- MATIC surges 5% in a day, 23% in a week, as the Polygon ecosystem expands.
- New ‘POL’ token introduction propels MATIC past the $0.550 resistance, with bullish outlook.
- MACD’s positive trends and 50-day EMA support point to a robust future for MATIC.
As Bitcoin maintains its steady course, the altcoin arena is bristling with activity. Leading this charge is Polygon’s native token, MATIC, which has seen a notable 5% price jump in just one day and an impressive 23% rise over the past week.
At the heart of this surge is the buzz surrounding Polygon’s introduction of a new token, “POL,” anticipated to significantly enhance the network’s Layer-2 blockchain through a re-staking protocol. The introduction of POL comes as a strategic move to invigorate the already burgeoning Polygon ecosystem.
Initially, MATIC wrestled below a critical resistance point of $0.550 but soon gathered strength, surging past this barrier. Despite facing a slight rejection at $0.6550, MATIC’s trajectory remained bullish, as it continued its climb and is now on course to test the $0.80 threshold.
The technicals mirror the token’s bullish sentiment, with the 50-day Exponential Moving Average (EMA) offering robust support and the Moving Average Convergence Divergence (MACD) flaunting a sustained positive uptrend. These indicators signal a very likely continuation of the uptick in the near term.
Should MATIC’s bullish trend persist beyond the $0.78 mark, the token could well be on its path to breaching the $0.80 resistance. A successful hold above this level might set MATIC up for an ambitious rally toward the coveted $1 mark as 2023 approaches its end.
In contrast, should the bears claw back control, MATIC may need to defend its gains above the $0.7408 pivot to avert a slide toward the $0.70 support zone or potentially down to $0.6550 in the face of sustained selling pressure.
Amidst the competitive crypto landscape, MATIC’s innovative strides, coupled with the anticipated success of the POL token, offer a glimpse into a future where Polygon continues to define resilience and growth in the blockchain space.
