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MATIC Price Slumps 10% Amidst Market Downturn – Here Are Key Levels To Watch

MATIC, the native token of the Polygon network, has witnessed a significant decline in its value. It has fallen by more than 10% in the past week and 8% in less than 24 hours as the general cryptocurrency market continues to grapple with a cloud of negative sentiment.

Fortunately, the latest on-chain analysis has revealed the important levels that investors should look out for following the latest decline in the MATIC price.

Over 10,900 Addresses Bought 600 Million Polygon Tokens At This Price

According to a recent post on X by crypto pundit Ali Martinez, the price of MATIC has established a key support around its current price point. This evaluation is based on analytics firm IntoTheBlock’s on-chain data, which tracks the average acquisition price for any given wallet address.

MATIC

 

Above is the chart highlighted by Martinez that shows the distribution of the Polygon token supply across various price ranges. The size of the dots in the chart represents the magnitude of coins purchased around the corresponding price range.

Most notably, over 10,900 wallet addresses bought a whopping 608 million MATIC around the $1.02 and $1.05 zone. According to the crypto analyst, this massive buying activity has supported the establishment of crucial support around this price region.

While the large size of the dot reflects the strength of this particular level, sustained bearish pressure could cause the price of MATIC to breach and fall beneath this support. In this case, investors could see the cryptocurrency drop to around $0.91.

This makes the $0.89 and $0.92 price range another level to watch, as it represents the next vital support area, where 35,680 wallet addresses purchased nearly 400 million Polygon tokens.

MATIC Price Overview

As of this writing, the price of MATIC stands at $1.04, reflecting an 8% decline in the past 24 hours. This price dip comes after the altcoin printed a multi-month high of $1.28 on Thursday, March 14.

According to data from CoinGecko, the Polygon coin has suffered a 9.7% price slump in the last seven days. From a broader perspective, though, the cryptocurrency has had a fairly positive performance in the past month.

With a market capitalization of more than $9.7 billion, the MATIC token ranks as the 18th-largest cryptocurrency in the sector.

MATIC

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Uniswap Expands Reach: Deploys v2 Protocol On Six New Chains Including Arbitrum And Polygon

Uniswap (UNI), one of the largest decentralized cryptocurrency exchanges (DEX) by trading volume, has made an important announcement regarding deploying its v2 protocol on six additional chains. 

The chains on which the v2 protocol has been deployed include Arbitrum (ARB), Polygon (MATIC), Optimism (OP), Base, Binance Smart Chain (BSC), and Avalanche (AVAX).

Uniswap Widens v2 Protocol Deployment

According to a recent post on X (formerly Twitter) by Uniswap Labs, the software product developer working on the protocol, the decision to deploy the v2 protocol on more chains is primarily driven by the desire to simplify the experience for Liquidity Providers (LPs).

While the protocol’s v3 offers advanced features tailored for active liquidity providers, the development team believes the v2 protocol offers a more “straightforward approach.” 

By default, v2 pools cover the entire price range, reducing the need for upfront decisions and minimizing the active involvement of liquidity providers. This simplification streamlines the process and makes it more accessible to a broader range of users, according to the announcement. 

Another benefit of using the v2 protocol on multiple chains, according to Uniswap Labs, is its cost efficiency. Creating pools on v2 is more gas efficient than other versions, resulting in lower gas costs to add liquidity. 

This cost reduction can be translated into savings for users, making swaps on the platform “incredibly affordable.” In addition, the use of v2 on Layer 2 scaling solutions significantly reduces the risk of frontrunning and manipulative practices known as Miner Extractable Value (MEV). 

Ultimately, by offering an official v2 deployment directly accessible through the Uniswap interface, the developers suggest that users can be assured of a safe and secure environment for their swaps.

UNI Price Dip, Platform Metrics Remain Solid

Despite the recent developments that could attract investors’ attention and drive broader adoption of the Uniswap protocol, the exchange’s native token, UNI, is currently undergoing a significant correction in line with the overall market trend.

Currently, UNI is trading at $7.22, representing a 4.4% price drop in the past 24 hours and a 1.1% decline in the last trading hour. However, it’s worth noting that UNI has been one of the better-performing tokens in the market, with price increases of 14.7% and 16.8% in the past fourteen and thirty days, respectively.

