search
Homeweb3.0Polygon (MATIC) Breaks Out of Downtrend, Could Soar towards the $1 Mark

Polygon (MATIC) has emerged as one of the standout performers in today's cryptocurrency market, ranking third among the top-100 cryptocurrencies

Polygon (MATIC) Breaks Out of Downtrend, Could Soar towards the  src=

Polygon (MATIC) has had an impressive performance in today’s cryptocurrency market, ranking third among the top-100 cryptocurrencies by market cap as of August 21. Over the last 24 hours, MATIC has seen a 9% increase, second only to TRON, which is closely associated with Justin Sun and saw a 12% rise, and BitTorrent, which saw a 22% surge.

However, MATIC has shown remarkable gains over the past week, accumulating a significant 23% increase in its value. This bullish momentum has positioned Polygon at a pivotal point from a technical analysis perspective. According to crypto analyst World of Charts, Polygon has finally managed to break free from a downtrend that has persisted for over six months, leading the analyst to project that MATIC could potentially soar towards the $1 mark.

Since mid-March, Polygon’s price has been confined within a descending channel, which is essentially two parallel downward-sloping trend lines. This pattern is typically seen as bearish in a downtrend, indicating a consolidation phase where the price makes lower highs and lower lows. However, if a breakout occurs from this pattern, it can signal a potential reversal.

On August 20, Polygon made a decisive move by breaking out from this descending channel, sending a major bullish signal that suggests a potential end to its prolonged downtrend. This breakout is significant not only because it reflects a shift in market sentiment but also because it sets a new path for future price targets.

The breakout point was identified at approximately $0.44, and following this breakout, the price is projected to rise by more than 143%, according to the analyst. Such a rally would push MATIC’s price above the $1.10 mark, with World of Charts remarking that a successful breakout could lead to a massive recovery towards the $1 range in the coming days.

For this bullish scenario to hold, it is crucial that the current post-breakout price level serves as a new support. If MATIC manages to maintain its position above the descending trend line and successfully retests it, the bullish outlook could be confirmed. On the other hand, if the price falls below the trend line once more, it might be considered a false breakout, potentially prompting a reevaluation of the bullish case.

Investors should also keep an eye on trading volume and market sentiment, as both are likely to play pivotal roles in sustaining the current upward momentum. Genuine breakouts are typically accompanied by an increase in trading volume, which can serve as further confirmation of the breakout.

Moreover, positive market sentiment and bullish technical indicators, such as moving averages and relative strength indexes, can provide additional support for the bullish scenario. Conversely, if the trading volume remains low or shifts towards the selling side post-breakout, it could potentially weaken the bullish outlook.

Another potential catalyst for a Polygon rally is the upcoming migration from MATIC to POL, which is set to be completed on September 4. This anticipated upgrade is expected to enhance the functionality of Polygon’s native token.

Currently, MATIC serves as both the gas and staking token within the Polygon Proof-of-Stake (PoS) network, playing a dual role in its security framework. However, with this upcoming migration, POL will become the primary gas and staking token, while MATIC will transition to a wrapped token on other بلاك تشينs.

This migration is designed to streamline Polygon’s tokenomics structure, optimize gas efficiency, and pave the way for further بلاك تشين integrations in the future. As the fourth-largest بلاك تشين by total value locked (TVL), Polygon is actively expanding its ecosystem.

At the time of writing, MATIC was trading at $0.4775.

The above is the detailed content of Polygon (MATIC) Breaks Out of Downtrend, Could Soar towards the $1 Mark. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Polygon (MATIC) Price May Reverse Despite Bearish Market as On-Chain Activity SpikesPolygon (MATIC) Price May Reverse Despite Bearish Market as On-Chain Activity SpikesAug 29, 2024 am 06:00 AM

Polygon has recorded a notable increase in on-chain activity despite the bearish flip in crypto that has sent MATIC plummeting.

