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The Polygon price surged 14% in the last 24 hours to trade at $0.5322 as of 00:43 a.m. EST on trading volume that skyrocketed 113% to $664 million.
The surge comes after Coinbase announced that it will support the migration of the Polygon ticker from MATIC to POL on the Polygon Network on August 26.
To complete the change, sending or receiving MATIC will be disabled between August 26 and September 10.
Starting 8/26, we will be migrating the Polygon ticker from MATIC to POL on the Polygon Network. Between 8/26 and 9/10, send/receive will be disabled for MATIC on the Polygon Network in order to successfully complete the ticker change from MATIC to POL. Here is what to expect:
— Coinbase Assets 🛡️ (@CoinbaseAssets) August 21, 2024
On September 4, MATIC will transition to POL. POL will replace MATIC as the native gas and staking token for Polygon proof of stake (PoS).
Polygon Price To Continue Surging
The Polygon price has been on a downtrend in August, as it dropped from the $0.528 resistance, and found support around $0.396, according to data from GeckoTerminal.
The bulls then used the support, with the price of Polygon soaring back to its resistance in the last two days, forming a rounding bottom pattern.
MATIC bulls aim to capitalize on the rounding bottom to sustain the rally, with the price of Polygon now trading above both the 50-day and 200-day Simple Moving Averages (SMAs).
The Relative Strength Index (RSI) also supports the bullish stance, as it soars past the 70-overbought region, currently at 85. The RSI shows that the asset is under intense buying pressure.
Moreover, the Moving Average Convergence Divergence (MACD) trades above the neutral line, showing that the asset is on an uptrend. The blue MACD line is crossing above the orange signal line, forming a bullish crossover.
A bullish crossover and the RSI soaring show that the asset is bullish. If this stance continues, MATIC could soar, as the bulls now target $0.66, a 24% rise from the current price.
However, with the RSI soaring past the 80 level, the asset is now overvalued. This may be a sign of a looming selling signal. If sellers take control, the price of Polygon could plunge back to the $0.46 support (200-day SMA).
As the Polygon price soars, investors are also pouring funds into a new PEPE alternative called Pepe Unchained (PEPU), which YouTube channel 99Bitcoins, with more than 706K subscribers, says could soar 100X after its launch.
Pepe Unchained Raises Over $9.9 Million – Best Meme Coin To Buy Now?
Since its launch two months ago, the Pepe Unchained presale has soared past $9.9 million.
The massive influx of funds in a short period shows that the crypto market is seriously eyeing Pepe Unchained as the new meme coin anchor, banking on its promise to make Pepe ownership faster and cheaper with its proprietary blockchain.
As its name suggests, Pepe Unchained frees Pepe from his old, clunky Layer-1 server room on Ethereum. The project will run on its own proprietary Ethereum Layer 2 blockchain.
Who needs some Brain Powder?
Pepe is gearing up for the official launch of his very own blockchain! 🚀 pic.twitter.com/kZC72UmxFy
— Pepe Unchained (@pepe_unchained) June 20, 2024
Token holders can also earn passively through the platform’s staking system, which offers an annual percentage yield (APY) of 201%.
You can buy $PEPU tokens for $0.0092364 each. With a price hike coming in less than 2 days, buy soon to lock in the best deal.
To join the presale, buy $PEPU from the official website here using ETH, USDT, or a bank card.
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