Uniswap

Furthermore, according to data from Token Terminal, the Uniswap ecosystem continues to exhibit substantial growth in key metrics. 

The fully diluted market capitalization of Uniswap stands at $7.56 billion, reflecting the total value of all tokens if they were fully in circulation. This figure has experienced a notable increase of 18.4% over the past month. 

In contrast, the circulating market capitalization, which considers the currently circulating tokens, is valued at $6.94 billion, indicating a 19.9% increase over the same period.

Uniswap

Despite the overall surge in market capitalization, the trading volume of the UNI token has experienced a significant decline of 69.3% over the past 30 days, amounting to $2.79 billion. 

The total value locked (TVL), a measure of the value of assets locked within Uniswap’s smart contracts, has also experienced a 14.4% increase, reaching $4.76 billion. 

Featured image from Shutterstock, chart from TradingView.com 

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Exploit On Polygon Contracts Extract $15M, Here Are The Details

The play-and-own mobile gaming platform GAMEE suffered an exploit of its GMEE token contracts on Polygon that led to the theft of 600 million GMEE tokens and left the crypto community pondering questions.

GAMEE Confirms $15M Exploit On Polygon

On January 22, GAMEE Token’s official X (formerly Twitter) account advised its users to refrain from engaging with the digital asset while their team investigated the GMEE token-related security comprise it had just suffered.

The GMEE token is an ERC-20 utility token “designed to be the currency of access, action, and governance within the GAMEE ecosystem,” as their website states.

Before the official announcement, crypto users quickly noticed the token’s sudden price crash and the transactions behind it. This left GAMEE users and the general crypto community wondering if an exploit had occurred.

In the early hours of January 23, GAMEE’s team returned to the X platform to explain what happened and the steps to come.

The thread explains that their preliminary investigation indicated that the GMEE token contracts on Polygon had been compromised via unauthorized GitLab access.

This compromise resulted in the theft of 600 million GMEE tokens worth approximately $15.28 million at the time of the exploit. The compromised tokens were immediately converted to ETH and MATIC and exchanged via various decentralized exchanges (DEXs) in the following hours, drastically impacting the GMEE token price.

The team behind GAMEE explained that after noticing the Polygon GMEE deployer address was compromised, they secured the token contract ownership and all associated contracts by transferring ownership to a “new secure address.”

The team also clarified that only proprietary team token reserves were affected, and the exploit did not affect assets owned by the community, as “GAMEE does not custody or manage any community-owned assets.”

GAMEE expressed its understanding of how the impact of the unauthorized transactions could have affected the GAMEE community, as it led to price volatility and limited use of the GMEE token while investigations were taking place.

The next steps for GAMEE will consist of an impacted user identification process to evaluate the best way to support the affected part of the community. Additionally, they plan to provide a real-time update on the details that further investigations will provide as an effort to keep trust and transparency.

Lastly, the user was advised to exercise caution “given the volatile market conditions and potential liquidity impacts driven by CEX measures.”

GMEE’s Violent Price Drop

Around the time of the exploit, the GMEE token had been trading at $0.02554112, according to CoinGecko’s data, and it had been previously sitting at the $0.027-$0.026 range throughout the weekend.

Shortly after the exploit, the prince crashed to $0.01155577, reaching its lowest point of $0.00897251 in the early hours of today.

It’s worth noting that many saw the price crash as a possibly once-in-a-lifetime opportunity to profit. Various users shared that they had bought the dip and even advised others to do it. One X user said, “One man’s trash is another man’s treasure.”

At writing time, the GMEE token trades at $0.016999, a 31.5% decline in the last 24 hours.

GMEEUSDT, GMEE

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Polygon NFTs Explode: 6-Month High Volume Ignites Market – Details

After a very dull performance over the majority of 2023, the Polygon PoS chain managed to gather considerable pace and demonstrate notable strength in the latter part of the year.

Data indicates that, in addition to the remarkable price performance of MATIC, the Polygon network’s native token, there was a lot of excitement surrounding Polygon’s NFT ecosystem in December of the previous year.

Polygon NFT Surge: Sales Volume Peaks

An increase in the overall number of NFT deals and an upward trend in NFT sales volume, especially during the past seven weeks, are indicators of this expansion.

On December 6, 2023, the spike peaked for six months, ranking the Layer-2 scaling solution third in terms of NFT sales volume, after Ethereum and Bitcoin.