MetaMask钱包教程:在MetaMask上添加Polygon和BSC网络MetaMask钱包教程:在MetaMask上添加Polygon和BSC网络Jan 19, 2024 pm 06:51 PM

从官网下载MetaMask(/download.html)。Chrome、Firefox、Brave、Edge以及iOS和Android都可以兼容。创建钱包时,请注意将密钥保存在实体纸张上,避免使用联网工具存储。操作完成后,您便成功创建了一个MetaMask帐户:MetaMask上的默认网络设置为ETH主网。单击网络列表,选择“CustomRPC”,您会看到此菜单弹出:添加BSC网络在框中输入以下信息:NetworkName:SmartChainNewRPCURL:/ChainID

Polygon (MATIC) to Replace MATIC Token With New POL Token on WednesdayPolygon (MATIC) to Replace MATIC Token With New POL Token on WednesdaySep 04, 2024 pm 09:34 PM

According to a previous Polygon Labs update, the upcoming upgrade will replace the existing MATIC token with a new POL token on Wednesday

Polygon (MATIC) Token Upgrades to POL, Aims to Become a ZK ChainPolygon (MATIC) Token Upgrades to POL, Aims to Become a ZK ChainSep 04, 2024 pm 06:07 PM

After a year of extensive community discussions, Polygon developers announced that the migration of its MATIC token to POL was live.

Polygon (MATIC) Price Surges Ahead of POL Token Replaces MATICPolygon (MATIC) Price Surges Ahead of POL Token Replaces MATICSep 04, 2024 am 03:24 AM

Polygon (MATIC) price, an Ethereum layer 2 solution, has experienced a notable increase in value after recent market adjustments.

Polygon Security Breach, Fantom Strength, Qubetics Whitelist: Market WatchPolygon Security Breach, Fantom Strength, Qubetics Whitelist: Market WatchAug 29, 2024 am 03:51 AM

Have you ever wondered what makes certain cryptocurrencies stand out in the market?  Qubetics, a promising new player in the blockchain space, offers

Polygon zkEVM 遭遇技术问题Polygon zkEVM 遭遇技术问题Mar 27, 2024 pm 04:00 PM

Polygon的zkEVM主网由于其区块链序列器中的第1层重组(layer-1reorg)而经历了技术性停机。Polygon的zkEVM主网遭遇了技术性停机,原因是其区块链序列器出现了问题,导致了第1层重组。团队在X平台上宣布了这一消息,并表示他们已经启动了解决该问题的工作。他们还告知用户可以期待未来几周内发布Polygon的零知识以太坊虚拟机(zkEVM)主网第二代。技术故障困扰PolygonzkEVM主网3月23日,Polygon宣布其雵知识以太坊虚拟机(zkEVM)因区块链序列器问题出现故

polygon是什么意思polygon是什么意思Jul 23, 2024 pm 06:13 PM

多边形是闭合、平坦且具有多个直边的几何图形,由相交直线连接的点组成。多边形的特征包括边、顶点、角和对角线,以及封闭一片区域的内部。根据边数和角数,可将多边形分为三角形、四边形、五边形等类型。多边形的性质包括边数和角数之和为2n,内角和为(n-2)x180度(其中n为边数),以及正多边形的边长和内角相等。

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Tools

SAP NetWeaver Server Adapter for Eclipse

SAP NetWeaver Server Adapter for Eclipse

Integrate Eclipse with SAP NetWeaver application server.

SublimeText3 Linux new version

SublimeText3 Linux new version

SublimeText3 Linux latest version

MinGW - Minimalist GNU for Windows

MinGW - Minimalist GNU for Windows

This project is in the process of being migrated to osdn.net/projects/mingw, you can continue to follow us there. MinGW: A native Windows port of the GNU Compiler Collection (GCC), freely distributable import libraries and header files for building native Windows applications; includes extensions to the MSVC runtime to support C99 functionality. All MinGW software can run on 64-bit Windows platforms.

WebStorm Mac version

WebStorm Mac version

Useful JavaScript development tools

VSCode Windows 64-bit Download

VSCode Windows 64-bit Download

A free and powerful IDE editor launched by Microsoft