|All Time High:|
|Market Cap: |
|The price of #MATIC today is $1.25 USD.|
The lowest MATIC price for this period was $0, the highest was $1.25, and the current live price for one MATIC coin is $1.25283.
The all-time high MATIC coin price was $2.92.
Use our custom price calculator to see the hypothetical price of MATIC with market cap of ETH or other crypto coins.
|The code for Polygon is #MATIC. |
Polygon is 3.8 years old.
|The current market capitalization for Polygon is $11,282,296,391.|
Polygon is ranked #10 out of all coins, by market cap (and other factors).
|There is a very large volume of trading today on #MATIC.|
Today's 24-hour trading volume across all exchanges for Polygon is $369,727,798.
|The circulating supply of MATIC is 9,005,469,070 coins, which is 90% of the maximum coin supply.|
How Zero Knowledge Proofs, Aggregation Layers, and Light Nodes Can Improve Web3 Experience and…
How Zero Knowledge Proofs, Aggregation Layers, and Light Nodes Can Improve Web3 Experience and Structure? - — A Deep Dive Into Web3 Infrastructural Needs For A Decentralized, Censorship-Resistant, Secure, and Private Future. — In the great crypto circus, liquidations and Chapter 11 filings have become so common that people consider them almost synonymous with cryptocurrencies. But is that really the case? All of the multi-billion dollar hedge funds, firms, market makers, and trading exchanges that went bankrupt had one thing in common — opacity in their balance sheets enabled by an opaque ‘centralized’ system rather than a system of transparent ‘decentralized’ ledgers. To create truly decentralized, accessible, self-custodial, and censorship-resistant systems that can withstand attacks and fraud, we need more than a system of conventional settlement layers. This research explores the intricacies of Web3 infrastructure or middleware to identify existing challenges and future opportunities. We shed light on the utility of aggregation layers; various types of nodes; and Zero Knowledge Proofs (ZKPs) to further the mission of decentralization across the crypto ecosystem. This research is carried out and authored by 0xlol, and edited by ThePsychGuy. They can be reached on Twitter at 0xlol and ThePsychGuy respectively. — tldr; - A robust and resilient Web3 Infrastructure is necessary to sustain decen...
Best Practices for Building Decentralized Option Vaults
Some Suggestions on Building the Crypto Structured Products in Best Possible Way! Decentralized Options Vaults (DOVs) are structured products offered on-chain, closely related to TradFi counterparts that combine several financial instruments to create a whole new payoff curve. The core function of DOVs is to use investors’ capital and employ options trading strategies in a completely automated and decentralized manner. These strategies may include covered calls, protective puts, or straddles. Before DOVs, option strategies were only available to accredited investors through over-the-counter (OTC) trading or by self-execution on option exchanges like Deribit or FTX. DOVs allow their investors to earn true return on investment (ROI), not just passive income from liquidity provision. The capital is being actively invested in trading strategies, and is independent of the amount of trading being conducted i.e. there is no token “yield” in the traditional DeFi sense. From scratch, DOVs have grown exponentially to become the dominant part of the ~$1 Billion DeFi option TVL, with notionals trading in billions of dollars every month.Picture Source: Ledger Prime Over the past several months, DeFi ecosystems across different blockchains have witnessed a massive surge in new projects focused on structured product vaults with the objective of offering users sustainable yield. Given the infancy of these popular products, we aim to...
What’s Up With DeFi Before Merge?
A Compilation of all the Important Findings from Different DeFi Forums. — The Ethereum Merge is a cryptocurrency event that will significantly change the way Ethereum operates. With this hard fork, Ethereum will operate on a new consensus mechanism “Proof of Stake (PoS)” from the originial “Proof of Work (PoW)”. It will also have an impact on the narratives surrounding ETH. The debate on ETH’s eco-friendliness shall take a new turn making it more ESG compliant, along with its utility as a long term debt (if you consider it as a bond). In this article, we shall cover the important proceedings taking place at various decentralized finance (DeFi) governance forums. We will not go into the intricacies of the merge as there has already been a considerable amount of debate and writing on the topic. This article is based on findings by our DeFi researchers Akhil Vajjhala and Jack, and has been edited for relevancy and readability by 0xlol. — Some Useful Resources to Learn about the Intricacies of ETH Merge: - On the Merge. Quick Takes | by Amber Group What to Expect from Ethereum’s Merge Upgrade | Galaxy — Engineering a new economic paradigm. A Step-By-Step Overview of Ethereum’s Merge Upgrade and Associated Risks | Galaxy ETHEREUM MERGE — The Most Anticipated Event In Crypto Explained — Lido - Lido offers liquid staking for ETH holders who wish to earn yield on staked ETH2.0, but do n...
Decentralized Social Media: The Future of Connections or an Unnecessary Niche?
People increasingly rely on social media for news, publication, and entertainment. However, centralized players such as Facebook, Tiktok, and Twitter have come under fire for exploiting users’ data and biased moderation. Web3 solutions have entered the space and competing decentralized social media platforms are now vying to solve this 21st-century problem. With scalability and mass adoption obstacles, questions surround the possibility of a great transition to decentralized social media. — Where are we now? - Today, there are roughly 3.8 billion social media users, and with the proliferation of cheaper mobile devices worldwide, the number of users expands yearly.Source: Statista While a part of everyday life, social media in its current form is almost as addictive and toxic as it is beneficial. Existing networks face criticism about biased moderation, exploiting user data, addictive algorithms, and siloed ecosystems. Truly ‘fixing’ social media requires a complete paradigm shift, and decentralized social media solutions are the closest we’ve come to a truly democratized social sphere. — Reimagining Social Media from the Ground Up - While web2 companies focus on social media as a single product, web3 expands the idea of social networks into multiple layers. The base layer is a social graph: it maps profiles, followers, and their connections. Next is the app layer, where users can consume content and in...
Black Scholes Merton Model to Price DeFi Options (Part -2): Analyzing the Pricing ‘Systems’
A Systems Review of Adjustments Made to Black Scholes Merton Model by Various DeFi Protocols. — In part -1 of this research series, we tried to analyze the various problems associated with the Black Scholes Merton Model’s (BSMM) assumptions as well as certain associated fractals. Now we will analyze how such problems are being solved in practical environments. It must be noted that it’s not appropriate to study a ‘mathematical model/equation operating in an engine’ as an ‘isolated entity’. This equation/model gets impacted, as well as impacts other parts of the system, and hence a ‘systems overview’ is required to get a comprehensive evaluation. Through this article, we 0xlol and Akhil Vajjhala try to investigate the adjustments made to standard BSMM by DeFi Protocols to increase its accuracy in pricing option positions on the blockchain. You can connect with us on twitter at 0xlol and Akhil.Summarizing Part — 1Read part -1 here BSMM is based on the concept of dynamic replication of a portfolio such that the price of a derivative should be equivalent to the cost of replicating this portfolio. The model theoretically estimates the price of European-style options on a stock/asset that doesn’t pay any dividends (during the lifetime of that option). It takes into account certain assumptions which makes it ‘kind of’ unfit to price on-chain options. The model assumes that this portfolio can finan...