Polygon has sold nearly $10 million in a single day, according to CryptoSlam data. This is more than twice as much as Solana, which sold a little over $4.1 million.

Flippening began when Solana’s sales volume fell more than 17% in a day, whereas Polygon NFT sales volume increased by 42%.

Today In Polygon, a popular X (formerly Twitter) handle, recently tweeted about blockchain’s rise in the NFT market.

According to the post, Polygon’s NFT sales volume was rising to levels not observed for more than half a year. This episode suggested a renewed interest in MATIC NFTs, which in the upcoming months may have a more significant effect on the ecosystem.

Based on DappRadar statistics, the top Polygon NFTs during the previous 30 days were Genesis WildPas, Collect Trump, The Sandbox, and Gas Hero Coupon NFTs.

In addition, Polygon’s wash sales total is larger than Solana’s, coming in at $858,631 versus $175,493.

The entire sales volume, which includes both normal and wash sales, is $10,845,385 for Polygon NFTs and $4,292,160 overall.

MATIC Up Amidst Market Complexity

While this was going on, the token’s price chart turned green, encouraging MATIC bulls to pick up their game. MATIC has increased by more than 3% in the last day alone, according to CoinMarketCap.

With a market valuation of more than $8 billion, it was trading at $0.83 at the time of writing.

Even with these encouraging indicators, certain areas displayed unfavorable patterns, such as a decline in the graph of unique addresses and a drop in the quantity of transactions after a peak on December 25, 2023.

These inconsistent tendencies highlight the intricate mechanisms at work within the Polygon NFT ecosystem, despite the fact that the cryptocurrency market is infamously volatile.

Featured image from Freepik

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MATIC Blasts Off: 20% Surge As Polygon Trading Volume Hits Records

The global cryptocurrency market value has retraced to over $1.72 trillion, suggesting that the cryptocurrency industry has lost some of its momentum in the last day. Furthermore, MATIC has not seen any tiny losses, in contrast to the majority of prominent digital assets, such as Bitcoin.

As the Polygon protocol’s supporters push for new yearly highs, MATIC is experiencing a seismic change within its ecosystem, which has caused its price to soar by more than 20% in early trading on Thursday.

MATIC Breaches $1 Barrier

Based on the several milestones in its ecosystem, Polygon has been indicating that it is prepared to overcome the critical $0.9 pricing threshold.

Following an initial upward trend, MATIC made an unsuccessful attempt to break out in February 2023. Before the price broke out this week, there were two more failed breakout efforts in November and December.

The $1.07 peak on Wednesday is the highest since April. It is noteworthy that MATIC has failed to close each week above the resistance trend line.

Furthermore, some analysts say that MATIC may soon reach new peaks as it tries to keep a solid footing within – or even past – the $1 territory. Doctor Profit, a user on Twitter, is among those who endorse such theory.

The expert called Polygon’s coin “one of the most undervalued projects” in the market and asserted that traders and investors should view its price below $1 as a “gift.”

Another expert, renowned cryptocurrency researcher Ali Martinez, shows that, based on his evaluation, MATIC is emerging from a symmetrical triangular formation.

Martinez thinks that a strong upward advance that might push MATIC towards the $1.73 price level could occur if Polygon is able to maintain a weekly candlestick close above the $0.96 threshold.

Optimistic Outlook: MATIC’s Promising Trajectory

According to this analysis, Polygon has a bright future ahead of it, especially if some important thresholds are broken.

The X cryptocurrency community is optimistic about the future of the MATIC price trend. After bouncing off a long-term support region, Pentosh1 predicts the price will keep moving upwards.

Meanwhile, Polygon’s trading volume has recently increased dramatically. According to DefiLlama, it crossed the $150 million milestone since the middle of the month and reached around $400 million on December 26.

With its impressive performance, Polygon’s native token MATIC has drawn attention as the protocol’s trading volume reaches a new milestone.

Featured image from Shutterstock

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Polygon Founder Recaps 2023: MATIC’s Surge Powers Through Resistance With 4% Uptrend

Polygon is closing out 2023 on a high note as its native token, MATIC, experienced a significant surge over the past 24 hours, despite its founder highlighting a “painful ride”.

