Polygon Price Prediction: MATIC Breaks $0.55 – What's Driving This Momentum?

Polygon Price Prediction: MATIC Breaks $0.55 – What’s Driving This Momentum?

Updated: 28 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Polygon (MATIC) has surpassed the $0.53 support level and surged past $0.55, evoking optimism among investors who might unite to drive the price even higher.

As of 1:16 a.m. EST, MATIC is trading at $0.55, indicating a 1.0% uptick in the last 24 hours. Additionally, its daily trading volume has surged by 31.31%, reaching $180 million.

MATIC Price Falling Channel Signals Bearish Continuation

MATIC/USD Chart Analysis. Source Tradingview.com — MATICUSD Chart Analysis. Source Tradingview.com

MATIC appears to be teetering on the brink of a bullish rally, having weathered a series of declines that brought it down to the $0.53 support level.

Despite the bulls’ persistent efforts to raise the price, the bears have maintained influence, pushing it down from the $0.88 peak to its support level.

The price seems to be trading within a falling channel, a recipe for a continued bearish move past the significant support of $0.33.

The potential for this bullish surge might be limited by a descending triangle pattern forming within the falling channel, typically indicating a bearish trend continuation below its lower boundary.

However, should the bulls leverage the double bottom formation (indicated by the short blue line), they can reach the upper boundary of the descending triangle, confirming the bull rally.

The 50-day and 200-day moving averages, positioned above the current price at $0.67 and $0.90, respectively, imply that market trends favor downward pressure on the cost of MATIC.

Although the RSI indicates a brief rebound from oversold territory below the 30 mark, currently at 28, this suggests that while selling pressure remains considerable, bullish efforts are underway to nudge the RSI beyond 30.

In light of this analysis, MATIC’s price is still under significant selling pressure, supported by the descending triangle pattern (within the falling channel) and the moving averages.

Critical support levels to monitor are at $0.44 and $0.32.

Conversely, there’s a possibility of a price upswing in the short term, propelled by the formation of a double bottom around the $0.53 mark.

In this scenario, the key levels to observe would be $0.68 and $0.88.

As MATIC continues to tank, WSM approaches its conclusion, offering guaranteed returns for investors who buy in now.

Wall Street Memes (WSM) Presale Final Stretch

Fueled by the Meme Stock ethos, Wall Street Memes (WSM) has achieved significant success during its ongoing presale phase, amassing over $25 million in funds.

With its market impact, WSM positions itself as a potential cryptocurrency for explosive growth shortly.

In addition to its impressive fundraising achievements, the project has revealed plans for an upcoming staking service and multiple Tier 1 exchange listings, scheduled for September 27.

Entering its final stretch, characterized by a tiered presale, the Wall Street Memes token is priced at $0.0337. The evident momentum continues to drive the presale toward its ultimate target allocation of $30 million.

This influence extends across various platforms, with the Wall Street Bets Instagram account boasting a substantial following of 534k and an engaged audience of 260,000 on X (formerly known as Twitter).

Moreover, additional Instagram channels like “wallstgonewild” and “wallstbullsnft” have attracted over 100,000 enthusiasts. The momentum gained even more traction with the recent introduction of the Wall Street Bulls Ordinals NFT Collection in May.

Effortlessly Acquire WSM Tokens, 50k Airdrop

To mark the launch of the WSM on Tier One exchanges, the team is orchestrating a celebratory $50,000 airdrop event. This Airdrop aims to reward active holders who engage with the project’s social media channels, including platforms such as Discord.

Bro thought robbing a day trader was a good idea pic.twitter.com/a40CJcXbAj

— Wall Street Memes (@wallstmemes) August 27, 2023

In 2021, the creators’ proficiency in the NFT domain was evident in the remarkable success of the Wall Street Bulls NFT collection, which garnered a staggering $2.5 million in just 32 minutes.

The total supply of $WSM tokens is capped at 2 billion, with the entire allocation exclusively dedicated to the community. The presale will release 50% of the tokens, while 30% are designated for community rewards, and the remaining 20% will ensure liquidity on various exchanges.

Procuring Wall Street Memes (WSM) tokens is a simple process. Interested individuals can effortlessly acquire these tokens by connecting their wallets to the WSM website using ETH, BNB, or USDT (whether in ERC-20 or BEP-20 form).