polygon 2.0. With the token now being initiated on the Ethereum mainnet, Polygon Labs is jump-starting the process, setting the ball rolling for POL, which the team said will “power a vast ecosystem of ZK-based layer-2 chains.” 

The team claims POL is a “hyperproductive token” primarily designed to power a multichain ecosystem. Besides, the token will be used to settle fees, and holders will participate in governance. At the same time, those who choose to stake it will be paid in the token. 

Still, it is not clear whether this update will support MATIC prices in the long run. At present, the $1 psychological level remains elusive. 

Looking at price charts, MATIC is already up 30% from October 2023 lows and continues to unwind losses. Moreover, bulls have reversed the dump of October 17 and continue to power higher. 

Polygon price on October 25| Source: MATICUSDT on Binance, TradingView

From the daily chart, bull bars are banding along the upper BB, a volatility indicator. This suggests that the underlying momentum is building up, favoring optimistic buyers.

Posted on

A Chance At Redemption: Analyst Puts MATIC Price At $1.5

The MATIC price has disappointed investors over the course of this year after falling from $1.5 to $0.5. This extended bear trend has significantly impacted investor morale but one analyst sees a redemption in the future of the altcoin, in the form of a 220% surge to $1.5.

MATIC Price To Make A 220% Break

The analysis of the MATIC price came from crypto analyst FieryTrading. Taking to TradingView, the analyst paints a bullish future for MATIC which they believe could rise as high as $1.5. From this current level, this would be a 220% rally and likely make MATIC a top gainer.

FieryTrading pointed to the fact that the altcoin has been caught in a sell-off trend throughout the year. However, this sustained selling has been broken through after Bitcoin showed strength, and altcoins like MATIC followed. To the point, FieryTrading believes that MATIC has finally broken out of the bearish resistance that has held back the token all year.

MATIC price chart from Tradingview.com

However, not everyone agrees with the crypto analyst’s prediction for the Polygon native token. One user took to the comment section to share their own expectation, explaining that the MATIC price is going to fall further and $1 would not be reached.

When FieryTrading inquired why the user believed MATIC would fall, they explained that they had insider information from working on a major project in the last year. According to the user, it’s not just MATIC but also Ethereum that could fall. “You are free to go long with polygon. Be careful,” the user cautioned.

MATIC’s Struggles Continue

Although the MATIC price has been able to follow the recovery trajectory of Bitcoin as well, it has not held on as well as others. After touching $0.661 on Tuesday, MATIC went into a sustained downtrend, and at a time when large altcoins are still seeing gains, MATIC is nursing 2.88% losses in the last day.

Additionally, the altcoin’s daily trading volume fell approximately 29% to $426 million on Thursday, which suggests traders and investors are going into a cooling-off period. So it is likely the MATIC price will continue to fall before it picks up steam again. However, if FieryTrading’s analysis is correct, then this downtrend would not last long.

As for MATIC investors, the price recovery has done little to amend the low profitability. As IntoTheBlock data shows, only 11% of all MATIC holders are seeing profit. The vast majority of 87% are deep in losses, with only 2% holding bags at the same price at which they purchased them.

MATIC price chart from Tradingview.com (Crypto analyst)

Posted on

MATIC Price Downtrend Halted As Google Cloud Joins Polygon Network

Google Cloud, the renowned cloud computing service provided by Google, has made a significant move by becoming a validator on the Polygon (MATIC) network. 

This collaboration aims to bolster the security of the Polygon Proof-of-Stake (PoS) network, with Google Cloud employing its infrastructure, which powers popular platforms like YouTube and Gmail, to contribute to the network’s integrity.

Google Cloud Strengthens Polygon Network Security

Polygon Labs, the team behind the Polygon protocol, recently announced that Google Cloud has joined their validator set. This move brings Google Cloud into the fold of over 100 validators responsible for verifying transactions on the Layer 2 Ethereum (ETH) network offered by Polygon. 

In a statement shared on X (formerly known as Twitter), Polygon highlighted the significance of Google Cloud’s involvement, emphasizing utilizing the same infrastructure that underpins YouTube and Gmail to safeguard the fast and cost-effective Ethereum-based Polygon protocol.

According to the announcement, by joining forces with over 100 other validators, Google Cloud adds to the collective efforts to secure the Polygon PoS Network. 