MATIC’s current price stands at $0.8939, accompanied by a 24-hour trading volume of $701,503,128.22. This represents a notable 4.20% price increase within the last 24 hours and a remarkable 14.10% increase over the past 7 days.

Polygon Founder Embraces Underdog Status

Despite a challenging journey throughout 2023, Polygon’s founder, Sandeep Nailwal, recently expressed his contentment with the platform’s underdog status. In a statement on X (formerly Twitter), Nailwal stated:

Polygon is back to where it’s the best at being an underdog. Not going to lie, it’s been a painful ride, the whole of 2023, but right now, it feels incredibly liberating to be the underdog again.

Furthermore, Nailwal went on to outline several reasons why he believes investors should feel bullish about Polygon’s prospects. 

One key feature is Ethereum Virtual Machine (EVM) Compatibility, which allows Polygon to replicate the Ethereum environment as a rollup. This compatibility ensures that any application running on Ethereum or other EVM-compatible chains can be deployed onto zkEVM, Polygon’s layer 2 solution, with minimal modifications.

Another aspect highlighted is the utilization of Zero-Knowledge Proofs (ZKPs) for transaction validation. By leveraging ZKPs, Polygon enhances transaction speeds and reduces gas fees, addressing critical pain points experienced by users on other blockchain platforms.

Scalability is a paramount concern in the blockchain industry, and Polygon aims to address this challenge by executing smart contracts using zero-knowledge technology. 

This approach ensures “scalability without compromising decentralization” and security, bolstering the platform’s overall appeal to developers and users alike.

Moreover, Polygon’s strategic affiliation with zkEVM positions it to leverage the existing ecosystem of over 400 decentralized applications (dApps) within the Polygon network. 

This ecosystem includes a diverse range of DeFi protocols, gaming platforms, and NFT marketplaces. By capitalizing on this thriving ecosystem, Polygon aims to further solidify its position as a leader in the blockchain space.

Midterm Targets And Strategy For MATIC Price Action

Renowned analyst Captain Faibik has released a comprehensive analysis of the price action for Polygon’s native token, MATIC. In his assessment, Captain Faibik identifies key targets and a strategic approach for investors to capitalize on potential gains.

According to Captain Faibik’s analysis, MATIC’s midterm targets are projected at $1.20, $1.60, $2.50, and $4.00. These targets represent potential price levels that MATIC could reach based on historical patterns. 

Notably, to manage risk and protect their investment, Captain Faibik recommends implementing a stop-loss strategy. If the weekly closing price of MATIC falls below $0.55, it is suggested to exit the position.

Furthermore, Captain Faibik advises investors to adopt a long-term mindset and hold their MATIC investment for a minimum of 60 days. This holding period enables investors to ride out short-term price fluctuations and potentially capitalize on the projected targets identified.

Polygon

Featured image from Shutterstock, chart from TradingView.com

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Neon EVM Hits Record-High 730 TPS On Mainnet

In the rapidly evolving landscape of blockchain technology, Neon EVM, a smart contract on Solana (SOL) has emerged as a frontrunner by introducing a landmark parallel processing architecture on its mainnet. 

This approach has enabled Neon EVM to achieve an increase in performance, scalability, and efficiency, according to a press release share with NewsBTC.

Neon EVM Dominates Transaction Processing 

Neon EVM, the first parallel Ethereum Virtual Machine (EVM) on mainnet, has achieved a record-breaking 730 Transactions Per Second (TPS) on its mainnet. Notably, this is the first time such high tps has been achieved on an EVM mainnet. 

The milestone was reached on December 16, 2023, when Neon EVM’s mainnet showcased its transaction processing capabilities. While many blockchains demonstrate high tps on testnets, Neon EVM’s has standout by improving its scalability. 

Neon EVM

Neon EVM, which went live on the mainnet in July 2023, operates as a fully Ethereum-compatible environment on the Solana blockchain. Since its launch, Neon EVM has garnered investor interest, resulting in multiple listings on platforms such as ByBit, Crypto.com, and Gate.io. 

Given these developments, the utility token NEON has experienced remarkable growth, with its value surging from $0.67 to $1.45 in just three days, representing a 116% increase.

Neon EVM’s success comes when there is growing interest in high-speed, parallelized processing blockchains. Currently, Neon EVM stands as the only parallel processing EVM live on the mainnet, showcasing its tps capabilities compared to other blockchain networks.

