Polygon (MATIC) Price Analysis
Despite Bitcoin’s sideways movement in the market for over a week, altcoins have shown significant price action. Polygon’s MATIC price surged by over 5% within the past day and experienced a notable 23% increase in its value within the past week.
Polygon’s New Token: “POL”
The Polygon ecosystem gained substantial attention with the announcement of its new sister token, “POL.” This innovative token is anticipated to power the vast Layer-2 blockchain ecosystem through a re-staking protocol.
Price Movement and Analysis
The MATIC price briefly traded below its key resistance of $0.550 before gaining momentum and breaking out of the upper level. After consolidating between $0.6095 and $0.6550 for a week, the price experienced a minor correction at $0.7408, retesting its $0.70 mark.
Under bullish influence, the price broke out of its upper level and is poised to test the $0.80 mark in the near future. The 50-day EMA serves as a dynamic support, indicating a potential bullish trend.
The MACD has displayed positive price action, with a constant green histogram and rising averages, suggesting continued price appreciation in the coming days.
If the bulls push the price above $0.78, it may test its resistance level of $0.78, paving the way for a potential move to Polygon’s upper resistance level at $0.800 in the coming days. With significant attention on Polygon’s “POL” token, there’s a strong possibility of the MATIC price reaching the $1 mark before the year-end.
On the contrary, if bears dominate the market and the price falls below $0.7408, the momentum could weaken, leading to a test of the lower support level at $0.700. Further bearish pressure could cause Polygon crypto to test its crucial support at $0.6550 this month.