Black Scholes Merton Model to Price DeFi Options (Part 1): A Tale of The King with Torn Clothes
A Deep-Investigation into Suitability of Black Scholes Merton Model with DeFi Options. — So, let’s suppose, you are an aspiring options buildoor. You are excited about your hand-crafted option contracts trading on the blockchain one day. But you don’t know how to price your DeFi options. What do you do? You go ahead and look for some popular pricing mechanisms. One fine day, under an apple tree, in a garden full of butterflies and velvet flowers, you come across the Black Scholes Merton Model, which immediately sends you in a state of epiphany. You are excited about using a valuation model for on-chain price discovery! Epiphany fades, and the realization hits. Realization of it not being perfect for DeFi, and the blockchain infrastructure. Realization that the model’s assumptions are not in line with the blockchain’s intricacies. What adjustments do you gotta make now? Through this article, we 0xlol and Akhil Vajjhala try to investigate the appropriateness of the Black Scholes Merton model (crafted for ancient traditional financial markets) in the context of decentralized finance (built on advanced blockchain technology). You can connect with us on twitter at 0xlol and Akhil.Before getting started, if you would like a quick review of on-chain or DeFi Options ecosystem, you can read our research article here.Black-Scholes-Merton ModelIf you are aware of Black Scholes’ intricacies, then you can skip this secti...
The Benevolent Dictator
A case study into the revival of ve(3,3). — Power corrupts; absolute power corrupts absolutely. This adage holds true in politics, but what about in a decentralized, trustless financial system? Can dominating powers use their influence for good, or are they destined to fall from grace like so many past leaders? This research article by Jack McCarthy attempts to see if smart contracts and DAOs can be the secret weapon needed to fight against corrupted despots. The one exception to the absolute power sterotype is that of a “Benevolent Dictator.” Throughout history these leaders have wielded absolute political power, yet ruled for the benefit of the population as a whole. These rulers, while autocratic, tend to produce economic and cultural prosperity. Take for example, Lee Kuan Yew, who along with the People’s Action Party ruled over Singapore from 1959 until 1990. Following the Island’s independence in 1965, under Yew the country rapidly grew from an agrarian society into one of the 4 Asian Tigers and now has the second highest GDP per capita in the world.The Country So what country does the benevolent dictator rule in this story? Dystopia Swap. A ve(3,3) decentralized exchange (dex) that improves upon all of Solidly’s downfalls. Different from other ve-dexes like Curve, Dystopia offers swaps for both stable and volatile token pairs. Meaning in one place, you can provide FRAX-WETH in a Uniswap v2 style AMM and...
The Crypto Loan Economy
A deep-dive into the Undercollateralized Crypto-Lending Ecosystem. — Overcollateralized lending is a popular form of loan in crypto. It is a great option for individuals who need exposure to new assets without selling their current position. Here, a question arises: in a world plagued by income disparity, how does overcollateralization fulfill the very purpose of taking a loan? Besides the issue of issue of capital efficiency, overcollateralization prevents one from accessing cheap capital to achieve their financial goals. Meanwhile in a trustless financial system, undercollateralization is only going to make your liquidity providers poor. So what’s the solution? This research article is a collaborative effort of Jack and 0xlol for Polygon, who can be reached on twitter at Jack and 0xlol. Humans have been involved in the lending-borrowing dynamic from time immemorial. Earliest examples can be traced back to 2000 BCE Mesopotamia, where farmers borrowed seeds and animals to generate agricultural yield. Such social dynamics introduced the complexity of trust and risk, but opened up the horizon for a quantum leap in economic growth. Those with wealth found a new mechanism for earning yield on their assets and those who lacked wealth gained the ability to borrow it and produce their own wealth. Simple, but nothing short of genius! Leverage is the cornerstone of entrepreneurship and creation, allowing individuals to take o...
DeFi vs. Goliath
Can Decentralized Finance Survive the Inevitable Battle with Central Bank Digital Currencies?. — As central banks sound the alarm against decentralized finance (DeFi) and its currency (stablecoins), a new David vs. Goliath battle is catching fire. While the former has the advantage of regulation, institutions, and government oversight, the latter has decentralization and a community built against the overreach of government. As central bank digital currencies (CBDCs) take economies by storm, can the DeFi survive? This article has been written in collaboration with Tommy La for Polygon, you can connect with us on twitter at Tommy La and 0xlol.This article was originally published at https://medium.com by @0xlol on April 14, 2022. In the Biblical story, champion fighter Goliath decimated the armies of Israel. His strength was unmatched, leaving only death in his wake. As he destroyed David’s homeland, David took the mantle to challenge him. Armed with the inferior weapons of a simple shepherd — a slingshot — but empowered by unique combat strategies, David killed the “invincible” Goliath. Often, David’s Biblical victory over Goliath is seen as an exception, an abnormality in a world where Goliaths always seem to win. In a society where the “little guy” always seems to lose, the tale of a shepherd whose five smooth stones topple a giant seems increasingly out of reach. Today, a new ‘David vs. Go...
A Game of Premiums Through A Myriad of Complexities! — A Deep-Dive into On-Chain Option Protocols
A Game of Premiums Through A Myriad of Complexities! — A Deep-Dive into On-Chain Option Protocols — Are Decentralized Derivative Markets the New Meta?. — On-chain derivatives are a tough nut to build. From pricing mechanisms to assimilation of collateral in the engine — everything has to be done in a sophisticated manner to ensure liquidity in the system. The work doesn’t end at maintaining liquidity, you have to keep it from getting fragmented. Market sentiments go south, and that fragmented liquidity blows your system out of proportion into an absolute chaos! So what do you do as a protocol? You go ahead and lock it for the time being. But what about your liquidity providers? As an LP or an options writer, your time is running, and your capital keeps accruing an opportunity cost. There’s nowhere to go, your precious collateral is at the risk of those positions being exercised at in-the-money! But wait, this sounds confusing right? So how does one figure out a way through rabbit-hole of on-chain options? Before we move forward, you can connect with me on twitter at 👉 0xlolEntering the Rabbit Hole… To dig into this hole deeper, we have to first make an effort to understand what actually are ‘options’, and are they really worth our time? Option contracts are one of many types of derivatives. So, what’s a derivative? Derivatives are financial instruments, which in the form of contracts d...