Outshining Ethereum’s Transaction Speed

The fundamental difference between Neon EVM and blockchains like Bitcoin and Ethereum lies in their transaction processing approach. While Bitcoin and Ethereum process transactions sequentially, Neon EVM allows for simultaneous processing of multiple transactions, facilitating increased throughput and reducing the likelihood of congestion during periods of high demand.

In a notable comparison, Neon EVM’s parallel processing architecture outperformed the combined tps of the entire Ethereum ecosystem on December 16, as reported by L2Beat. 

Neon EVM

The project’s commitment to Ethereum compatibility on the Solana blockchain and its high-speed transactions and low-cost benefits positions Neon EVM as an interesting project as a new Bull Cycle emerges.

Layer 2 Scaling Solutions On The Rise

Polygon, the layer 2 scaling solution that operates alongside the Ethereum blockchain, has also demonstrated its transaction processing speed capabilities. 

In a recent post on X (formerly Twitter), Sandeep Nailwal, the founder of Polygon, shared notable statistics highlighting the network’s performance. According to Nailwal’s post, Polygon’s Proof of Stake (PoS) chain seamlessly handled over 16 million transactions in a single day, showcasing its scalability and efficiency. 

During the peak period, the Polygon PoS chain achieved a throughput of 255 tps. This figure is approximately 2-3 times higher than the combined throughput of the entire Ethereum ecosystem. 

Moreover, the validators on the Polygon network generated approximately 1 million in transaction fees in a single day, reflecting the network’s high level of activity. However, it is worth noting that gas fees experienced a spike during this period, which is a broader issue impacting the entire Ethereum ecosystem.

In terms of rewards for validators, the block rewards on the Polygon network amounted to over 155,000 MATIC tokens. This translates to substantial revenue for validators, totaling around 1.2 million in a single day. These rewards incentivize validators and contribute to the overall security and stability of the PoS chain.

The spike in transactions in both of these Layer-2 networks showcase the growing importance of scalability solutions. In the coming months, hundred of new users could onboard the crypto market via either of these solutions hinting at a potential benefit for their underlying tokens.

Neon EVM

Featured image from Shutterstock, chart from TradingView.com

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Crypto Analyst Reveals 10 Top Altcoins To Watch This Week

The altcoins market has recently witnessed a resurgence of interest and confidence, primarily driven by the largest cryptocurrency, Bitcoin (BTC). This renewed enthusiasm has resulted in a bull uptrend, with most of the top 100 cryptocurrencies benefiting from Bitcoin’s resurgence. 

However, the market is currently experiencing a correction as Bitcoin and Ethereum (ETH) face pullbacks after failed attempts to breach upper resistance lines. Despite this correction, crypto analyst Miles Deutscher shares insights and highlights several altcoins with potentially significant gains.

SOL Emerges As Safe Haven In Crypto Market Correction

Solana has exhibited remarkable growth, even as the broader market experiences a correction. With a 0.5% gain in the past 24 hours, SOL’s potential for further upside cannot be ignored. 

Deutscher suggests that SOL may continue to benefit from the ongoing rotation of investments from other Layer-1 solutions like Avalanche (AVAX) and Fantom (FTM).

Altcoins

Thorchain (RUNE) has been on an impressive upward trajectory, prompting investors to consider buying on deep corrections and wicks. The primary decentralized exchange (DEX) on Thorchain, THOR, has also shown positive movement, further bolstering the growth potential.

Polygon (MATIC) has recently shown signs of strength and has generated whispers within the crypto community about a potential zero-knowledge (ZK) narrative. If this narrative materializes, MATIC, a leader in the space, could attract significant positive flows. 

Within the ZK narrative, altcoins like Dusk Network (DUSK), Loopring (LRC), and Mina Protocol (MINA) are poised to benefit. Deutscher believes that each altcoin offers unique strengths and value propositions, and their performance will depend on the strength of the emerging ZK narrative.

Soteria (SEI) has gained attention as it enters the top 10 for volume traded by pairs on Upbit. Considered a “new coin,” SEI exhibits fundamentals similar to the next altcoin on the watchlist.

Tidal Finance (TIA) is a relatively new token similar to the early days of Aptos (APT). The market tends to favor new and innovative tokens, and although TIA’s rally may have started to cool off, it still holds explosive potential. With a current market capitalization of $700 million, TIA remains an intriguing opportunity for investors.

