[POL (formerly MATIC) shows bullish trend after Binance listing]
Polygon’s rebranded token POL (formerly MATIC) has been on a strong run lately, with prices ranging between $0.41 and $0.445, up around 10% over the past week. Currently, POL is trading at $0.4131, with a market capitalization of $2.93 billion, and trading volume has surged over 380% to $188 million.
Polygon’s technical upgrade from MATIC to POL drove the price of the token higher, especially after Binance included POL in multiple products, with POL prices rising by nearly 15%. The news helped POL break above $0.39 resistance and move above $0.44 for the first time in 15 days.
While POL is down 67% from its all-time high of $1.29, it has recently shown increased bull strength, with the 9-day moving average breaking above the 21-day moving average, and the current price is also above both moving averages. The relative strength index (RSI) is at 59, which is close to overbought conditions and could bring potential resistance.
If POL can break through the resistance level of $0.45, it may challenge $0.53, bringing 18% growth; but if it falls below $0.40, the next support level will be $0.33.