Including reputable and security-focused validators like Google Cloud provides an additional layer of confidence for Heimdall, Bor, and the Polygon PoS ecosystem users.

The collaboration between Google Cloud and Polygon Labs extends beyond a validator partnership. It is described as an ongoing strategic collaboration, indicating a long-term commitment to advancing the adoption and development of Web3 technologies. 

As part of their joint efforts, Google Cloud APAC released a YouTube video titled “Polygon Labs is solving for a Web3 future for all,” further underscoring their shared vision for a decentralized web. The Google Cloud team further stated: 

Is there an easier way to build and grow Web3 products? That’s the mission of Polygon Labs, and with the help of Google Cloud, it’s one step closer to making this vision a reality. We are now serving as a validator on the Polygon PoS network, contributing to the network’s collective security, governance, and decentralization alongside 100+ other validators.

Overall, the involvement of Google Cloud, a prominent player in the cloud computing industry, as a validator on the Polygon network brings increased credibility and expertise to the ecosystem. 

This collaboration is expected to enhance Polygon’s network infrastructure’s overall security and reliability, benefiting users who rely on the platform for seamless and efficient blockchain transactions.

MATIC Breaks Free From 3-Month Downtrend

Polygon’s native cryptocurrency, MATIC, has successfully broken a 3-month downtrend that had pushed the token to reach a yearly low of $0.5040 on Wednesday. 

However, in the past 24 hours, there has been a notable rebound in MATIC’s price, experiencing a 1.7% surge and currently trading at $0.5240. 

This upward movement is further supported by the Squeeze Momentum Indicator, which has broken the downtrend pattern, indicating the initiation of a recovery phase for MATIC since Friday.

MATIC

It is important to note that MATIC’s ADX indicator displays a spike downwards, suggesting low volatility and a neutral battle between bullish and bearish forces in the cryptocurrency market.

Looking ahead, MATIC faces obstacles around the $0.5442 zone, which it failed to surpass on September 21. Conversely, if the uptrend continues, the next significant hurdle lies at $0.5951 before reaching the $0.6000 level, which has not been achieved since late August.

The sustainability of MATIC’s uptrend and its ability to strive towards its yearly high of $1,569, reached in February, remains uncertain and will require further observation.

Featured image from Shutterstock, chart from TradingView.com

Posted on

MATIC Price Rally Threatened As Whales Deposit Millions Of Tokens To Exchanges

Bitcoin has recovered over the last day after gaining momentum from the Valkyrie Ethereum ETF news and pulling up the likes of the MATIC price. This has led to a rare green day for the cryptocurrency market in as many months but MATIC may not be able to hold as well as other altcoins as whales make their move.

Whales Move Tens Of Millions To Exchanges

The first notable whale transaction involving MATIC was flagged by Lookonchain on Wednesday. The transaction was carrying 10.78 million tokens at the time worth around $5.5 million.

Mostly, it was the destination of these tokens that was important which turned out to be the Binance crypto exchange. The whale looked to have deposited the tokens to sell them as the MATIC price had taken a quick 3% dive following the deposit.

MATIC would later recover and move into the green, a price increase that seemed to have prompted more whales to take advantage of the situation. Over the course of the day, whale transaction tracker Whale Alert would report multiple whale transactions all carrying millions of dollars worth of the token toward exchanges.

The next large transaction was one carrying 11,000,888 tokens worth $5.7 million to the Binance exchange. Another transaction followed shortly carrying the exact number of MATIC tokens also headed for the Binance exchange.

Within the same hour, the whale tracker also reported 15,826,267 million MATIC being shifted once again to Binance. This transition was carrying approximately $8.2 million worth of tokens. This pointed toward whales looking to dump large portions of holdings.

Polygon MATIC price chart from Tradingview.com (MATIC whales)

MATIC Price Could Suffer Drawdown

The massive amounts of tokens being shifted toward centralized exchanges could mean that the whales are beginning to offload some of their holdings to avoid further losses. In this case, it is not farfetched to say that the altcoin’s rally over the last day might be a brief one. Such a fall could easily see the MATIC price fall back to $0.51 as bears retest the support at $0.5.

However, all hope is not lost for the MATIC price as the coin still holds some bullishness. As one TradingView analyst points out, if the altcoin is able to break out from its current descending triangle, then the price could rally over 50%.