More Polygon (#MATIC) News
|Crypto Price Analysis Feb-3: ETH, XRP, ADA, MATIC, and FTM
This week, we take a closer look at Ethereum, Ripple, Cardano, Polygon, and Fantom.
Ethereum, the second-largest cryptocurrency, continued to consolidate this week. The price only registered a 2.9% increase. This is because ETH is stuck in a channel between $1,670 and $1,550.
All attempts to break these levels were rejected in the past two weeks. While some altcoins were booking double digits gains (see Fantom below), Ethereum appears to be on a pause. This could also be because money is rotating between different altcoins.
Looking ahead, ETH will eventually break away from this range, and that will set the tone for where the price will go next. The current bias is neutral, and the indicators also give mixed signals.
Chart by TradingView
Ripple has lost its bullish momentum and could not push higher in the past week. For this reason, the price is at a similar point as seven days ago. Nevertheless, XRP bulls defended the support at 40 cents and could attempt another rally later.
The resistance is at 44 cents, and with the weekend approaching (characterized by lower volume), it is unlikely that this level will be tested. At best, XRP could continue to consolidate above the key support.
Looking ahead, it's more likely for the cryptocurrency to continue moving sideways. If the overall market remains bullish, then we could eventually see XRP attempt another rally toward 44 cents.
Chart by TradingView
Cardano managed to s...
|MATIC May Take The Crypto Market By Surprise, Here's Why
MATIC made a 180-degree turn at the beginning of the year, following Bitcoin's lead. The token, used to govern and secure the Polygon Network, had consolidated since mid-July, with some erratic price action recorded in November.
At the time of writing, Polygon's token has maintained its momentum since January with a gain of 42.6%, breaking the range formed in 2022. Can MATIC holders continue the streak and aim for further gains?
February, A Month Of Love Or Disappointment For MATIC? MATIC's funding rates remain neutral, with long positions paying short positions on most exchanges, except OKX and CoinEx. According to on-chain analytics firm Jarvis Labs, negative rates and aexceptikely present as a buying on-chainity for investors.
In addition to the above, the number of active addresses fluctuates according to MATIC's price. Whenever the price action dips, the number of addresses follows. However, according to historical data from Jarvis Labs, the number of addresses holding the token has increased since January.
Similarly, as investor confidence in Polygon's native token has grown, price volatility has increased over the past month, pushing the price to new highs since November. Jarvis Labs' analysis suggests that when the 30-day price volatility increases on MATIC, the price tends to trend to the downside. Both price and volatility metrics are currently up on the 30d timeframe, which could suggest the token will retrace some of its gains.
In addition, the MATIC/USDT trad...
|Polygon (MATIC) Could Rally To $1.30 If It Breaches This Price Level
The MATIC price started to depreciate on its daily chart after it met its immediate resistance of $1.124. In the same time frame, the coin fell by almost 6%. Over the last week, however, MATIC registered sharp gains as it appreciated by nearly 13%.
The MATIC price currently stands at a critical point, as a break above the immediate resistance mark will help the altcoin to propel its price considerably. The technical outlook of the altcoin continues to side with the bulls despite the recent fall in price.
This also means that bullish momentum hasn't died down yet. The buying strength has remained strong over the last week, but the coin has seen a slight buyer downtick on the daily chart. Accumulation, on the other hand, has remained positive.
MATIC must secure its local support at the $1.112 level for the coin to continue moving up. By the indicators, buyers could step in as MATIC is headed for another bull run before the price retries again. The altcoin is trading 60% below its all-time high, secured in 2021.
MATIC Price Analysis: One-Day Chart
Polygon (MATIC) was trading at $1.116 at the time of writing. Over the last week, the coin has breached several critical resistance levels. It is now stuck under its immediate resistance of $1.122; moving above that level will help MATIC to rally by almost 15%.
The nearest support for the coin was $1.109, but MATIC has to immediately topple the $1.122 mark to secure $1.120 as its support level.
A fall from the $1.109 price will drag ...
|Biggest Movers: MATIC Retreats From 12-Week High on Monday
Polygon retreated from a multi-month high to start the week, as traders moved in to secure recent gains. Chainlink also moved lower, as prices were unable to break out of a key resistance level. Market sentiment in cryptocurrencies shifted today, with the global market cap trading 2.11% lower as of writing.
Polygon (MATIC) was one of Monday’s most notable movers, with prices retreating from recent gains.
MATIC/USD slipped to an intraday bottom of $1.11 to start the week, less than 24 hours after rising to a high at $1.19 on Sunday.
Sunday’s move pushed polygon to its strongest point since November 8, as prices neared a ceiling of $1.20.
Looking at the chart, the decline in MATIC commenced following a failed breakout of a ceiling on the relative strength index (RSI).
As of writing, the index is tracking at 62.98, after failing to move beyond a resistance level of 73.00
Price strength now seems to be looking for a floor, with a target of 60.00 a possible destination for sellers.
Chainlink (LINK) was also lower to start the week, as the token was unable to move beyond a key price ceiling over the weekend.
Following a high of $7.45 on Sunday, LINK/USD declined to a low of $6.98 earlier in the day.
Like with polygon, today’s decline in chainlink came after a failed breakout of the resistance level at $7.50.
As of writing, LINK is back above $7.00, as earlier declines have somewhat eased. This comes as the RSI moves closer to a ...
|Polygon (MATIC) Surges Nearly 10% As zkEVM Network Update Draws Near
Amid the ubiquitous rally in the crypto market, multiple crypto assets including MATIC have climbed higher highs, thriving to reach their peak and beyond. While the catalyst behind the rally might be unclear, Polygon's (MATIC) bullish trend could be a part of its upcoming zkEVM Network update. As the launch draws near, investors have continued to increase in numbers pouring more funds into the asset.
Polygon is a layer-2 scaling solution built on top of the Ethereum blockchain to improve the network’s scalability. The soon-to-be-launched zkEVM network update is just one of the plans the developers of the Polygon network have announced to enhance the layer-2 scaling solution.
According to Polygon co-founder Sandeep Nailwal's recent tweet, the anticipated zkEVM comes soon as the mainnet launch now has an official date which is somewhere around the corner.
Polygon (MATIC) Surges Nearly 10% In 24 hours
Over the past 24 hours, MATIC has spiked in price by 8.6%, mirroring other altcoins' bullish trend as the global cryptocurrency market capitalization still holds steady above the previously amassed $1 trillion mark.