DEX And Gaming Altcoins Poised To Thrive

In addition to altcoins, perp decentralized exchange (DEX) tokens like GMX, DYDX, and Gnosis (GNS) are positioned to benefit from market volatility.

According to Deutscher, these tokens have shown a correlation between price movements and fundamental factors. If volatility persists, these tokens could present favorable medium-term investment opportunities.

Altcoins

Yield Guild Games (YGG) and Gamestarter (GMT), gaming tokens with initial upward movements, are expected to continue outperforming the broader market. These gaming tokens could witness sustained growth with the YGG conference scheduled for November 18.

While the current correction in the cryptocurrency market has led to pullbacks in Bitcoin and Ethereum, the altcoin landscape still offers potential opportunities for investors. 

Solana’s continued uptrend, along with the prospects of altcoins like Thorchain, Polygon, and those associated with the ZK narrative, suggest possible avenues for growth. Additionally, emerging tokens like Soteria and Tidal Finance, perp DEX tokens, and gaming tokens may also provide favorable investment prospects. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock, chart from TradingView.com 

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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 

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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 

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FTX Transfers $150M In Assets, Including Ethereum And Solana, Amid Bankruptcy

Blockchain analytics firm Nansen has recently revealed that wallets associated with bankrupt crypto exchange FTX have transferred approximately $156 million worth of digital assets, including Ethereum (ETH) and Solana (SOL), in a series of transactions over the past week. 

The movement of these funds has raised concerns and attracted the attention of industry experts and investors. Nansen’s report sheds light on the ongoing transfers and provides valuable insights into the extent of FTX’s asset movements.

Bankrupt FTX Wallets Unstake $57 Million Worth Of SOL Tokens

According to the Nansen report, funds from FTX wallets have continued to migrate to various exchanges since the previous update. The report specifies the following notable transactions:

  • 695,000 Perpetual Protocol (PERP) tokens worth $423,000
  • 767,000 Biconomy (BICO) tokens worth $182,000
  • 833,000 Kyber Network (KNC) tokens worth $616,000
  • 108 million TrueFI (TRU) tokens worth $420,000
  • 138,000 Band (BAND) tokens worth $221,000
  • 2.5 million Graph (GRT) tokens worth $273,000
  • 845 Maker (MKR) tokens worth $1.17 million
  • 7.16 million Render (RNDR) tokens worth $17.8 million
  • 10.5 million USD Coin (USDC)
  • 23,000 Polygon (MATIC) tokens worth $15,000
  • 9.5 million Ren (REN) tokens worth $500,000
  • 1.1 million ETH tokens worth $2 million

Additionally, the report highlights that an additional 1.6 million SOL tokens worth $57.6 million have initiated the unstaking process. While these funds have not yet left the associated wallet, their potential movement would bring the total SOL tokens moved by FTX to just under $90 million. 

Moreover, considering the unstaking of SOL and the new assets transferred by FTX to Coinbase and Binance, the total value of funds moved by FTX now stands at $156 million.

Major Transfers Of LINK, AAVE, And MKR Unveiled

Nansen’s previous investigation revealed significant transfers from wallets linked to FTX and Alameda Research, FTX’s trading arm.

These funds were initially withdrawn from FTX and Alameda wallets before being sent to intermediary wallets and eventually deposited into Binance and Coinbase. The report discloses the following noteworthy movements:

  • 2.2 million USD worth of Chainlink (LINK) tokens
  • 1 million USD worth of Aave (AAVE) tokens
  • 2 million USD worth of MKR tokens
  • 3.4 million USD worth of ETH tokens

In addition to these transfers, Nansen discovered that 943,000 SOL tokens, equivalent to approximately $32 million, were moved from the FTX Cold Storage wallet.

Overall, the recent findings by Nansen regarding the movement of funds from wallets associated with the bankrupt crypto exchange FTX have sparked concerns within the cryptocurrency community. 

The report highlights substantial transfers of various digital assets, including ETH and SOL, and provides insight into the scale of FTX’s asset movements. 

FTX

As of the current market conditions, FTX’s native token, FTT, is trading at $1.23. Despite a false breakout on October 23, where the token briefly surpassed $1,360, it has since declined consistently. 

However, over the past 30 days, FTT has maintained a profit margin of 3.7%, signifying relative stability within this time frame.