MATIC price prediction chart from Tradingview.com

The analyst puts the first target of this rally at the $0.9 level as well, which is an almost 100% price increase from here. But MATIC will continue to face opposition from bears, making it a tricky situation.

At the time of writing, the MATIC price is resting above $0.5232, enjoying 3.06% gains in the last day.

Posted on

Celo Considers Transitioning To Ethereum Layer-2 With Polygon Chain

Celo, a blockchain platform, is exploring migrating from its standalone blockchain to an Ethereum (ETH) Layer-2 (L2) network. Originally, Celo had planned to utilize Optimism’s OP Stack, a customizable toolkit similar to Polygon (MATIC) but based on Optimism’s technology. 

However, Sandeep Nailwal, co-founder of Polygon Labs, has proposed an alternative solution to the Celo community. Nailwal suggests leveraging Polygon’s Chain Development Kit (CDK), an open-source toolset that enables the creation of customizable Layer-2 chains powered by zero-knowledge (ZK) technology.

Celo’s Potential Move To Ethereum Layer-2 Via Polygon

In a recent blog post, Polygon Labs suggested Celo could consider deploying an Ethereum Layer-2 solution using Polygon CDK. 

According to Polygon Labs co-founder Nailwal, this strategy would allow Celo to leverage the benefits of being an Ethereum Layer-2 platform while preserving the characteristics that have contributed to its success.

The proposal emphasizes several key advantages of adopting Polygon CDK. Firstly, it enables cross-community collaboration by integrating with an ecosystem of Layer-2 solutions powered by zero-knowledge technology. 

Polygon CDK enhances compatibility with Ethereum by providing an environment equivalent to the Ethereum Virtual Machine (EVM). This alignment ensures a seamless transition for Celo, closely matching Ethereum’s technical infrastructure and tooling.

Furthermore, according to Nailwal, deploying with the protocol’s CDK offers increased security for Celo. It allows Celo to leverage Ethereum’s proven consensus layer while incorporating the security benefits of zero-knowledge proofs. 

Regarding fees and scalability, Celo can benefit from low fees by utilizing the zkEVM validium architecture and off-chain data availability supported by Polygon CDK. These features contribute to cost-efficient transactions while enabling scalability for Celo’s network.

Moreover, according to Nailwal, Celo gains access to a unified Layer-2 economy by becoming a part of the Polygon ecosystem by combining Ethereum’s mainnet with Polygon’s ecosystem. This integration creates a seamless experience for developers and users, facilitating interaction with both networks.

Fast Transactions And Lower Fees? 

With zero-knowledge technology, Celo users can enjoy near-instant withdrawals, faster finality times, and instant cross-chain interactivity. 

According to the blog post, these features enhance the speed, efficiency, and security of transactions, ultimately improving the user experience.

Through Polygon CDK, chains can achieve near-instant cross-chain interactivity with Ethereum, leveraging the power of ZK proofs to establish a secure and interconnected network.

Overall, the proposed migration to Polygon CDK represents an opportunity for Celo to transition to an Ethereum Layer-2 solution while harnessing the advantages offered by Polygon’s ZK-powered technology. The proposal aims to initiate discussions between the Celo and Polygon communities to explore the potential benefits for all stakeholders involved.

It is important to note that no final decision has been made at this stage, and the proposal signifies the beginning of discussions between the Celo and Polygon communities.

Polygon

Featured image from iStock, chart from TradingView.com

Posted on

Polygon zkEVM Successfully Completes First Major Upgrade, Introduces Dragonfruit

Polygon (MATIC) zkEVM, a zero-knowledge scaling solution designed to be compatible with the Ethereum Virtual Machine (EVM), has achieved a significant milestone by completing its first upgrade. 

The upgrade, known as the Dragonfruit Upgrade, marks a significant step forward for Polygon zkEVM since its launch in mainnet beta in March 2023.

Polygon zkEVM Implements Key Improvements

As an EVM equivalent ZK rollup scaling solution, Polygon zkEVM aims to ensure seamless compatibility with existing smart contracts, developer tooling, and wallets. This compatibility allows for a “smooth transition” and continued operation without disrupting the ecosystem. 

