The price of the market leader, Bitcoin, has been moving sideways for more than a week, but recently, the altcoins have seen tremendous price movement. The MATIC price of Polygon has increased by more than 5% in the last day and by a noteworthy 23% in the last week.
Following the announcement of the launch of a new sibling coin called “POL,” the Polygon ecosystem has attracted a lot of interest. It is anticipated that this next-generation, extremely productive coin would use the re-staking protocol to fuel the extensive Layer-2 blockchain ecosystem.
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For a short while, the MATIC price was observed trading below its critical resistance of $0.550; however, the price then picked up steam and broke over the upper level. Even though the price was still rising, it was rejected at $0.6550.
MATIC Price Skyrockets with POL Token Hype – More Gains Ahead?,MATIC Price Skyrockets with POL Token Hype – More Gains Ahead?/p>
Following that, the price spent a week moving in a consolidated range between $0.6095 and $0.6550. With renewed vigour, the Polygon MATIC token managed to exit the level. The coin’s value retested its $0.70 level after a little dip in price at $0.7408.
After that, the price began to move in a positive manner, breaking through its upper level and predicted to challenge the $0.80 level in the near future.
The MATIC price is dynamically supported by the 50-day EMA, which suggests that there is a good chance of positive price movement in the near future.
Since the beginning of the month, the MACD has shown strong price activity; the indicator continuously displays a green histogram, which denotes enormous continued price motion. Additionally, the averages show a rising trend, indicating that the price will keep increasing in value over the next few days.
When Will MATIC Price Reach $0.8?
The price will continue to gain momentum and shortly challenge its resistance level at $0.78 if the bulls can take it over that level. If the price stays there, the market will be ready to try to break over Polygon’s upper resistance level of $0.800 in the upcoming days.
In the upcoming days, if the Polygon “POL” token garners significant attention, the MATIC price will see a strong bullish effect and attempt to hit $1 before the year ends.
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On the other hand, if cryptocurrency bearish outnumbered bulls, the MATIC price is unable to stay above $0.7408. It is going to lose speed and shortly challenge the bottom support level of $0.700.
Additionally, Polygon cryptocurrency will keep losing ground and test its critical support level around $0.6550 this month if bears continue to control the market.
MATIC Price Skyrockets with POL Token Hype – More Gains Ahead?,MATIC Price Skyrockets with POL Token Hype – More Gains Ahead?,MATIC Price Skyrockets with POL Token Hype – More Gains Ahead? , MATIC coin Crypto news, MATIC coin News