How much is MATIC worth?
Today, the price of Polygon (MATIC) is $0.56, with a 24-hour trading volume of $237 million. The cryptocurrency has a market capitalization of $5.2 billion and dominates the market by 0.41%. The price of MATIC fell by 2.3% in the past 24 hours. Currently, the number of MATIC tokens in circulation is 8.01 billion, with a maximum supply of 10 billion.
MATIC Price Analysis: MATIC price struggles to surge above $0.58; triggers decline
TL; Disaster recovery breakdown
MATIC price analysis shows a bearish pattern after failing to break above $0.58
Resistance for MATIC is $0.6339
Support for MATIC/USD is $0.5436
MATIC price analysis for October 8 confirmed that MATIC was rejected after trying to surge above $0.58. MATIC price fell below the 23.6% Fibonacci channel, triggering a fresh decline as selling pressure intensified.
MATIC Price Analysis 1-Day Chart: Bulls struggle to hold on near $0.58
Analyzing Polygon’s daily price chart, MATIC’s price witnessed a bearish rebound after bulls failed to push the altcoin above the 23.6% Fibonacci channel. Over the past 24 hours, MATIC price attempted to surge above $0.58 but failed to meet higher levels of buying demand. Therefore, MATIC price is currently experiencing a bearish rebound. 24-hour trading volume surged to $4.7 million, indicating increased interest in trading activity today. MATIC price is currently trading at $0.56, down over 2.3% in the past 24 hours.
The RSI-14 trendline has surged from previous levels and is currently hovering around the 55 level, indicating that bulls are slowly gaining momentum on the price chart. The SMA-14 level indicates an upward swing in the coming hours.
MATIC/USD 4-hour price chart: MATIC price faces low buying demand above EMA20
The 4-hour MATIC price chart shows that MATIC price continues to experience bearish activity above the EMA line, creating negative sentiment on the price chart. As the price struggles to initiate a surge, bulls are preparing for a break above the EMA20 trendline to intensify buying pressure.
The BoP indicator is in bearish territory at 0.31, suggesting that sellers are trying to exert pressure near resistance to push for a downward correction.
Additionally, the MACD trendline formed a red candle below the signal line, as the indicator attempts a negative reversal, reinforcing bearish positions.
What to expect next from MATIC Price Analysis?
The hourly price chart confirms that bears are working hard to prevent an immediate surge in MATIC price. However, if MATIC price manages to break above $0.6339, it may surge towards the $0.7052 resistance level.
If the bulls fail to initiate a surge, MATIC price could fall below the immediate support line at $0.5436, leading to a correction to $0.4915.
Latest news/opinions from MATIC
Polygon co-founder Jaynti Kanani leaves: Ethereum’s Polygon co-founder Jaynti Kanani announced on X (formerly Twitter) that he is stepping back from day-to-day operations. While he will pursue new ventures, he will continue to support and contribute to Polygon from a distance.
Polygon 2.0 is online: Polygon Labs announced that after community consultation, the POL contract is now online on the Goerli testnet. In addition, two proposals regarding the token burning mechanism for future upgrades are actively underway.
Polygon seeks community approval: On September 14, Polygon launched three Polygon Improvement Proposals (PIPs) for community review and voting, scheduled to begin in the last quarter of 2023.
Colombian stablecoin: Num Finance has launched a stablecoin pegged to the Colombian peso called nCOP on the Polygon network. The token, called nCOP, has reserves exceeding its value and enables individuals and businesses to leverage blockchain for a variety of financial activities, according to a press release from the company.
Accusation: Polygon's scaling fork Polygon Zero claims that Matter Labs copied a large portion of the code from its Plonky2 library for their zkSync project, an Ethereum layer 2 scaling solution. Matter Labs refutes these claims.
Surge in NFT purchases: MATIC has seen a significant increase in NFT sales in recent weeks. Total sales from July 23 to 24 passed the 39,000 mark, according to Dune Analytics.
Polygon 2.0 Governance: Polygon Labs developers have proposed a new three-pillar governance structure for Polygon 2.0: an expanded proposal framework for network upgrades, a community-led protocol change system, and a financial mechanism to fund projects and growth.
MATIC to POL Token: Polygon, a company specializing in Ethereum Layer 2 development, recommends upgrading its Polygon MATIC token. This will turn it into a multifunctional token capable of validating multiple chains.
Proposed technology enhancements to MATIC are awaiting approval from the Polygon community. If accepted, the upgrade will result in MATIC's name changing to POL, reflecting its new multi-purpose capabilities.
Breaking news: Polygon Labs recently proposed upgrading its proof-of-stake chain to zkEVM validium following the release of Polygon 2.0. The move, designed to enhance security and performance, is an important step toward the goal of occupying the "value layer" of the Internet. The proposal also outlines plans to integrate zero-knowledge proofs, seen as the future of smart contract blockchains, separate from Polygon’s zkEVM, which was launched in March.
Polygon 2.0: The Polygon team recently launched Polygon 2.0, which aims to build the value layer of the Internet.
Therefore, Polygon 2.0 will serve as the basic framework for value generation, exchange and programming. The team claims that Polygon 2.0 will play a vital role in democratizing the global economy, similar to how the Internet democratized access to information.
Delisting: In response to the U.S. Securities and Exchange Commission (SEC) classifying certain tokens as securities, retail trading platform eToro has suspended purchases of cryptocurrencies such as Algorand [ALGO], Decentraland [MANA], Dash [DASH], and other cryptocurrencies. Polygon [MATIC] for customers residing in the United States. This decision has been implemented by the platform. $MATIC