Developers can leverage the benefits of Polygon zkEVM’s zero-knowledge proofs, specifically validity proofs, to reduce transaction costs and increase transaction throughput while maintaining the robust security provided by the Ethereum base layer.

The successful completion of the Polygon zkEVM Mainnet Beta upgrade, including bridge operations, signifies a notable achievement, according to the protocol’s announcement on September 20. 

With the completion of the upgrade, the system has resumed full activity, providing users with enhanced functionality and improved scalability.

Regarding the PUSH0 opcode support, Polygon zkEVM Mainnet Beta is now included in the list of EVM networks that support this opcode. 

Including Polygon zkEVM Mainnet Beta alongside Ethereum demonstrates its compatibility with existing Ethereum-based networks and further expands the options available to developers.

Completing the first major upgrade for Polygon zkEVM represents a notable advancement in zero-knowledge scaling solutions. 

By combining the benefits of zero-knowledge proofs, lower transaction costs, increased throughput, and Ethereum’s base-layer security, Polygon zkEVM aims to provide an efficient and secure environment for decentralized applications and blockchain development.

With the successful upgrade and its continued commitment to compatibility and scalability, Polygon zkEVM strengthens its position as a scaling solution within the broader Ethereum ecosystem. 

Developers and users alike can leverage the capabilities of Polygon zkEVM to build and interact with decentralized applications while enjoying the benefits of improved efficiency and reduced costs.

MATIC Sees Modest Gain, Holding Significant Seven-Day Increase

Despite ongoing developments within the Polygon ecosystem, the native token of the protocol, MATIC, has remained range-bound for the past two days, failing to test upper resistance levels. 

Currently, the token is consolidating between the price range of $0.536 and $0.5472, trading at $0.5426. It has maintained relative stability for over 24 hours, with a slight gain of 0.5% during this time frame.

Polygon

However, MATIC has still held significant gains over the seven days, with a 5.9% increase. This allowed the token to reclaim the $0.500 level after losing it and experiencing a decline to $0.419 on September 11, following the overall market trend. This marked the lowest point of the year for MATIC.

MATIC faces resistance at two key levels, namely $0.5587 and $0.5930. These resistance walls pose challenges for the token’s recovery and upward momentum. MATIC must surpass these obstacles in the short term before it can regain the $0.600 mark.

On the other hand, a concerning factor is that MATIC only has a support level at a 1-year low of $0.4614. Bulls must defend this threshold to prevent a significant downtrend leading to new yearly lows. 

However, MATIC could break free from the lower lows zone if the market conditions become more favorable for altcoins, potentially leading to a price surge.

Featured image from iStock, chart from TradingView.com 

Posted on

MATIC Price Prediction: Polygon Aims Recovery To $1

MATIC price is recovering from the $0.82 support zone. Polygon might rise further but there is a major barrier forming near the $1.00 zone.

  • MATIC price is attempting a recovery wave above the $0.86 resistance against the US dollar.
  • The price is trading above $0.86 and the 100 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $0.880 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $0.90 resistance zone.

Polygon’s MATIC Price Attempts Recovery

In the past few days, Polygon’s price saw a steady decline from well above $1.00. MATIC declined below the $0.900 support to move into a bearish zone.

A low is formed near $0.8206 and the price is now attempting a recovery wave, similar to Bitcoin and Ethereum. The price was able to climb above $0.850. Besides, there was a break above a key bearish trend line with resistance near $0.880 on the 4-hour chart of the MATIC/USD pair.

It broke the 23.6% Fib retracement level of the downward move from the $1.017 swing high to the $0.8206 low. MATIC price is now trading above $0.85 and the 100 simple moving average (4 hours). It is now facing resistance near the $0.90 level.

If there is an upside break above the $0.90 resistance level, the price could continue to recover. The next major resistance is near $0.95 or the 61.8% Fib retracement level of the downward move from the $1.017 swing high to the $0.8206 low.

MATIC Price Prediction

Source: MATICUSD on TradingView.com

A clear move above the $0.95 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.985 level or $1.00.

Fresh Decline in MATIC?

If MATIC’s price fails to rise above the $0.90 resistance level, it could start a fresh decline. Immediate support on the downside is near the $0.88 level.

The main support is near the $0.865 level. A downside break below the $0.865 level could open the doors for a fresh decline toward $0.82. The next major support is near the $0.80 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 – $0.88 and $0.865.