Featured image from Shutterstock, chart from TradingView.com 

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FTX Transfers $150M In Assets, Including Ethereum And Solana, Amid Bankruptcy

Blockchain analytics firm Nansen has recently revealed that wallets associated with bankrupt crypto exchange FTX have transferred approximately $156 million worth of digital assets, including Ethereum (ETH) and Solana (SOL), in a series of transactions over the past week. 

The movement of these funds has raised concerns and attracted the attention of industry experts and investors. Nansen’s report sheds light on the ongoing transfers and provides valuable insights into the extent of FTX’s asset movements.

Bankrupt FTX Wallets Unstake $57 Million Worth Of SOL Tokens

According to the Nansen report, funds from FTX wallets have continued to migrate to various exchanges since the previous update. The report specifies the following notable transactions:

  • 695,000 Perpetual Protocol (PERP) tokens worth $423,000
  • 767,000 Biconomy (BICO) tokens worth $182,000
  • 833,000 Kyber Network (KNC) tokens worth $616,000
  • 108 million TrueFI (TRU) tokens worth $420,000
  • 138,000 Band (BAND) tokens worth $221,000
  • 2.5 million Graph (GRT) tokens worth $273,000
  • 845 Maker (MKR) tokens worth $1.17 million
  • 7.16 million Render (RNDR) tokens worth $17.8 million
  • 10.5 million USD Coin (USDC)
  • 23,000 Polygon (MATIC) tokens worth $15,000
  • 9.5 million Ren (REN) tokens worth $500,000
  • 1.1 million ETH tokens worth $2 million

Additionally, the report highlights that an additional 1.6 million SOL tokens worth $57.6 million have initiated the unstaking process. While these funds have not yet left the associated wallet, their potential movement would bring the total SOL tokens moved by FTX to just under $90 million. 

Moreover, considering the unstaking of SOL and the new assets transferred by FTX to Coinbase and Binance, the total value of funds moved by FTX now stands at $156 million.

Major Transfers Of LINK, AAVE, And MKR Unveiled

Nansen’s previous investigation revealed significant transfers from wallets linked to FTX and Alameda Research, FTX’s trading arm.

These funds were initially withdrawn from FTX and Alameda wallets before being sent to intermediary wallets and eventually deposited into Binance and Coinbase. The report discloses the following noteworthy movements:

  • 2.2 million USD worth of Chainlink (LINK) tokens
  • 1 million USD worth of Aave (AAVE) tokens
  • 2 million USD worth of MKR tokens
  • 3.4 million USD worth of ETH tokens

In addition to these transfers, Nansen discovered that 943,000 SOL tokens, equivalent to approximately $32 million, were moved from the FTX Cold Storage wallet.

Overall, the recent findings by Nansen regarding the movement of funds from wallets associated with the bankrupt crypto exchange FTX have sparked concerns within the cryptocurrency community. 

The report highlights substantial transfers of various digital assets, including ETH and SOL, and provides insight into the scale of FTX’s asset movements. 

FTX

As of the current market conditions, FTX’s native token, FTT, is trading at $1.23. Despite a false breakout on October 23, where the token briefly surpassed $1,360, it has since declined consistently. 

However, over the past 30 days, FTT has maintained a profit margin of 3.7%, signifying relative stability within this time frame.

Featured image from Shutterstock, chart from TradingView.com 

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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

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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 

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Polygon (MATIC) Price Shows Vigor, Are Bulls Up To Something?

May is looking up for Polygon (MATIC) price as it is seen to be in the green zone for two consecutive days. Polygon bulls have picked up steam and momentum in the new month after bears held the prices down since mid-February.

Despite Polygon’s countless innovative partnerships and bullish news events, its native token remained bearish for most of the 2023 first quarter. And BTC’s impressive price movements in April were still not enough to awaken Polygon bulls, as bears remained adamant and unmoved. However, Polygon (MATIC) bulls remain resilient in their new show of strength in May.

MATIC Price Gets Relief From Bulls

Polygon (MATIC) bulls have shown resilience and pushed back prices after a major retracement that shook most cryptocurrencies due to a change in market sentiments of investors on the first day of May.

The cryptocurrency markets, which experienced a major rally in BTC price and some altcoins in April, were met with bearish sentiments as the “Sell in May” narrative trooped in.

