MATIC, which is trading around $0.46 right now, is coming up against a key support point. Polygon wants to change its name from MATIC to POL, which will make POL the native gas and staking token. For this to happen, MATIC needs to break through this support level.
The current positive mood in Bitcoin has helped MATIC’s price, which went up 7.2% to $0.4434 and 2.6% compared to Bitcoin. Recent trading action suggests that MATIC is ready for a possible 46% breakout.
MATIC Sees Price Surge
The price of Polygon is going up because traders are taking advantage of Bitcoin’s rise and the excitement about the rename. With more long positions and a rise in open interest (OI) by 5.67%, data from Coinglass shows that Polygon players are feeling bullish.
The cumulative volume delta (CVD) has also gone up by 1.73 percent in the last 24 hours, which shows that the direction is going up.Even so, Santiment’s on-chain data shows that the number of daily active addresses and transactions on the Polygon network is going down, which suggests that investors are losing interest.
According to technical analysis, Polygon is trying the upper boundary of a falling channel at a key point. If the price breaks above $0.4631, there could be a short-term rally. The level of 0.5467 will act as key support.
The midline of the Bollinger Bands is also being tried. If it stays broken for a while, it could mean that momentum has changed. But the Bollinger Bands getting smaller may mean that instability is coming.The Coppock Curve, which shows long-term chances to buy, is at -4.1552, which means that the trend is still down, though it may be slowing down.
If MATIC fails to break through the barrier at $0.4631, it could mean that the market will continue to fall, which could lead traders to think about short positions with stops at $0.3850, $0.3400, and $0.2780.