Major Resistance Levels – $0.90, $0.95, and $1.00.

Posted on

Here’s What The Metrics Say About Polygon’s (MATIC) Uptrend

The price of Polygon (MATIC) and other notable crypto assets has been experiencing some volatility recently. The fluctuations present in the MATIC market can present traders and investors with profit-earning opportunities.

Within the last seven days, the price has witnessed a significant increase of 3.25%, indicating strong momentum from the bulls.

Analyzing The Polygon (MATIC) Bullish Momentum

Polygon is the scaling solution for Ethereum and the network’s increasing adoption could increase its price as the demand grows over the long term. As of today, the price of Polygon (MATIC) is at $0.8861 in the last 24 hours, representing an increase of 1.64%.

Polygon (MATIC) Price Enters An Upward Trend, What Do The Metrics Suggest?

This price movement suggests a positive market sentiment and a growing demand for the asset. It also indicates that the bulls are in control of the market. Also, MATIC Dominance & Social sentiments are above 50%, indicating neutral pressure. 

Since both the market dominance and social sentiment are rising above 50%, it implies that MATIC has a positive sentiment among investors in the crypto market.

The MATIC/USDT pair has formed a bullish flag pattern, suggesting a potential trend reversal and an end-to-downtrend movement.

The breakout that occurred in the bullish flag pattern may be considered a confirmation of a trend reversal for traders and investors. As the asset trades between its support and resistance levels of $0.8399 & $0.9086, traders are watching these levels closely for possible breakouts.

If MATIC breaks above the significant resistance level, it will trigger a bullish trend. The next support and resistance level will be at $0.5142 and 1.5799. 

However, if MATIC breaks below the $0.7536 support level, it could signal a bearish trend, and traders may look for selling opportunities. 

MATIC bears are currently trying to build momentum, but the bulls strongly hold their respective positions. This indicates a consolidation phase and a potential long-term uptrend if the bulls maintain this strong momentum.

MATIC Technical Analysis Using Indicators

The token has been on a downtrend since April 18, when the bears took control of the market. But recently, the asset has been showing signs of a potential trend reversal.

The Moving Average Convergence Divergence (MACD) trades above the signal line. This indicates a potential bullish trend in the market. Also, the histogram is above zero with strong green, confirming the bullish sentiment.

Related Reading: Shiba Inu All Green Today – What’s The Energy Behind The Glow?

Additionally, the Relative Strength Index (RSI) momentum oscillator has a reading of 42.35, suggesting neutral pressure from the bulls and bears. 

The market trades below the 50-Day and 200-Day Simple Moving Averages (SMA). This suggests a possible bearish movement. Nevertheless, the token bounced off a critical support level of $0.88 and may attempt to continue the bullish move.

Featured image from Pixabay and chart from Tradingview

Posted on

MATIC Surges Past Key Resistance Level: Can This Breakout Sustain?

The MATIC price recently broke above a key resistance level, indicating a positive development. However, its price appreciation over the past week has been modest, with only a 2% increase. MATIC has remained close to a critical support line on its daily chart despite the breakout.

The technical outlook suggests that recovery might take some time as the bears dominate the price. Both demand and accumulation have decreased in the daily timeframe.

While MATIC currently sits above an important resistance, the absence of buyer support could lead to a significant loss in value before any recovery occurs on the daily chart.

If the bears exert further pressure, MATIC will likely resume sideways trading, fluctuating between $0.81 and $0.84. The uncertainty in the Bitcoin price movement, as it fluctuates from $27,000 and retraces from that level, has impacted altcoins, weakening their respective price action. The MATIC market capitalization has fallen, indicating a higher level of selling activity than buying activity.

MATIC Price Analysis: One-Day Chart

MATIC

At the time of writing, MATIC was trading at $0.86. It successfully surpassed the $0.84 resistance level in the short term, but buyer sentiment remained weak. The coin’s next significant resistance is $0.87, and breaching this level could initiate a recovery trend.

However, if sellers persist, the altcoin could drop toward $0.81 and potentially below $0.80. The key for the bulls to regain control of the price lies in MATIC, staying above $0.86 in the upcoming trading sessions. The trading volume of MATIC in the last session was low, indicating a lack of buying strength.

