By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
CryptoXTimesCryptoXTimes
  • Home
  • News
    • Crypto
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • Shiba Inu News
    • Ripple News
    • Analysis
    • iGaming News
  • Cryptocurrency
    • Price Prediction
    • Learn
    • Reviews
  • Advertise
    • Press Release
  • Contact Us
Notification Show More
Font ResizerAa
CryptoXTimesCryptoXTimes
Font ResizerAa
  • Home
  • News
  • Cryptocurrency
  • Advertise
  • Contact Us
Search
  • Home
  • News
    • Crypto
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • Shiba Inu News
    • Ripple News
    • Analysis
    • iGaming News
  • Cryptocurrency
    • Price Prediction
    • Learn
    • Reviews
  • Advertise
    • Press Release
  • Contact Us
Have an existing account? Sign In
Follow US
© 2024 CryptoXtimes. All Rights Reserved.
CryptoXTimes > Article > News > MATIC Eyes 46% Gains Amid Rebrand
NewsCrypto

MATIC Eyes 46% Gains Amid Rebrand

MATIC faces resistance; rebrand could spark a 46% rally.

Nayab Fatima
Last updated: August 20, 2024 12:52 pm
Nayab Fatima 10 months ago
Share
MATIC Eyes 46% Gains Amid Rebrand

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.

You Might Also Like

PEPE Memecoin Surges 8.5% After Trump’s Cryptic Post Sparks Frenzy

Telegram Integrates Elon Musk’s Grok AI in $300M Deal

Berachain Transactions Tumble, Fee Revenues Cut In Half

Trump Media Launches $2.5B Crypto Investment Strategy

$BONK Surges 4% as Breakout Above $0.000021 Nears

TAGGED: Crypto, MATIC, POL
Previous Article Tether Mints $1 Billion USDT On Tron, Total Hits $33 Billion Tether Mints $1 Billion USDT On Tron, Total Hits $33 Billion
Next Article zkMe Raises $4M To Build Decentralized Web3 Identity Layer zkMe Raises $4M To Build Decentralized Web3 Identity Layer
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow US

Find US on Socials
TwitterFollow
TelegramFollow
LinkedInFollow

Subscribe to our newslettern

Get Newest Articles Instantly!

Popular News
PEPE Memecoin Surges 8.5% After Trump’s Cryptic Post Sparks Frenzy
PEPE Memecoin Surges 8.5% After Trump’s Cryptic Post Sparks Frenzy
Iceland PM Shifts Energy from Bitcoin to Agriculture
Iceland PM Shifts Energy from Bitcoin to Agriculture
RippleX Halts AMM Pool Deposits Due to XRP Ledger Glitch
RippleX Halts AMM Pool Deposits Due to XRP Ledger Glitch

You Might Also Like

XRP Gathers Momentum Amid Whale Accumulation and ETF Buzz
Altcoin NewsNews

XRP Gathers Momentum Amid Whale Accumulation and ETF Buzz

By Muhammad Ali 1 month ago
MOVE Token Drops 20% After Coinbase Announces May 15 Trading Suspension
CryptoNews

MOVE Token Drops 20% After Coinbase Announces May 15 Trading Suspension

By Haider Ali 1 month ago
XRP Eyes Potential 15% Gains Amid Regulatory And Market Developments
NewsCrypto

XRP Eyes Potential 15% Gains Amid Regulatory And Market Developments

By Nayab Fatima 4 months ago
Shibarium Hits 912M Transactions as SHIB Burn Rate Skyrockets
NewsCrypto

Shibarium Hits 912M Transactions as SHIB Burn Rate Skyrockets

By Rubab Fatima 4 months ago
CryptoXTimesCryptoXTimes
Follow US
© 2024 CryptoXtimes. All Rights Reserved.
  • About Us
  • Careers
  • Privacy Policy
  • Risk Disclaimer
Welcome Back!

Sign in to your account

Lost your password?