MATIC Price Prediction: Polygon POL Is Live

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Polygon (MATIC) worth is treading on shaky floor as merchants guide earnings following the rally from final week to highs seen final in mid-August round $0.65. The main Ethereum layer 2 scaling protocol broke out of a falling wedge sample backed by assist at $0.5.

Like many different cryptos, MATIC price has skilled a report improve in volatility and liquidity with its 24-hour buying and selling quantity rising to $475 million. Polygon at present ranks #14 amongst different digital property, inclusive of stablecoins like USDT and USDC. It boasts $5.8 billion in market capitalization, sitting behind Chainlink (LINK) with $6.2 billion.

Can Polygon’s POL Usher In The Bull Run For MATIC Price?

MATIC worth rally has taken a breather during the last 24 hours, sliding 4% to commerce at $0.62 on the time of writing. Bitcoin price and most altcoins seem like rolling again the beneficial properties, presumably to permit for liquidity to construct up for extra breakouts.

Hence, the minor dip in MATIC worth is unlikely to set off a sell-off, particularly with the technical outlook on the each day chart remaining bullish, to not point out, the optimistic sentiment throughout the crypto market backed by optimism across the potential greenlighting of a BTC spot exchange-traded fund (ETF) within the coming months.

Meanwhile, MATIC might solely decouple from the remainder of the altcoins because the protocol strikes nearer to a serious improve, Polygon 2.0. According to a press launch despatched to media platforms.

In a put up shared on X (previously Twitter), Polygon Labs mentioned that the POL token improve has been launched on the Ethereum mainnet as a part of the roadmap to the final word launch of the Polygon 2.0 software program improve.

The thought behind this new protocol is to usher in a brand new period for scaling Ethereum and constructing a “Value Layer of the Internet.”

“POL is a next-generation token that can power a vast ecosystem of ZK-based L2 chains,” Polygon builders elucidated. “It does that via a native re-staking protocol that allows POL holders to validate multiple chains and perform multiple roles on each of those chains, turning POL into a hyperproductive token.”

The POL token improve is now reside on Ethereum mainnet.

Polygon 2.0, launched this summer season, is a roadmap for scaling Ethereum to construct the Value Layer of the Internet. POL unlocks that future.

POL is a next-generation token that may energy an unlimited ecosystem of ZK-based L2 chains.… pic.twitter.com/gmrsu0ZqLz

— Polygon (Labs) (@0xPolygonLabs) October 25, 2023

The launch of Polygon POL will part out MATIC and turn out to be the native token powering the brand new ecosystem. Development towards constructing this Value Layer of the Internet has been ongoing for months now. Hence, the debut of POL Smart contracts on the Ethereum mainnet isn’t a small feat because it has taken “extensive community consultation and a successful testnet launch.”

MATIC Price Prediction As Polygon’s Rally Takes A Breather

MATIC worth is holding above two key ranges supplied by the 21-day Exponential Moving Average (EMA) (purple) at $0.562 and the 100-day EMA (blue) at $0,599.

If bulls uphold assist, particularly on the 100-day EMA, the uptrend is certain to proceed amid requires a pointy transfer above $1. The Relative Strength Index (RSI) reveals that patrons have the higher hand with its power at 70 on the each day chart.

MATIC Price Prediction Chart | Tradingview

Another breakout is anticipated to shut the hole to $1, however first, bulls should defeat the vendor congestion at $0.65 and the following hurdle offered by the 200-day EMA (purple) at $0.7.

With the Polygon 2.0 improve across the nook, sentiment will proceed to enhance within the coming weeks which might improve demand for MATIC from traders who’re eyeing the POL airdrop. With this in thoughts, the prediction for MATIC price rally above $1 appears extraordinarily conservative, as beneficial properties are more likely to skyrocket to an all-time excessive of $2.92.