Technical Analysis

MATIC

MATIC faced challenges in generating strong buying support throughout April and May, resulting in reduced demand. The Relative Strength Index (RSI) indicated a decline, with the indicator remaining below 40, highlighting the dominant presence of sellers in the market.

Furthermore, the price dropped below the 20-Simple Moving Average (SMA) line, indicating that sellers were driving the price momentum. However, if MATIC surpasses the $0.87 level, it will trade above the 20-SMA line.

MATIC

In contrast, the altcoin exhibited buy signals on the daily chart, albeit with a diminishing size and strength. The presence of green histograms on the Awesome Oscillator indicated buy signals for the altcoin, reflecting price momentum and potential reversals.

Additionally, the Bollinger Bands, which measure price volatility and the likelihood of price fluctuations, remained narrow and wide. However, the bands had a slight convergence, suggesting that the price may not undergo significant volatility or fluctuation in the immediate trading sessions.

Posted on

Polygon (MATIC) Falls Under Bearish Pressure: Is It a Good Time To Invest?

Polygon Network is one of the top players in the blockchain industry. However, its native token MATIC has steadily declined in the last few weeks. This comes as no surprise as many other altcoins are also experiencing the same downward movement due to negative market sentiment.

But while the volatility of MATIC’s price can present profitable opportunities for traders, it can also pose a risk for inexperienced investors.

Current Market Sentiment For MATIC

In the past day and the previous seven days, MATIC has fallen 6.9% and 20.3%, respectively. According to an on-chain analytics platform, Santiment, millions of MATIC tokens were transferred between on-exchange addresses. 

Related Reading: Check One, Two: Is Bitcoin Ready For A Mic Drop Rally?

These large whale transactions on the Polygon network might be fuelling the downtrend as it suggests that holders are selling off their MATIC tokens. At the time of writing, MATIC’s price is $0.8675, representing a 44.53% drop since February 18, 2023.

At the time of writing, the CFGI indicator also confirms the bearish sentiment around the MATIC price as its shows 38, indicating Fear among investors. This suggests that MATIC is in a phase where investors and traders are afraid to hold the asset. This may result in more dumps if the bulls remain stagnant.

Meanwhile, MATIC’s 24-hour trading volume is down by 15.38% to $375 million. A drop in daily trading volume shows fewer activities are on the network. However, MATIC still maintained its #9 position with its market cap of $8 billion on CoinMarketCap.

Polygon (MATIC) Price Analysis

MATIC is trading below both the 50-Day and 200-Day SMAs, indicating a bearish trend in the short and long term. Traders may utilize this current trend to sell or avoid MATIC until it recovers fully.

MATIC’s RSI reading of 22.99 suggests that MATIC is currently in the oversold zone. This also implies that the price of MATIC has rapidly declined and may be due for a possible retracement.

The Moving Average Convergence/Divergence (MACD) below the signal line confirms the bearish trend. This suggests that MATIC is currently in a downtrend movement. The histogram also is below zero, confirming the bearish momentum.

MATIC trades between the significant support and resistance levels at $0.7438 and $01.0306, respectively. The asset has already breakthrough the first primary support of $0.9335 and is heading strongly to the next support level.

Polygon MATIC Falls Under Bearish Pressure: Is It a Good Time To Invest?

With this strong bearish momentum, the bears might break the next support and eventually hit the last support of $0.51. However, if the bull could take back control, we might see MATIC hit the strong resistance level at $1.1900.

Featured image from Pixabay and chart from Tradingview

Posted on

Polygon Bears Gain Ground As MATIC Continues To Retreat

Polygon (MATIC) is slightly shedding its gains today as the bears aim to seize control of its price. Despite the price fluctuations, its trading volume is up by 16%, indicating growing interest from traders. 

Polygon has dropped below the $1 mark since April 23. However, it trades within the $0.9 and $1 price range.

What’s Next For MATIC?

MATIC is in a sideways trend today, forming a red candle on the price chart. The recent price volatility might reflect the activities in the general crypto market, where the top coins are slightly gaining.

MATIC has dropped below its 50-day and 200-day Simple Moving Averages (SMA), with bearish sentiment in the short and long term. Also, its Relative Strength Index (RSI) is 40.24 in the neutral zone. 

However, the indicator is moving downwards and might descend into the oversold region of 30 if the bears prevail. 

