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The Polygon price dived more 17% in the last week following a 4% 24-hour loss to trade at $0.4415 as of 11:38 p.m. EST as traders keep exerting sell pressure on the token.
🧵 POL Upgrade | Everything to Know 🧵
Users w/ MATIC on Ethereum can upgrade today via Polygon Portal Interface: https://t.co/Ibs1ONels1
There is no deadline for users to upgrade. All MATIC on Polygon PoS & staked MATIC on Ethereum will upgrade automatically on Sept 4. pic.twitter.com/qKnyYFrlqH
— Polygon | Aggregated (@0xPolygon) August 27, 2024
The drop in the MATIC price comes as Polygon converts its native token to the new POL token. MATIC holders on Ethereum are already able to swap their tokens for POL through the Polygon Portal. No action needs to be taken by MATIC holders on the Polygon chain or holders of staked MATIC, as their tokens will be automatically swapped on Sept. 4.
The Polygon Price Resting On A Crucial Support Level
4-hour chart for MATIC/USDT (Source: TradingView)
The Polygon price has been trading in a descending channel following a series of lower lows and lower highs over the past few days. Now, the altcoin is resting on the key support level at $0.4230. Should it drop below this technical safety net within the next 24 hours, the crypto could stand the risk of plunging to the subsequent mark at $0.3875.
However, MATIC maintaining a position above the $0.4230 support level for the next 24 hours could invalidate the bearish thesis. In this alternative scenario, the Polygon price might attempt to escape the bearish channel it is currently trapped in.
Technicals Suggest Bulls Are Fighting For Control Of The Polygon Price
From a technical perspective, indicators on MATIC’s 4-hour chart suggest the altcoin could rise through the course of the next trading day. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators suggest the bearish momentum is weakening.
RSI readings have risen throughout the past 24 hours, which traders usually see as an indication of sellers losing strength against buyers. What’s more, the RSI is closing in on its Simple Moving Average (SMA) on the 4-hour chart. An intersection between these two lines soon could signal that bulls have gained control of the Polygon price.
Meanwhile, the MACD line has started to level off below the MACD Signal line. The prior is also rising towards the latter, which suggests MATIC’s negative trend might be coming to an end.
As MATIC attempts to exit its bearish channel, layer-2 meme coin Pepe Unchained (PEPU) continues to pull investors in as its presale raises over $11 million.
Unlocking A Turbocharged PEPE
Pepe Unchained (PEPU) is on a mission to elevate the popular PEPE meme coin to the next level. Although PEPE has managed to climb the crypto ranks to become one of the largest meme coins by market cap, its potential is being restricted by the congested Ethereum blockchain. PEPE holders are currently forced to deal with high transaction fees and slow times.
Through its layer-2 network, Pepe Unchained will break PEPE’s Ethereum shackles and give the meme coin its own chain that will enable it to thrive. Not only will the new and improved PEPE be 100 times faster than its predecessor, transaction fees will also be slashed to a fraction of what they are now.
Investors will be able to enjoy an enhanced transactional experience through Pepe Unchained’s native PEPU token. However, they will still be able to seamlessly bridge their assets between the secure Ethereum and lightning-fast Pepe Unchained blockchains.
Pepe Unchained’s meme coin appeal and its layer-2 capabilities are exactly why the popular crypto YouTube channel 99Bitcoins named the crypto as a top project to buy into now.
Investors Bet Big On PEPU’s Future
Pepe Unchained has managed to raise over $11 million through its ongoing ICO as an investor frenzy erupts around the meme coin. Beyond its layer-2 capabilities and the numerous analysts that are bullish on the project, a potential reason for the heightened investor interest could be the 182% APY being offered at this early stage.
Pepe is preparing to launch his own Layer 2 blockchain solution soon:
🧠 Instant bridging between ETH and Pepe Chain
🧠 Lowest transaction fees
🧠 100x faster transaction speeds compared to ETH
🧠 Dedicated Block ExplorerGet ready to join the future with Pepe Unchained! ⛓️🐸 pic.twitter.com/9gxNnddMyq
— Pepe Unchained (@pepe_unchained) July 18, 2024
To unlock these rewards, all investors need to do is purchase and stake PEPU while the project is still in its presale phase. Selling for $0.0093477, the meme coin can be acquired using the simple buy widget embedded on the project’s website. ETH, USDT, BNB or bank card are available payment options.
Once purchased, the PEPU tokens can be locked up through the staking page on the site to gain access to the 182% APY. Investors looking to seize this opportunity will want to act fast if they want to lock in the best rate, because the token’s price is scheduled to increase during the subsequent stages of its ICO.
Purchase and stake PEPU here for the 182% APY before its price increases.
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