The past few weeks have seen a MATIC mark an upward rally movement, especially since the beginning of the year. MATIC has moved from the $0.75 price tag seen late last year to $1.09 at the time of writing. Meanwhile, the 1-day chart still indicates more rallies as there is still liquidity at the higher highs to be taken.
Notably, MATIC is ranke...
|Biggest Movers: MATIC Nears 3-Month High, as LINK Extends Recent Gains
Polygon rose to its highest level since early November on Friday, as markets reacted to the latest U.S. consumer sentiment data. Sentiment rose to 64.9 in January, up from a reading of 59.7 in December. Chainlink also surged in today’s session, hitting its strongest point in nearly two months.Polygon (MATIC)
Polygon (MATIC) was a big gainer on Friday, as prices rose to their highest point in 11 weeks.
Following a low of $1.07 on Thursday, MATIC/USD raced to an intraday peak of $1.15 earlier today.
As a result of this, polygon moved to its strongest point since November 11, which is the last time prices were trading at this point of resistance.
Looking at the chart, the surge took place when the 14-day relative strength index (RSI) broke out of a ceiling at 69.00.
As of writing, the index is tracking at 72.14, and appears to be en route to a ceiling at the 77.00 mark.
Should this occur, there is a strong possibility that MATIC will be trading above the $1.20 mark.
Another notable mover on Friday was chainlink (LINK), which also surged to a multi-month high.
LINK/USD jumped to a high of $7.33 earlier in the day, which comes less than a day after falling to a low of $6.93.
This rally in price pushed chainlink to its highest point since December 5, breaking it out of a price ceiling in the process.
As can be seen from the chart, LINK climbed past its resistance level of $7.25, however the RSI was unable to also achieve this feat.
Price strength is curren...
|MATIC Adds 8% Daily, Bitcoin at a Decision Point (Market Watch)
Bitcoin experienced some volatility yesterday following the US GDP announcement but remains at a key point of around $23,000 now.
Most altcoins are calmer today, with ETH, SOL, and XRP retracing slightly. MATIC and LEO, though, are well in the green.
Bitcoin at Key Point
Bitcoin's price increase since the start of the year has changed the overall sentiment in the industry, which is shown by the Fear and Greed Index. The metric went into 'greed' territory today for the first time in almost a year.
This came as the cryptocurrency increased its USD value by roughly 40% in four weeks. The culmination of the early 2023 run came earlier this week when BTC spiked to $23,800. This became its highest price tag since September last year.
However, bitcoin failed to continue upwards and retraced back down to $23,000. All eyes were on the US as the latest GDP data was about to come out. The world's largest economy beat the expectations clocking a 2.9% rise for the last quarter of 2022.
At first, BTC remained calm but slipped by $500 hours later. Nevertheless, it bounced off to $23,000 as of now, which is a highly important level for its short-term price performance.
BTCUSD. Source: TradingView
MATIC, LEO on a Roll
The altcoins have risen impressively as well since the start of the year. However, most have calmed on a daily scale now, with even some retracements such as ETH, SOL, and XRP. All of these are down by up to 2%.
Binance Coin remains above $300 after a minor daily increase. Carda...
|MATIC Price Prediction: Rallies 10%, Polygon Bulls Aim Big
MATIC price started a fresh increase from the $0.920 support zone. Polygon bulls are now aiming more gains above the $1.12 resistance zone.
MATIC price started a fresh rally above the $0.98 resistance against the US dollar. The price is trading above $0.98 and the 100 simple moving average (4-hours). There was a break above a key contracting triangle with resistance near $1.02 on the 4-hours chart of the MATIC/USD pair (data source from Kraken). The pair could continue to rise towards the $1.18 and $1.20 resistance levels. Polygon’s MATIC Price Rallies Above $1
This week, polygon’s price formed a strong base above the $0.900 zone. MATIC remained stable and started a fresh increase above the $0.95 resistance zone.
There was a strong move above the $1.0 level and the 100 simple moving average (4-hours). Besides, there was a break above a key contracting triangle with resistance near $1.02 on the 4-hours chart of the MATIC/USD pair.
The price traded to a new yearly high at $1.1298 and is currently consolidating gains. It is trading above $0.98 and the 100 simple moving average (4-hours). It is also trading near the 23.6% Fib retracement level of the upward move from the $0.942 swing low to $1.129 high.
It is up over 10% in a day, outperforming bitcoin and ethereum. On the upside, an immediate resistance is near the $1.12 level. The first major resistance is forming near the $1.15 zone.
Source: MATICUSD on TradingView.com
If there is an upside break above the ...
|Biggest Movers: AVAX Hits Multi-Month Peak, as MATIC Jumps to 1-Week Hig...
Avalanche moved to a multi-month high on Jan. 24, after reports that the number of bitcoin on its network rose to 5,493. The news saw the token surge by nearly 5% today, rising for a third straight session in the process. Polygon also moved higher on Tuesday, hitting a one-week high.Avalanche (AVAX)
Avalanche (AVAX) rose to a multi-month high on Tuesday, as prices rallied for a third consecutive session against a backdrop of bullish news.
Following a low of $17.43 to start the week, AVAX/USD moved to an intraday peak of $18.86 earlier today.
As a result of today’s surge in price, AVAX has risen to its strongest point since Nov. 6.
Looking at the chart, the move took place following a breakout of a ceiling at the $18.50 mark.
In addition to this, the 14-day relative strength index (RSI) neared a resistance level of its own at 72.00
At the time of writing, the index is tracking at 71.11, with earlier gains fading, resulting in AVAX currently trading at $18.22.
In addition to AVAX, polygon (MATIC) climbed higher in today’s session, following a collision with a key price floor.
MATIC/USD raced to a peak of $1.04 earlier in the day, less than a day after hitting a low of $0.9849
The move saw polygon reach its highest level since last week Monday, when price was last close to a resistance of $1.05.
However, like on that occasion, prices have since plunged, with momentum not strong enough to force a breakout.
As of writing, MATIC/USD is now trading at ...
|Primex Finance Introduces Beta 0.3.0 App With Deployments to Polygon Mum...
[PRESS RELEASE - Kyiv, Ukraine, 18th January 2023]
Cross-chain prime brokerage protocol Primex Finance rolls out a major update to its application. Launching in two stages, Beta 0.3.0 introduces a variety of new features, as well as improvements and fixes of existing functionalities.