MATIC’s Moving Average Convergence/Divergence (MACD) is slightly above the signal line and shows convergence. Also, it has a negative value, a bearish signal for the asset. The technical indicators suggest that MATIC might experience further price decline before the bulls rally again.

Polygon (MATIC) Sinks Again, Bear Show More Skin In The Game

MATIC is trading close to the $0.9451 support level, and the bears at the $1.0064 resistant level have kept its price down. 

If the current market conditions persist, a descent to the next support level of $0.9231 is possible. However, MATIC is currently in a sideways trend reflecting traders’ hesitation in the market. It will likely fall to the $0.9451 resistance before the bulls rally again.  

Securitize Launches On Polygon Despite Price Drop

A trading firm, Securitize,  launched a feeder fund on the Polygon blockchain. Investors can use these funds to collect secure loans and access liquidity on the platform. Also, this funding is in collaboration with Hamilton Lane (Nasdaq: HLNE) which is exclusive to the polygon blockchain.

Hamilton Lane launched the Senior Credit Opportunities Fund (SCOPE) in October 2022. A portion of the SCOPE funds is now available through Securitize. This new investment feature reduces the minimum investment threshold for investors from $2 million to $10,000. 

The SCOPE initiative targets investment in privately held market-leading information technology and business services assets. 

The CEO of Securitize Inc., Carlos Domingo, stated that smart contracts built on blockchain networks could improve manual processes such as share redemptions that take weeks to seconds. 

Also, he believes it eliminates the need for intermediaries and unnecessary fees, thus eliminating the barrier of entry for some investors. Such developments are highly beneficial to Polygon’s network and might improve its price eventually.

-Featured image from Pixabay and chart from Tradingview

Posted on

MATIC Price Prediction: Polygon Recovery Faces Many Hurdles

MATIC price is recovering from the $0.95 support zone. Polygon might rise further but there is a major barrier forming near the $1.080 zone.

  • MATIC price is attempting a recovery wave above the $1.00 resistance against the US dollar.
  • The price is trading below $1.10 and the 100 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $0.975 on the 4-hour chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $1.008 resistance zone.

Polygon’s MATIC Price Faces Resistance

In the past few days, Polygon’s price saw a steady decline from well above $1.12. MATIC declined below the $1.00 support to move into a bearish zone.

A low is formed near $0.952 and the price is now attempting a recovery wave, similar to Bitcoin and Ethereum. The price was able to climb above $0.980. Besides, there was a break above a key bearish trend line with resistance near $0.975 on the 4-hour chart of the MATIC/USD pair.

The price is still trading below $1.10 and the 100 simple moving average (4 hours). It is now facing resistance near the $1.008 level or the 23.6% Fib retracement level of the downward move from the $1.191 swing high to the $0.952 low.

If there is an upside break above the $1.008 resistance level, the price could continue to recover. The next major resistance is near $1.08 or the 50% Fib retracement level of the downward move from the $1.191 swing high to the $0.952 low.

MATIC Price Prediction

Source: MATICUSD on TradingView.com

A clear move above the $1.08 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $1.15 level or $1.20.

More Losses in MATIC?

If MATIC’s price fails to rise above the $1.008 resistance level, it could start a fresh decline. Immediate support on the downside is near the $0.98 level.

The main support is near the $0.95 level. A downside break below the $0.95 level could open the doors for a fresh decline toward $0.88. The next major support is near the $0.82 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 near the 50 level.

Major Support Levels – $0.98 and $0.95.

Major Resistance Levels – $1.008, $1.08, and $1.12.

Posted on

Polygon (MATIC) Continues To Plunge; Why Are The Bears Still Dominant?

Polygon (MATIC) is below the $1 mark today as the bears continue to pressure its price. From April 19, 2023, it moved into a downtrend gradually to its current price level of $0.966 today.

The recent price volatility and decline experienced by Bitcoin and Ethereum seem to have a ripple effect on other tokens in the market. However, MATIC remains above its January 1 price of $0.76 despite the decline, holding onto most of its gains.

Nevertheless, a sweep of previous lows remains possible if the bears maintain their charge. Investors and the general crypto market hope the current decline is a minor correction, not a downtrend similar to the crypto winter of 2022. 

Will MATIC Pivot Off The $0.9321 Critical Support Level?

