Polygon (MATIC), the native cryptocurrency of the Polygon blockchain, serves as a significant player in Ethereum scaling solutions.
Price is Approaching Resistance, which is a level where it could pause or reverse its recent advance, at least temporarily. Resistance is often a level where price got rejected in the past, or potentially prior Support level that was broken.Once price breaks above resistance, it can advance higher to the next resistance level.
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MATIC Crypto Price Analysis
Current Price: $0.42
Market Cap: $947.27 million
24-Hour Trading Volume: $7.52 million
Circulating Supply: 2.17 billion MATIC
Total Supply: 10 billion MATIC
Year-to-Date Performance: -56.78%.
Img src- Altfins
Price is in a Downtrend and recently made a new low, below the low of August 5th. If it breaks $0.43 resistance, it could reach the next minor resistance of 200-day moving average at $0.51.
Weekly Price Analysis
Weekly High: $0.4718
Weekly Low: $0.4095
Trend: Short-term trend is Strong Up, Medium-term trend is Up, Long-term trend is Strong Down.
Momentum is Bullish ( MACD Line crossed above MACD Signal Line) ABOVE days ago. Price is neither overbought nor oversold currently.
Support and Resistance: Nearest Support Zone is $0.33. Nearest Resistance Zone is $0.58.
Indicators Value
Relative Strength Index (RSI): 41.
Moving Averages: Short-term moving averages (e.g., 50-day) point to slight bullish momentum, while longer-term trends reflect bearish patterns due to significant year-to-date declines.
News Roundup
Polygon Ecosystem Updates: The platform transferred 50 million POL tokens to Binance.
BlackRock’s Integration: BlackRock announced its BUIDL token fund expansion, adding Polygon to its supported blockchain networks.
Cross-Chain Advancements: The adoption of AUSD as a native stablecoin on AggLayer, co-developed by Polygon.
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