Starting on January 12th, 2023, Phase 1 was exclusively available for Primex Early Users, who could be the first to have a hands-on experience with Beta 0.3.0. From now on, Early Users will get privileged access to all major protocol updates in the future (beginning from Beta 0.3.0). In addition to the chance to test new releases before other community members, participants of the program also enjoy further benefits, such as direct communication with the Primex team and fellow Early Users via Discord, as well as the ability to participate in private challenges and earn exclusive prizes.
On January 18th, 2023, the Primex team will open access for the public to Beta 0.3.0, allowing anyone to launch the application and test the new release without restrictions.
Beta 0.3.0 introduces four new core features. As the first and the most important, Primex now deploys to two new blockchains: the Polygon Mumbai and Polygon zkEVM testnets. Consequently, users can now test Primex by trading and lending digital assets on DEXs across four different blockchains (Ethereum Goerli, zkSync 2.0 testnet, Polygon Mumbai, and Polygon zkEVM testnet). With the new multi-chain functionality, traders and lenders can now swa...
|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 $...
|Polygon Announces Upcoming Hard Fork to Address Gas Spikes and Chain Reo...
The Ethereum scaling blockchain, Polygon, has revealed plans to initiate a hard fork on Jan. 17, 2023. According to the team, the network upgrade will 'reduce the severity of gas spikes' and 'address chain reorganizations (reorgs) in an effort to reduce time to finality.'Polygon Team Outlines Network Upgrades to Improve User Experience
On Jan. 12, 2023, the Polygon team told the community to 'get ready for the hard fork' as developers have plans to upgrade the chain on Jan. 17, 2023. 'The proposed hard fork for the Polygon PoS chain will make key upgrades to the network on Jan. 17,' the team tweeted. 'This is good news for developers and users and will make for better user experience (UX). You will not need to do anything differently,' the developers insisted. Polygon (MATIC) developers have been discussing the upgrade since Dec. 2022.
The V0.3.1 Hard Fork aims to reduce gas spikes and address blockchain reorganizations (reorgs). A reorg is an occurrence in which a new chain's branch emerges and supersedes the previously accepted blockchain branch. Reorganizations can cause previously confirmed transactions to be invalidated and replaced with new ones. In order to alleviate the reorg problem, Polygon plans to decrease the network's sprint length from 64 to 16 blocks. 'Doing so will decrease the depth of reorgs,” Polygon developers declare.
In order to reduce gas spikes, Polygon aims to change the 'basefeechangedenominator' from the current value of 8 to 16. 'This will ...
|MATIC Whale Pushes Coin Value With Massive Moves
The few months toward the end of 2022 brought devastating events in the crypto industry. With the collapse of the FTX crypto exchange, chaos erupted in the crypto markets. Prices of almost all the crypto assets took a hit. Also, the negative contagion effect sprung up within the crypto space as the number of investors who lost funds on the platform kept increasing.
However, the beginning of this new year shows signs of a positive dawn for most crypto assets. The crypto market has started seeing some green performance. For instance, MATIC has shown impressive performance by soaring on the chart.
Increased Trading Volume For MATIC
Recently, crypto whales are showing more interest in MATIC due to upward price movements in the coin this year. The 24-hour trading volume for MATIC sits at over $376 million, showing a surge of 174.80% and implying increased interest in the token.
An anonymous whale was reported to have transferred MATIC tokens worth approximately $8 million. The transfer was done on the Binance crypto exchange as a single transaction.
Lookonchain, an on-chain data provider, reported the whale’s transfer on its Twitter page. According to the data provider, the whale has been gathering Polygon tokens from different exchanges and through staking. The whale’s address has gotten up to 153 million MATIC tokens at an average price of $1.16
Also, on January 5, Lookonchain reported a huge MATIC transaction from another crypto whale SmartMoney. The whale is known...
|Mastercard Taps Polygon to Empower Emerging Artists in Web3 Tech
Mastercard, the payments giant, has partnered with Polygon, an Ethereum scaling platform, to introduce emerging artists into Web3 technology. Mastercard's artist accelerator, as the program is called, will teach five different emerging artists, including singers, musicians, DJs, and producers, to use blockchain tools to grow their brand and fan engagement.
Mastercard Partners With Polygon to Teach Web3
Traditional finance companies are now seeking to harness the power of blockchain for a myriad of activities in different fields. Mastercard, one of the biggest payments companies, has partnered with Polygon, an Ethereum scaling platform, to introduce five different emerging artists to the possibilities that Web3 tech can bring to their activities.
The Mastercard artist accelerator program will use the Polygon network to teach the selected artists how to perform a series of activities that will allow them to cut the middleman, mint their own NFT (non-fungible tokens) collections to grow their online fan engagement, and be present in metaverse-based concerts, among others.
Autonomy and freedom seem to be one of the biggest goals of the program, and the two companies shave prepared a so-called 'first-of-its-kind-curriculum' for this task. About this, Ryan Watts, CEO of Polygon Studios, stated:
Web3 has the potential to empower a new type of artist that can grow a fanbase, make a living, and introduce novel mediums for self-expression and connection on their own terms.
|MATIC Advances 6.5% In Last 7 Days – Can It Sustain Gains For Anot...
The year 2022 saw the value of Polygon’s native token MATIC drop by 64%. But the network started this year on a positive note, with the price shooting up 8% according to the charts. However, can MATIC maintain this momentum?
On-Chain Developments To Play A Big Role For MATIC
The Layer 2 ecosystem has been seeing on-chain developments grow. Just before the turn of the new year, Polygon’s first prediction market Bhavish Finance made several records that brought Polygon in the spotlight. Uniswap, a decentralized exchange in the ecosystem, ended 2022 with a $28 billion annual volume.
The DEX surprisingly accomplished that with a sub-$100 million TVL, but as of writing Uniswap’s TVL on Polygon is at $111.21 million, according to the DEX’s public dashboard.
These bullish developments, however, are preceded by big news on Polygon’s NFT arm. DeGods and y00ts, two of the biggest names on Solana, will bridge their collections on Polygon and Ethereum on Q1 of 2023.
This would inevitably bring interest on Polygon’s NFT market, pushing the price of MATIC upwards. However, with the nearing timeline of the ‘Shanghai’ network upgrade of Ethereum, Polygon’s main offering, which are low gas fees due to a better roll-up protocol, will be challenged.
With this in mind, it remains to be seen what developments on-chain would differentiate Polygon with Ethereum’s upgrade and other L2 protocols.
|MATIC Holders Suffer Massive Losses, Here's How Many Wallets Are In The ...
MATIC’s price looks to be holding up quite well in the market given current circumstances, but given how much the crypto’s price has fallen from its 2021 all-time high price, the vast majority of its holders are still nursing losses from their investments.
