The post MATIC Price Surges As POL Token Hypes! Polygon Poised For More Gains? appeared first on Coinpedia Fintech News Despite the market leader, Bitcoin price, trading sideways for over a week, the altcoins have recorded massive price action recently. Polygon’s MATIC price has ...
The post MATIC Price Surges As POL Token Hypes! Polygon Poised For More Gains? appeared first on Coinpedia Fintech News
Despite the market leader, Bitcoin price, trading sideways for over a week, the altcoins have recorded massive price action recently. Polygon’s MATIC price has recorded a jump of over 5% within the past day and a significant 23% rise in its value within the past week.
The Polygon ecosystem has gained significant attention following its news of releasing a new sister token named “POL.” This next-generation hyperproductive token is predicted to power the vast ecosystem of Layer-2 blockchain via re-staking protocol.
The MATIC price was seen trading below its key resistance of $0.550 for a brief period, following which the price gained momentum and broke out of the upper level. The price continued to gain momentum but was rejected at $0.6550.
After that, the price traded in a consolidated range between $0.6095 and $0.6550 for a week. The Polygon MATIC token regained momentum and successfully broke out of the level. The price experienced a minor correction at $0.7408, resulting in the coin retesting its $0.70 mark.
Following this, the price started trading under the bullish influence and broke out of its upper level and is expected to test the $0.80 level in the coming time.
The 50-day EMA acts as a dynamic support to the MATIC price, indicating a high possibility of bullish price action in the coming time.
The MACD has displayed a positive price action since the month started, as the indicator shows a constant green histogram, indicating an ongoing massive price action. Further, the averages display a rising pattern, suggesting the price will continue gaining value in the coming days.
Will MATIC Price Hit $0.8 Soon?
If the bulls push the price above the $0.78 mark, the price will continue to gain momentum and make a run to test its resistance level of $0.78 soon. Maintaining the price at that level will set the stage for the market to attempt Polygon’s upper resistance level of $0.800 in the coming days.
If the Polygon’s “POL” token gains massive attention in the coming days, the MATIC price will experience a strong bullish influence and make a run to test the $1 mark before the year-end.
Conversely, if the crypto bears overpowered the bulls, the MATIC price fails to hold its price above $0.7408. It will lose momentum and fall to test its lower support level of $0.700 soon.
Moreover, if the bears dominate the market, Polygon crypto will continue to bleed and test its crucial support level at $0.6550 this month.