Some major cryptocurrencies are in a downtrend, excluding a few altcoins with minor gains. The impending US rate hikes and other factors, such as rising bitcoin mining difficulty, could affect the market negatively.

Related Reading: Floki Inu Joins Binance.US And Surges By 50% As Investors Pile In

Polygon ranks number 9 on the list of cryptocurrencies and is a platform for Ethereum scaling. Also, with the recent upgrades, users can create Optimistic Rollup chains and ZK Rollup chains as required by the developer. Its multi-functionality is one of the reasons its community is optimistic about a rally in the coming weeks. 

MATIC is in a downtrend forming a third consecutive red candle on the daily chart with lower lows. It has dropped below its 50-day and 200-day Simple Moving Averages (SMA), a bearish trend in the short and long term. MATIC moved into the downtrend on April 19, forming a long red candle that closed below the 50-day SMA.

Also, the Relative Strength Index (RSI) is 31.91, descending into the oversold region of 30. It implies that the bears are in control of the asset’s price. However, MATIC is approaching the $0.9321 support level, which previously acted as a pivot point on January 1, 2023. MATIC’s RSI will move to the oversold region when its touches this level forcing the bulls to rally again.

Expect a price increase once the asset enters the overbought zone. The next support level is $0.7472; the resistance levels are $1.026 and $1.1914. Also, the $1 price level has become a psychological resistance point.

Polygon (MATIC) Continues To Plunge; Why Are The Bears Still Dominant?

MATIC has formed an ascending triangle pattern on the monthly chart; the next breakout from this pattern will be vital to its price action. It traded at the upside in February and March 2023 before retracing in April.

Related Reading: Shiba Inu Might Surge By 300% If It Maintains This Support Level

A return to the upside of the triangle is possible if the bulls rally. Also, the Monthly RSI value is 53.60 in the neutral zone but moving downward, reflecting the bearish trend in April.

Featured image from Pixabay and chart from Tradingview

Posted on

MATIC Below Key Support Levels: What’s Next?

MATIC had been consolidating between $1.4 and $1.8 until it faced bearish pressure and declined. Over the last week, it depreciated nearly 16%, with a 6% dip on the daily chart. The technical outlook indicated bearish price action, with a drop in demand and accumulation.

Major altcoins also struggled to surpass their resistance levels as Bitcoin corrected itself. MATIC is currently stable on its local support line, but it broke two crucial price floors, suggesting that bears could dominate upcoming trading sessions.

A further round of bearish pressure could cause bears to take over entirely, causing MATIC to fall through its local support line. On the daily chart, the altcoin’s market capitalization indicated a negative change, implying that sellers were taking control.

MATIC Price Analysis: One-Day Chart

MATIC

The altcoin had struggled to maintain its value above $1 and dropped to $0.98. The overhead resistance of MATIC was $1.02, but due to a consistent decrease in demand, buyers lost confidence in the asset. If the price can break above the $1.02 resistance level, it may reach $1.06 and recover the bullish momentum.

However, if the price falls below $0.98, the local support line is at $0.96, and if the altcoin’s value drops further, it may break through the support line and trade around $0.90 before seeing any recovery. The last session showed a red volume bar, suggesting a decline in buying pressure on the daily chart.

Technical Analysis

MATIC

The recent rejection at the $1.14 level resulted in a swift exit of buyers from the market. The Relative Strength Index (RSI) dropped below the halfway mark, suggesting that sellers were dominating over buyers at the moment.

The same reading also indicated that MATIC went below the 20-Simple Moving Average (SMA) line, indicating an increase in selling pressure and that sellers were driving the price momentum in the market.

Breaking above the resistance could enable MATIC to surge past the 20-SMA line, thereby strengthening the bulls’ position.

MATIC

MATIC has started to form sell signals on the one-day chart in alignment with other technical indicators, indicating a potential dip in price. The Moving Average Convergence Divergence, which indicates price momentum and trend changes, formed red histograms connected to sell signals for the altcoin.

Additionally, Bollinger Bands, which suggest price volatility and fluctuation, have opened up, suggesting that MATIC may experience more price volatility in the near future. The broader market strength is also important for MATIC, as it can influence the altcoin’s price movement. Overall, the current technical outlook of MATIC appears bearish.