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Polygon MATIC has recorded an impressive performance within the past few days. From its opening price on August 25, the asset scaled up to cross the $0.60 region on August 29.
Also, MATIC has shown a strong drive to gain more, evidenced by its price movement over the last 24 hours. It increased by over 4.5% in value within this period, considering its 24-hour price low of $0.568.
Amid the high volatility signals in the broader market, Polygon could still record a sustainable momentum for more gains. Investors are now wondering about the possibility of maintaining a strong bullish momentum for a longer uptrend.
MATIC Outperforms Bitcoin – Should Investors Diversify?
Polygon’s bullish performance has encouraged many investors, given that most prominent crypto assets are still on the bearish web.
Notably, the asset outperformed the primary crypto asset, Bitcoin, by maintaining an uptick over the past week. MATIC’s 7-day price action showed a surge of 4%, while BTC rose by just 3% within the same period.
The new feat for Polygon reflects its high potential to resist pressure from the bears and could be an attractive edge to bring in more investors.
But after touching the $0.5820 region today, Polygon has retracted slightly in its price movement. As of 5:23 AM EST, MATIC shows a decrease of 0.28% as the price hovers around $0.5801.
Meanwhile, MATIC’s trading volume reached $263 million within 24 hours. Regarding its capability to maintain the bullish trend, some technical analysis will reveal the possibility.
Technical Analysis Reveals Short-Term Bullish Trend for MATIC
The market situation in the chart above indicates that MATIC is recording increased buying activity, evident in the formation of the green candlestick.
However, MATIC is still below the 50-day and 200-day Simple Moving Average (SMA), suggesting a bearish outlook. But as buying pressure grows in the market, the token might go above the 50-day SMA, exciting traders and increasing the bullish momentum.
Moreover, the Moving Average Convergence Divergence (MACD) has green histogram bars and is moving slightly above the signal line.
This implies that the strength of the bears in the market has dropped due to favorable market sentiments and supports the increasing buying pressure from the green candlestick.
Furthermore, the Relative Strength Index (RSI) is at 42.04 in the neutral region but moving toward the oversold zone (70). This aligns with the buying activity signal from the MACD indicator and the green candle.
Based on the signals from the technical indicators, this is a good buying time for a possible return on investment.
However, traders should note that technical indicators alone cannot determine a crypto market’s movement. So, investors need to consider other metrics affecting the market before executing trades.
MATIC’s Support and Resistance Price Levels
The chart above shows that the bulls currently control the MATIC/USD market. So, if they increase buying pressure today, the asset’s price could rise to the $0.69 resistance.
If the MATIC/USD pair continues rallying due to positive sentiment, more investors could be attracted to put their funds into the market, forcing the token to hit the $0.87 resistance.
However, if the bears take hold of the market today, the selling pressure could drag MACTIC’s price down to the $0.52 support level.
Polygon’s Collaboration with WenLlama, Phoenix Labs, and Hexensio Could Increase Buying Spree
Polygon Labs has recently announced a strategic partnership with WenLlama, Phoenix Labs, and Hexesio. This move aims to create a robust Polygon ecosystem while ensuring the sustainability of Polygon’s support for Ethereum.
In collaboration with @WenLlama, @phoenixlabsdev, and @hexensio, we set out to align the growth of the Polygon Ecosystem with continued sustainable support of Ethereum, directly in the core contracts powering Polygon 2.0.
A thread on Polygon Ecosystem’s commitment to Ethereum.
— Polygon (Labs) (@0xPolygonLabs) August 30, 2023
The partnership will be on the core contracts integrated on the Polygon 2.0 mainnet. It will leverage the Dai Savings Rate (DSR), with interest from the DAI bridge directed to developers of core Ethereum tooling.
Generally, the initiative is a broader strategy to facilitate current Ethereum development and to attract more Layer 2 teams to join the network.
Polygon’s native token, MATIC, will be the epicenter of the move, increasing its potential for rally and adoption.
Polygon’s MATIC Transition to POL Token Could be Catalyst for Increased Adoption, Value
Polygon’s native coin, MATIC, will undergo a significant upgrade to transform it into a POL token.
POL is a massive technical upgrade to MATIC
POL delivers the benefits of multi-chain staking without the added risks of restaking. With the Polygon 2.0 proposal, the Polygon Ecosystem will expand from a single chain to an ecosystem of L2s that can easily interoperate and share…
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) August 28, 2023
The transition will launch the coin into an outstanding “third generation” crypto token, representing a massive technical shift for the entire Polygon ecosystem.
Following the upgrade, the POL token will introduce several advancements and innovative changes on the Polygon 2.0 network. This includes multi-chain capacities as the pioneer token that will eliminate traditional risks associated with restaking on the platform.
The transition for MATIC is part of the proposal for Polygon 2.0 to ensure the expansion and interoperability of the ecosystem into a network of Layer 2 solutions. This plan will see more demand for the token and could trigger a surge in the future.
Generally, the crypto market still has no 100% accurate prediction, and the Polygon market has some uncertainties.
So, while MATIC gears up for more adoption, investment, and potential price increases, investors can leverage the latest meme coin SONIK, with astounding achievement targets.
Polygon Alternative – Sonik (SONIK)
Sonik Coin (SONIK) is a fast-paced new meme coin with impressive performance. Sonik is revolutionizing the meme coin sector as it presents a leveled investment ground for beginners and professionals. It has a set target to hit a market cap of $100 million within the shortest possible timeframe.
According to most crypto experts, SONIK is one of the best crypto presales in the industry that even newbies could engage with low investment capital.
Even though it has no known affiliation with the Sega brand, Sonik’s impressive performance is inspired by the character “Sonik The Hedgehog.”
With the increasing frenzy surrounding memes, Sonik stands out with many supporting fans and investors.
Sonik Presale Approaches Conclusion
Sonik has been running its presale over the past few weeks, gradually approaching its end. According to the project’s website, the final stage of the presale has just five days left to conclude.
The team now calls investors to rush and buy SONIK at a low price of $0.000014 per token. The one-tiered price for the meme coin is part of its initiative to build community solidarity for continuous sustainability in the long run.
SONIK has generated over $848,000 through its presale, increasing its popularity and investors’ participation. The amount represents almost 60% achievement of its set target of a $2.09 million hard cap. The project could hit the goal based on its strong presence in the industry.
Further, the team behind Sonik Coin maintained a unique maximum token supply of $299,792,458,000 coins for the project. This represents the speed of light and the pace at which SONIK moves.
Based on the project’s tokenomics, 50% of the tokens are reserved for Sonik presale. 40% is set out for the project’s staking program, with the remaining 10% allocated to DEX liquidity.
Sonik created an outstanding utility through its staking program that allows users to earn passive income by staking their holdings.
The staking rewards run up to triple-digit APYs for users that stake SONIK to contribute to the stability and security of the entire ecosystem. Investors should visit Sonik’s official website to buy SONIK using ETH, USDT, or a credit/debit card.
Wall Street Memes – Next Big Crypto
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