Related Reading: This Meme Coin Created By GPT-4 Is Now Worth $40 Million, Here’s Why

Polygon (MATIC), which closed April bearish at $0.97, was seen to decline further as it traded at a price low of $0.94 on the first day.

However, yesterday’s trading session witnessed Polygon (MATIC) recovering as bulls stepped in and pushed back prices.

According to Coinmarketcap data, Polygon (MATIC) is seen to continue from its previous day’s price recovery in today’s trading session. When writing, Polygon bulls are up 3% at a trading price of $0.98.

The trading volume of the layer 2 blockchain token has also seen a near 14% increase in the last 24 hours, which may indicate buying activity from Polygon investors.

MATIC’s price is currently seen to trade below the 200-day Exponential Moving Average, with bulls moving to test that area acting as immediate resistance.

A break above the 200-day Exponential Moving Average (EMA), currently trending at $1.052, may see Polygon bulls pushing the price to the next available resistance.

MATIC

Polygon Onchain Analysis

A close look into Polygon’s on-chain activity and metrics gives insights into the reasons behind its native token’s recent bullish price movements. Onchain data reports from CryptoQuant reveal that the MATIC exchange reserve in the last 24 hours is on a negative 0.46%.

Related Reading: Prominent Analysts Vouch For Crypto As The Banking Stocks Nosedive

A low or negative exchange reserve indicates reduced selling pressure of a digital asset, while a positive indicates increased selling pressure of an asset from holders and traders.

Polygon’s exchange netflow today is low when compared to its 7-day average, which is also an indicator of the low selling pressure of MATIC on exchanges.

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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.

Polygon’s MATIC Price Rallies Above $1

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.

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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.

Polygon’s MATIC Price

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.

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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.

Polygon’s MATIC Price Chart

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.

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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.

Polygon’s MATIC Price

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.

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Polygon (MATIC) Looks Good Above $0.75 Despite Market Turmoil; Here Is Why?

  •  MATIC’s price loses its $1 support as the price trades to a region of $0.8. 
  •  MATIC’s price continues to look bearish with the market’s current state, as things look uncertain for most traders and investors. 
  • MATIC’s price remains weak across all timeframes as the price trades slightly below the 50 and 200 Exponential Moving Averages (EMA).

In the last two days, the crypto market has been erratic with the price of many altcoins, including Polygon (MATIC), battling for survival. Previous weeks saw the price of Polygon (MATIC) outperform Bitcoin (BTC). Most altcoins trend higher as many produced gains of over 200%, including Polygon (MATIC) rallying from a region of $1.3, with many hoping the price of MATIC would pull off a good price action to a region of $1.5. Still, these expectations were cut short by the uncertainty surrounding the crypto market. (Data from Binance)

Polygon (MATIC) Price Analysis On The Weekly Chart

The previous week saw many altcoins produced over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope is returning to the crypto space.

The new week has yet to look like the previous as the week has looked choked with FUD (Fear of uncertainty and doubt), leading to many altcoins being affected negatively in price as major coins have been struggling to stay afloat from what looks like a crypto purge.

Still, the price of MATIC has continued to look strong after breaking below its weekly high of $1, which has served as support after flipping the price, acting as a supply zone initially. The support formed at $0.75 has proven to be key to holding off the price from sell-offs. The price of MATIC breaking below the support at $0.75 is not good for the market as this would weaken this region for bears to push the price lower. 

Weekly resistance for the price of MATIC – $1.

Weekly support for the price of MATIC – $0.75.

Price Analysis Of MATIC On The Daily (1D) Chart

Daily MATIC Price Chart | Source: MATICUSDT On Tradingview.com

The price of MATIC remains considerably strong in the daily timeframe as the price trades above $0.75 support, holding off the price from trending lower after retesting this region on previous times, bouncing off to begin a rally to a region of $1. 

MATIC’s price closed above $0.8 daily, indicating there are more chances of MATIC trending upwards to a region of $1 as the market continues to recover in the coming days. 

If the price of MATIC holds above $0.75 support on the daily timeframe, we could see the price recover in no time, but if the price closes below this region, it would be tough to rally higher.

Daily resistance for the MATIC price – $1.

Daily support for the MATIC price – $0.75-$0.66.

Featured Image From zipmex, Charts From Tradingview