80% Of MATIC Investors Suffer Losses
Data from the on-chain analysis platform IntoTheBlock shows that 80% of MATIC investors are seeing losses at current prices. These analyses take into account the price at which the tokens were moved into a wallet and compare that against the price of the digital asset currently to give these figures.
The summary for MATIC puts only 15% of investors currently in profit with 5% at neutral territory, meaning they purchased their tokens at the same prices as the current value of the coin. It also puts into perspective just how much investors have lost.
MATIC’s price is down more than 72% from its all-time high price of $2.91, according to data from Messari, but is doing quite well on a year-to-date basis. It is currently sitting at a 147% profit from its cycle low of $0.32 marked on June 18, 2022.
The asset is still mainly dominated by medium-term holders, meaning those who have held their coins between 1-12 months. This holder base makes up 56% of MATIC investors. Long-term holders are still significant at 38% and short-term holders who bought in the last month are sitting at 7%. This shows that despite the losses, it is a digital asset with an investor base looking to ...
|Can Polygon (MATIC) Break 2022 Sideways Momentum?
Polygon has been stuck in its current sideways movement since the later half of 2022. Since then, the ecosystem’s native token MATIC has not left its current support of $0.7550. This spot has left MATIC in a very delicate situation even as Polygon itself is setting itself apart from competitors.
Polygon Going Strong
The ecosystem has ended 2022 on a beautiful note, though. Although the year's bear market clawed through MATIC’s gains, the ecosystem is thriving with partnerships.
As of writing, the Ethereum L2 has over 20 partnerships with major brands like Nike, StarBucks, and Reddit. They mostly dealt with being the ideal NFT platform for their respective NFT collections or marketplace. Year to date, the NFT market of Polygon reached $305 million in trade value.
This isn’t the only bullish development on the platform.
Bhavish Finance, a newly built prediction market platform, has reached new highs. According to the most recent tweet of Bhavish regarding its key metrics, the market platform breached 1,100 weekly active users with over $1.287 million predictions made on the platform.
According to Bhavish’s own website, the platform is handling over $90-$100 million in predictions and gains an average of $2.5 million to $3.5 million.
Major Headwinds Expected
The ecosystem certainly is bullish, but the token is far from it. As of press time, MATIC is up by only 0.1%, showing signs of possible weakness.
MATIC has certain...
|Polygon (MATIC) Depicts Further Downtrend, This Could Be The Next Suppor...
The Polygon (MATIC) price has been on a downward spiral for the last couple of weeks. Over the last 24 hours, MATIC lost 4% of its value. The altcoin has also lost about 6% in the last week. Earlier in November, MATIC touched the $1.20 price mark and plunged significantly.
Since the coin plummeted in November, the Polygon price has noted a freefall in its value. Going by the technical outlook on the daily chart, buyers are nowhere to be found. It will be difficult for MATIC to sustain itself above its immediate support level.
The buying strength of Polygon has to increase considerably for it to remain above the local support line. Over the past month, the coin has breached several important price floors. After trading sideways for a while, MATIC lost buyers further, which made the coin fall on its chart again.
For Polygon, the most important price floor currently stands at $0.74. If MATIC loses that support line, the coin can register a significant decline of 14%. The market capitalization of MATIC also declined over the past few weeks, which depicts bearishness for the coin. Currently, the coin is trading 74% below its all-time high secured one year ago.
MATIC Price Analysis: One-Day Chart
Polygon was trading at $0.76 at the time of writing. The coin was trading extremely close to the immediate support line of $0.74; one push from the sellers and the price could take another significant bearish turn.
Overhead resistance for MATIC was $0.81; crossing this price level will h...
|Crypto Price Analysis Dec-30: ETH, XRP, ADA, MATIC and SOL
This week, we take a closer look at Ethereum, Ripple, Cardano, Polygon, and Solana
Another week has passed with little excitement for Ethereum investors as volatility was low - likely due to the Christmas holidays. However, ETH's price did fall by 2% in the past seven days. This is a negligible move in the price, which still remains in a flat trend.
This cryptocurrency remains stuck between the key support at $1,160 and the resistance at $1,240. This channel is intact for the second half of December, and it is unlikely to be broken with the New Year celebrations around the corner.
Looking ahead, the volatility is more likely to return in January 2023. So long as the support levels above $1,000 hold, Ethereum has a chance to break away and attempt to make a higher high. The alternative would see it fall to a three-digit price.
Chart by TradingView
This past week, XRP had a good attempt at breaking the key resistance at $0.36 but was swiftly rejected by the bears. For this reason, the price fell by 3.4%, and XRP is now found just above the support at $0.33.
Should buyers hold here, then it's likely that XRP moves sideways between the key levels. However, any weakness could quickly be exploited by sellers that could push the price back to $0.30, which is a critical support that must hold.
If buyers fail to stop this downtrend, then this cryptocurrency will quickly find itself in a precarious situation, particularly if it loses the support at $0.30. Th...
|MATIC Rising: Why Investors Are Upbeat On This Crypto For 2023
The year 2023 looks promising for MATIC. At least, with the way Polygon's development team are performing, the crypto looks poised for a better year ahead.
Polygon, a Layer 2 scaling solution, has recently rolled out zkEVM public testnet (second version) in preparation for the launch of the blockchain’s mainnet.
In addition, the ecosystem has also launched two NFTs.
Polygon rolls out second version of its zkEVM public testnet
Polygon launches two NFT sports collections
MATIC price seen doubling by 2023
The developments happening for Polygon (MATIC) sets the stage for the blockchain platform to eclipse performance and soar in 2023.
MATIC Can Shoot To $0.86 Level
Crypto expert and analyst Ali Martinez nods to this forecast based on a chart that shows how MATIC can skyrocket to the $0.86 level with a bullish confirmation.
According to his recent tweet, he spotted two buy signals on the chart which include nine red candles which is followed by a green number 13.
In the event that these signals are confirmed, MATIC price could shoot to $0.86 or even more.
These positive signals for the crypto are said to have been reinforced further when a Coinbase brokerage service provided support for the staking of Polygon, Ethereum, and NEAR platforms.
With the launch of the second zkEVM public testnet, the first one released sometime in October, it has now seen immense growth with over 10,509 wallet addresses and 21,968 total transactions processed on the network as of D...
|MATIC Price Enters Recovery Mode But Can It Touch $0.90?
The MATIC price has remained bearish for most of this month. Presently, MATIC is attempting to correct its price. Over the last 24 hours, the coin is up by 2%. In the past week, however, the coin has depreciated by over 8%. Although, securing daily gains has helped the altcoin reverse some of its weekly losses.
