MATIC Breaks Resistance, Crypto Analysts Eye $1 Milestone

• 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.

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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.

Read also:

• Polygon’s POL Upgrade Boosts MATIC Price: What’s Next?
• After XRP Win, How Much Will MATIC Surge Before Revamping to POL?
• Polygon’s Long-Awaited POL Token Contracts Go Live on Ethereum
• Polygon Founder Explains How POL Will Bring More Than MATIC Could
• Polygon Unveils Details About POL and Polygon 2.0 Upgrade