News

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.

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Antonella Martin

Antonella is a cryptocurrency and news writer who travels the world, finding inspiration in diverse cultures. She cherishes moments sitting on the beach, watching sunsets. Through her writing, Antonella explores the dynamic realm of cryptocurrency and delivers insightful news. Her work encapsulates both the excitement of finance and the serenity of nature's beauty.

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