With Bitcoin consolidating at the moment, many altcoins are unable to break past their immediate resistance. The technical outlook for MATIC was bearish, but certain indicators pointed towards a potential rally in the upcoming trading sessions.
The buying strength remained low, which means that accumulation was also lower on the chart. For prices to propel above the immediate price ceiling, buyers have to surpass sellers. As the altcoin logged gains over the last 48 hours, MATIC now has a strong support region extending from $0.70 to $0.63.
As MATIC traded laterally between different price zones for weeks of this month, investors have remained worried. This caused sellers to short the asset, resulting in increased selling pressure. The altcoin currently presents an entry opportunity as the bulls are slowly making a comeback in the market. The amount of altcoin traded in the last session fell, which still points to a bearish presence.
MATIC Price Analysis: One-Day Chart
The altcoin was exchanging hands at $0.80 at the time of writing. After a period of consolidation, it has finally started to register gains. The coin's overhead price ceiling was $0.82; if that was bre...
|MATIC Seen Breaking Present Support With Sustained Momentum
MATIC has shown rapid accumulation or increase in the supply since the final days of November. More so, there was also an increased demand seen in the derivatives market which could be the outcome of positive Binance Funding Rate on the MATIC/USDT pair.
CoinMarketCap data shows that MATIC price is now up by 1.48% or trading at $0.8019 at the time of writing. With the rate it’s going, Polygon could further retest of even breach the present support level with sustained momentum.
Price still could potentially slide further towards $0.7736 or even lower
Polygon token price spikes by 1.48%
Shows rapid accumulation since November 21
The overall market sentiment for Polygon has been positive all throughout. Despite its recent hiccups in price, the development activity was observed to have spiked, which pushed the coin enter bearish turf for the most parts of December.
After its release in 2017, Polygon quickly became a popular alternative to the Ethereum blockchain due to its faster transaction times and lower transaction fees.
Meanwhile, a stop loss is seen hovering above $0.8155, which means a spike going above this range could further invalidate the bearish forecast for the crypto. This uptrend could trigger the MATIC bulls to barrel past the resistance seen at $0.8154.
MATIC is seen sliced in between the $0.8911 and $0.9492 in the first few weeks of the month. On the other hand, by December 15, the crypto sang a different tune, as the price retreated and found support...
|Polygon Founder Sandeep Nailwal Launches Web3 Acceletor Beacon
The founder of Polygon - Sandeep Nailwal - has assembled a team of founders gathered from the entire Web3 ecosystem - and has launched a startup accelerator to power the future growth of the nascent industry.
Beacon is a Web3 accelerator built by Web3 founders, including Nailwal and other well-known names in the field, such as:
Uri Stav, former CSO at DCG
Prateek Sharma, former VP at Sequoia Capital
Kenzi Wang, co-founder at Symbolic Capital
Jack Lu, Co-Founder and CEO at Magic Eden, and so forth.
The full list of the individuals who are involved in the project can be found here. The main purpose of the accelerator would be to help Web3 founders with the challenges of the industry. Speaking on the matter, Nailwal said:
“You often hear that building a web2 startup is like ‘running a marathon’ and that web3 founders need to be sprinters. That’s the wrong way to think about it. Web3 founding is an altogether different sport. It’s not running, it’s like skiing. At Beacon, we know you can’t follow the same web2 playbook to be successful in web3. Through weekly sessions and hands-on mentoring, we’re teaching our founders how to ski - marketing is different, community building is different, launching a project is different. Founding in web3 is a different animal and we’re helping our founders navigate this new landscape.”
Attempting Something Different
According to the press release shared with CryptoPo...
|Biggest Movers: ADA Hits All-Time Low on Friday, MATIC Extends Recent Do...
Cardano fell to an all-time low on Friday, as sentiment in crypto markets remained bearish in today's session. The token fell for a third consecutive day, with prices moving below a key price floor in the process. Polygon also extended recent declines, hitting a multi-week low as a result. Cardano (ADA)
Cardano (ADA) hit an all-time low in today's session, as sentiment in cryptocurrency markets remains bearish, following recent economic data.
ADA/USD dropped to an intraday low of $0.2845 earlier in today's session, less than a day after trading at $0.3026.
Today's sell-off comes as cardano fell for a third straight session, breaking out of a key support point in the process.
Looking at the chart, the aforementioned floor is at the $0.3000 mark, which was broken once before, on November 21.
The 14-day relative strength index (RSI) also moved below a floor of 35.50, and as of writing is tracking at 30.91.
This is the lowest point the index has hit since October 22, with prices hitting a bottom of $0.3100 on that occasion.
Polygon (MATIC) was another notable token to fall today, with prices also moving lower for a third straight day.
Following a high of $0.891 on Thursday, MATIC/USD dropped to a bottom of $0.8483 earlier in the day.
As a result of this drop, polygon moved to its lowest point since November 30, when prices hit a bottom of $0.837
MATIC has since rebounded from earlier lows, and is currently trading at $0.8569, which is still nearly 4% lower than...
|Polygon Profitability Tanks As MATIC Nosedives 5.6%
MATIC has had a rollercoaster of a year. Its price has fluctuated between cycle peaks and cycle lows year-to-date but has seen some good recoveries as well. However, as the week draws to a close, MATIC dove off its $0.9 cliff, and investor profitability has plummeted right along with it.
MATIC Loses 5.6% In 24 Hours
Over the last 24 hours, the price of MATIC is already down more than 5.6%, according to data from TradingView. The digital asset which had been able to maintain its $0.9 level for the last few weeks had eventually succumbed and drifted down.
By the time the markets opened for trading on Friday, MATIC had already touched its 24-hour low of $0.84 before marking a small recovery back above $0.85. Its 5.6% decline coincided with a broader decline in the crypto market, which means it wasn’t an isolated incident for the token.
It followed the likes of Ethereum (ETH) and Binance Coin (BNB), both of which had recorded more than 5% losses in the same time period. Volume was also down across the space with MATIC seeing an 18% decline in volume.
The digital asset also lost about $300 million from its market cap. Nevertheless, it retains its position as the 10th largest cryptocurrency in the space, sitting right behind Cardano (ADA) which was down almost 5% in the same 24-hour period.
Profitability Drops Drastically
An offshoot of the recent decline in MATIC price has been the drop in profitability for investors who hold the token. Data from IntoTheBlock ...
|This Indicator Says MATIC Price Correction Is Not Done
MATIC price is currently undergoing a correction. Over the last 24 hours, the coin has lost more than 4% of its market value. Signs on the chart currently suggest that MATIC is going to remain in the correction territory for some time.
