#KnowYourToken - Polygon 📢
Current Price: $0.53
Market Cap: $5.31 billion
1W Trading Volume: $4.1 billion
Percentage change in Price (1W): +32.9%
Any News Around the Token:
Coinbase, the largest crypto exchange in the US by trading volume, has added the Polygon Ecosystem Token (POL) to its roadmap, supporting both Polygon and Ethereum networks. This move follows Polygon’s announcement of upgrading from MATIC to POL, scheduled for September 4, 2024. Coinbase will migrate the MATIC ticker to POL on the Polygon Network from August 26 to September 10, during which MATIC trading on Polygon will be paused. Despite the migration, trading for MATIC and POL on Ethereum will continue. Following the announcement, MATIC price surged by 12% within 24 hours, contributing to a 28% increase over the past 30 days.
Analysis:
Throughout 2023, Polygon’s MATIC struggled with stagnation, failing to capitalize on broader market recoveries. The beginning of 2024 brought some hope, with MATIC testing the $1 level twice and briefly reaching $1.2, hinting at a potential breakout. However, by mid-March 2024, MATIC experienced a significant downturn, falling over 60% from its peak. Currently trading just above the crucial Fibonacci pivot level of $0.5 for August, MATIC must reclaim the $1 mark to regain bullish momentum, a level well above the R3 Fibonacci pivot point. The formation of a death cross between the 50-day and 200-day EMAs on April 25 signaled further potential downside, with ongoing bearish pressure. Looking forward, the psychological $0.4 level is expected to provide key support, establishing a critical support zone for MATIC as it navigates this challenging period.
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