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Polygon MATIC consolidated around the $0.57 and $0.54 price levels between August 22 and 29, 2023, while attempting to escape the bearish trend and reclaim the $0.60 price level.
This emerged after a noticeable dip of 7% on August 21. As of 5:32 AM EST today, August 29, MATIC traded at $0.56, marking a less than 1% decline in the last 24 hours. However, recent strides suggest the token is poised for a notable uptick before the day ends.
MATIC’s Price Action Shows Asset is Reviving
Following the steep downturn in the crypto market over the past few days, MATIC recorded a 22% 30-day price loss, according to Coingecko data. However, MATIC’s current price shows a 2% price gain higher than its market value in the past seven days.
With Buying Pressure Building in Lower Band, Is MATIC Recovering?
MATIC’s market outlook in the chart above shows that the MATIC/USD pair is within the region of the Lower Bollinger Band. This implies a bearish state for the asset due to previous negative sentiment in the market.
Nonetheless, the coin’s MACD shows that the asset is negligibly above the signal line, suggesting a possibility of MATIC going bullish in the next few days.
Again, the MACD has faded red histogram bars and a green forming bar today, implying that the selling pressure in the market has fallen as buying activity is building up.
Furthermore, MATIC’s Relative Strength Index (RSI) at 31.05 suggests that the coin is undervalued and supports the bearish state of the asset from the Bollinger indicator.
However, as MATIC nears the 30 RSI zone, it is a bullish signal for the coin as there is a tendency of trend reversal occurring within the weekend unless otherwise.
Based on the technical indicators, the current market status opens a good entry position for investors.
But traders should also consider fundamental factors like SEC’s lawsuits, global crypto regulations, etc., that outweigh the technical analysis before making trading decisions.
MATIC’s Resistance and Support Price Levels
Considering the chart above, the MATIC pair is on support at the $0.56 price level. At this support, investors who buy now could force the asset to rebound to the $0.70 resistance, recording a profit of 25%.
However, if some pieces of opposing news force MATIC’s value down to the $0.51 support, investors who purchase it at this price level could record a substantial profit of 37% when the asset rallies to the same resistance level.
Suppose some positive events emerge that create excitement within the MATIC market. In that case, more investors will be attracted, causing an increase in MATIC’s demand and pushing its value to the $0.89 significant resistance.
When this happens, it means a 59% and 78% tremendous return on investment for traders who buy the coin at the first and second support levels, respectively.
Polygon’s Partnership with Bware Labs Sign for MATIC to Gain More Adoption
Reports show that Bware Laps adopted Polygon’s Zero-Knowledge Ethereum Virtual Machine (zkEVM) into its API platform, allowing developers to run smart contracts efficiently on zkEVM.
The zkEVM is the software compatible with Ethereum’s computing setting that fosters high scalability to all applications within the Ethereum ecosystem. It reduces transaction costs and enhances trading activities on supporting platforms.
Furthermore, the integration enables developers to tap into Polygon’s App-chain through Bware Labs to improve the maintenance of complicated backend processes.
It also helps Polygon and Bware Labs to jointly fight the scalability challenges seen in the Web3 space to ensure a completely decentralized future.
Interestingly, Bware Labs also developed a remarkable dashboard called the Blast Dashboard V2; this allows Polygon users to navigate the Web3 space easily.
The Dashboard V2 enables a simplified user experience for developers and provides them with valuable insights into different aspects of the Polygon network.
Another fantastic thing about the Dashboard V2 is that it enables developers within the Polygon’s network to discover trends quickly over time.
This development could boost MATIC adoption in the future as Polygon has been recognized as one of the valuable networks for sustaining the Web3 ecosystem.
Korean SK Telecom Partnership with Polygon Labs Portrays Increment in MATCI’s Worth
Reports show that one of the leading Korean mobile giants, SK Telecom, extended its hands for partnership with Polygon Labs.
The partnership aims to develop the Web3 industry while exploring it to discover startups with prospects and potential worthy of incubation.
Again, Marc Boiron, the CEO of Polygon Labs, also stated that the collaboration is an eminent approach that will provide Web3 experiences to consumers.
This partnership might increase MATIC’s market value in the future as some investors and customers of the mobile network SK Telecom may consider investing in digital assets.
Wall Street Memes, The King of Stonks, Stirs Positive Reactions With $25 Million Presale Milestone
Wall Street Memes ($WSM), a promising meme project revolutionizing the meme crypto sector, has made waves as it achieved over a $25 million presale milestone.
The project’s success shows strong support from investors across the crypto community. Many investors speculate that the token could yield tremendous returns on investment and project the initiative as the next big gem in the crypto market.
The team at Wall Street Memes is leveraging the popularity of WallStreetBtes, a community on the Reddit platform that caused a movement in 2021.
This group positively affected the market value of GameStop stock in 2021; WallStreetBtes backing the token, $WSM, is a big win for investors who buy some of its tokens.
The project was created to celebrate the inter triumph over capitalism following the recent success of some crypto meme projects like Dogecoin, Shiba Inu, $PEPE, BTC20, and others.
Interestingly, the creators made a name for themselves when they sold out 10,000 pieces of NFTs called Wall St Bulls within 32 minutes and realized up to $2.5 million in 2021.
This has portrayed the project team as one with the potential to launch successful projects, making its new project, $WSM, record enormous adoption from the online investment community.
Information on the presale website reveals that the price, which has been live for over two months, will end in less than 29 days.
$ WSM’s Astonishing Presale Activity
The project’s initial coin offering (ICO) has 30 presale phases and is currently in the final stage with a selling price of $0.0337, and today it raised more than $25 million.
Again, after the ICO, $WSM will be listed on the tier-1 crypto exchanges, enabling the token to attain heights in the crypto market. Remarkably, the creators included a stake-to-earn scheme in the project, allowing investors to purchase $WSM and earn rewards.
Amazingly, information from the project’s website shows that the team at Wall Street Memes distributed 50%, 30%, 10%, and 10% for marketing, community rewards, CEX liquidity, and DEX liquidity, respectively.
This means the team has no team kept aside for itself, showing a total commitment to serving the crypto community. You can acquire some $WSM tokens from the presale website, connect your wallet, and follow the buy instructions carefully.
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