All the gains that Polygon (MATIC) secured in the past week were undone due to the loss on the daily chart. Technical outlook also implied that the price momentum for the altcoin was regressive and demand for the altcoin declined over the past few days.
From the daily chart reading, it is difficult to ascertain where the MATIC price will find support. The altcoin is depicting signs of significant resistance in both the shorter and longer time frame. A bullish reversal seems unlikely as buyers have lost confidence in the asset.
For MATIC the past few months have been quite tough as the coin continued to fall despite reserving the $1.31 price mark for some time in the past month. At the present moment, MATIC is trading at a 69% low compared to its all-time high registered almost one year ago. It is now imperative for MATIC to break past the $0.96 level for registering some positive price movement.
MATIC Price Analysis: One-Day Chart
The coin has broken its lower band of consolidation and is on a downward spiral. The overhead resistance for the coin was $0.94. A move above $0.94 will secure the altcoin's move to $1 or even higher.
Since MATIC has broken on the downside of the consolidation, further depreciation can follow. In that case, the altc...
|Starbucks Introduces Coffee-Themed NFTs on Polygon to Beta Testers
The American multinational chain of coffeehouses - Starbucks - launched its blockchain-based loyalty program, called Starbucks Odyssey, to its first group of US beta testers.
The effort is an extension of the company's existing project - Starbucks Rewards - and includes coffee-themed NFTs that relate to real-world experiences.
The entity displayed its intentions to hop on the NFT and Web3 bandwagon earlier this year by introducing the Starbucks Odyssey program.
The initiative, which is now live, offers customers a chance to engage in activities called 'Journeys,' which allow members to earn NFTs. Starbucks Odyssey is based on Polygon and is currently available only to US beta testers.
The 'Journeys' advertise the Starbucks brand and educate clients about coffee and the firm's history. They include various activities like playing puzzles, watching videos, or taking quizzes.
'Starbucks Odyssey members can earn and purchase digital collectible Stamps (NFTs), accumulating Odyssey Points that unlock access to exclusive offers, experiential rewards, and one-of-a-kind Starbucks artwork that can't be found anywhere else,' the multinational chain of coffeehouses stated.
Starbucks is not new to the world of crypto. The company teamed up with Bakkt to enable its customers to use BTC as a payment method. Outlining the app's merits was Bakkt's CEO, Gavin Michael, who said:
'The average consumer holds a wealth of digital assets – from gift cards to loyalty points to bitcoin &ndas...
|Biggest Movers: MATIC, QNT Move Higher on Friday, as Cryptos Rebound
Polygon was a notable gainer on Friday, as cryptocurrencies moved higher following a turbulent week of trading. The global crypto market cap is 2.28% higher as of writing, as markets prepared for the release of U.S. consumer sentiment data. Quant was another big mover, as prices surged for a second straight day.Polygon (MATIC)
Polygon (MATIC) was a notable mover on Friday, as the token surged to its highest point since Monday.
Following a low of $0.9062 on Thursday, MATIC/USD raced to an intraday peak of $0.9324 earlier today.
As a result of this, the token moved closer to a key resistance level of $0.9540, which was last hit December 4.
Whilst prices near a ceiling, the 14-day relative strength index (RSI) has also moved towards its own point of support at 53.00.
The 10-day (red) moving average is also trending higher, with it remaining above its 25-day (blue) counterpart.
Despite recent turbulence, this is a sign of bullish momentum in the market, with some expecting further surges in price this weekend
Quant (QNT) was another token to surge on Friday, with prices rising for a second straight session.
QNT/USD moved to a high of $124.88 earlier in the day, less than 24 hours after hitting a bottom at $120.70.
Today’s move sent QNT past a recent resistance point at $122.00, with bulls now appearing to take price to a higher ceiling.
Looking at the chart, this point of resistance seems to be the $132.00 mark, which is where quant started the week.
|MATIC Price Battles Under $1 Despite Bullish Signals
The Polygon (MATIC) price momentum registered a positive shift over the last 24 hours. The altcoin gained close to 3%. Meanwhile, on the weekly chart, MATIC is yet to recover from its losses. The technical outlook depicted positive price action; however, the coin is still not out of the woods.
MATIC has to break past the immediate resistance zone and trade above the $1.30 mark for a significant period of time. The coin also formed a head and shoulder pattern, often connected to a downtrend.
In the shorter time frame, MATIC might act bullish before it again starts to drop its value. The $1.30 mark remains crucial for the coin, as the bulls have barely traded above that mark. Before the coin gets to the $1 mark, the technical outlook forecasts another drop for the coin. This fall could bring the MATIC price to $0.70. The coin traded at a 68% discount to its all-time high in 2021.
MATIC Price Analysis: One-Day Chart
MATIC was priced at $0.90 on the one-day chart | Source: MATICUSD on TradingView
Polygon (MATIC) was auctioned at $0.90 at press time. The altcoin has been struggling below $1, which has acted as a strong barrier for the altcoin. MATIC has established the $0.80 mark as the support line. The path to $1 will not be smooth for the MATIC price, as it has to encounter two other resistance levels of $0.92 and $0.97, respectively.
Losing the $0.90 price level will bring the MATIC price down to $0.80 and then to $0.70 before recovering again. The amount of MATIC traded in t...
|MATIC Battles With $0.9 But is Another Drop Incoming? (Polygon Price Ana...
With volume disappearing and a weak attempt to move higher, MATIC's momentum has shifted bearish.
Key Support levels: $0.86, $0.74Key Resistance levels: $1
MATIC's price action is completing a head and shoulder formation, with the right shoulder being formed at the time of this post. This puts the price in a downtrend in the near term. For this reason, MATIC may soon test the support at $0.86 or even $0.74 if this formation holds true. The key support remains at the $1 psychological level.
Chart by TradingView
Trading Volume: The volume continues to fall, which shows weakness.
RSI: The daily RSI fell under 50 points. This is bearish.
MACD: The daily MACD remains bullish, but the histogram is making lower highs. If buyers don't return, a bearish cross could follow next week.
Chart by TradingView
The bias for MATIC is bearish.
Short-Term Prediction for MATIC Price
MATIC holders do not have much to hang on to right now as the price action appears bearish, and they may need to wait for a retest of the key support at $0.86 before any hope of a reversal can take place. The momentum is seemingly favoring the sell side.
The post MATIC Battles With $0.9 But is Another Drop Incoming? (Polygon Price Analysis) appeared first on CryptoPotato.