Polygon Price Prediction: MATIC Surges Past $0.58

Polygon Price Prediction: MATIC Surges Past $0.58 – What’s Fueling the Rally?

Updated: 30 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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As of 9:25 EST AM on August 30, Polygon MATIC traded at $0.58, up by 4.5% in the last 24 hours. Also, its trading volume is up by over 80%.

The overall cryptocurrency market responded with optimism after a US federal ruled against the SEC’s rejection of Grayscale’s proposal for a Bitcoin ETF. Following this trend, MATIC has surged beyond the $0.58 price level.

Also, historical data from Tradingview shows that in the last seven days, the price of MATIC is up by 5%, with a 17% 30-day decline.

Technical Indicators Suggest MATIC Bulls Ready to Push Prices Higher

As depicted on the chart, MATIC trades below the 50-day and 200-day simple moving average (SMA), indicating a bearish solid price momentum for the asset.

Also, the 50-day SMA acts as a resistance point to further rallies. However, an impulsive move above this level would signify a short-term bullish price movement for MATIC.

The moving average convergence Divergence is slightly above the signal line with faded green histogram bars, implying a gradual buildup in buyer’s activity in the market.

Additionally, the Relative Strength Index of 40.85 suggests the market is neutral and hasn’t reached the oversold zone yet.

The mash-up of the following indicators points towards a slight retracement for MATIC. But overall, bullish momentum has a significant buildup, which could follow a price surge for the asset.

However, investors and traders should consider other tools before making trade decisions, as the crypto market is always prone to high price volatility.

Founder of Polygon Reveals Extensive Upgrade for MATIC Token

Polygon Co-founder Sandeep Nailwal Unveils ‘POL’ an Extensive MATIC Token Enhancement with Multi-Chain Staking Advantages and Reduced Risks for Users.

He further explains that the Polygon ecosystem’s expansion will shift it from a singular chain to a network of Layer 2 solutions, seamlessly capable of interacting with the Polygon 2.0 proposition.

https://twitter.com/sandeepnailwal/status/1696102126236143881?s=20

In Polygon 2.0, POL will be staked within the staking hub and can be redeployed for validating numerous chains within the network through the innovative ‘enshrined staking method. This enables POL to stake multiple chains and fulfill various native roles efficiently.

“Unveiled in July, the POL proposal’s adoption hinges on a community agreement. If approved, MATIC will seamlessly transition into POL at a 1:1 ratio.

Essentially, POL is an upgraded version of a new name for the MATIC token. From a practical standpoint, MATIC and POL cannot coexist within the protocol; instead, POL will fully replace MATIC.

The improved technical features promised by the upgrade, such as multi-chain staking and enhanced compatibility, might attract more users and applications by builders on the Polygon ecosystem. This increased adoption could lead to increased demand for the token, potentially impacting its price.

Wall Street Memes Exchange Listing Draws Close

Having gained significant traction in the last few months, Wall Street Memes has emerged as one of the foremost meme coin presales in 2023. During this period, the project secured over $25 million in seed funding from its token sale.

Backed by a robust community exceeding one million members, this standout initiative is anticipated to achieve considerable growth following its imminent launch on an exchange (CEX) in under a month.

Paying tribute to the anti-bank investors who challenged Wall Street, the meme coin $WSM strives to translate the potent sentiment of the Wall Street Bets community into a tangible asset.

Its goal extends beyond simply tokenizing the anti-bank movement; it aims to reshape the understanding of digital value.

Tokenomics and Passive Income for Token Holders

$WSM intends to reserve 30% of its token supply for community incentives. It boasts a robust community poised to motivate prominent cryptocurrency exchanges like Gate.io to list the $WSM token. This feat could drive the $WSM token’s value to a remarkable upward trajectory.

Wall Street Memes’ innovative staking method offers an impressive annual percentage yield (APY) of 282%, which encourages investors to hold onto the token for an extended duration.

This enticing staking system will likely propel the token towards a significant surge in value. The $WSM currently trades at $0.00337, allowing interested users to buy at low prices via the project’s website.