Polygon (MATIC) price, a Layer 2 scaling solution for Ethereum, has recently seen a significant uptick in its token value. Over the past week, MATIC has surged by 24%, outpacing other cryptocurrencies in the market. This rally breaks a long-standing downtrend, signaling a potential turnaround for the altcoin.Â
The market’s renewed interest in MATIC coincides with the upcoming major network update set for September 4th, which has stirred considerable excitement within the cryptocurrency community.
Polygon Price Rallies as Coinbase Announces Upcoming Listings
Coinbase has announced the inclusion of the POL Token in its upcoming listings. This recent addition is gaining attention as the altcoin shows notable gains in the market. The surge in its value follows the announcement, continuing to rise by double digits—the inclusion on Coinbase’s roadmap signals potential future trading on the platform.
Over the past 24 hours, the Polygon price has seen a significant rise in its trading volume and price, indicating a bullish trend. At the time of writing, the MATIC price hovered at $0.5176 during the European trading session, with a surge of more than 13.53%.Â
According to CoinMarketCap data, the 24-hour trading volume jumped 98.67% to $433 million, indicating a strong investor interest and market confidence in the token.Â
Polygon Price Forecast: Can MATIC Hit $1 Amid Bullish Trends?
The polygon price could experience an uptick if it breaks through the $0.55 resistance mark, aiming for a $0.65 target. This movement might set the stage for a potential climb to the $0.7 mark.
According to Coinglass, the trading volume of MATIC has surged dramatically, increasing 205% to reach $945 million. The open interest in MATIC contracts has also seen a significant uptick of 40%, totaling $192.97 million. This surge in trading activity reflects a heightened interest and potentially bullish sentiment among investors towards MATIC.
The 4-hour technical indicators for Polygon price show a bullish momentum. The Relative Strength Index (RSI), currently at 89, suggests that the asset may be entering overbought territory.Â
Meanwhile, the Moving Average Convergence Divergence (MACD) exhibits a bullish crossover. The MACD line (blue) overtakes the signal line (orange) from below, further supporting the current upward trend.
Conversely, a downturn in market trends could see MATIC retracting to the $0.5 support level. If the bearish momentum continues, we could see a further drop to $0.45. This would indicate a shift towards a bearish market stance.
Frequently Asked Questions (FAQs)
The update is scheduled for September 4th.
It’s expected to enhance scalability and efficiency, potentially boosting MATIC’s value.
If it breaks the $0.55 and $0.65 resistance levels, reaching $1 is possible amidst current bullish trends.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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