Polygon Rises 4.37% in 24 Hours, Reaches $0.833
In the past 24 hours, Polygon has had a strong performance, gaining 4.37% and reaching $0.833.
Polygon, the popular Ethereum layer-2 solution, has seen substantial gains amidst a bearish market. Over the past 24 hours, Polygon has achieved a strong performance, recording a 4.37% gain at $0.833. The L2 protocol's market valuation of $7.07 billion places it back in the top 12, above both DAI and Shiba Inu. Polygon's strong performance is a bright spot in an otherwise bearish market, and it's clear that the protocol is gaining traction among users and investors alike.
It is clear that the cryptocurrency MATIC has not performed well in recent months, falling by 73% from its all-time high. However, it is important to remember that the same factors that have contributed to the poor performance of MATIC have also affected the performance of other cryptocurrencies during 2022. As such, it is possible that the situation may improve in the future as the overall market conditions improve.
Polygon has been busy this summer, with new features and improvements!
Despite bearish trends in the crypto market overall, Polygon has shown significant rebound potential, rising 240% from its June low of $0.313 to reach $1 again in just two months. This resilience in the face of market headwinds is a positive sign for Polygon's future prospects.
The market found support at the $1 level, which is where the 50% Fibonacci retracement level supplied by the bearish vector it controls passes. This level was calculated using data ranging from the highs of $1.75 in March to the lows of $0.31.
Looking at the past few weeks, it's clear that $0.69 has been a key support level for MATIC. The price has recovered since then, but the most important metric to watch right now is the bearish vector from September's high of 0.9438 to its $0.69 low. This indicates that the market is still weak and could potentially drop again.
MATIC hits 3-week high, buoyed by strong demand
With the cryptocurrency market on the rebound, tokens like Polygon (MATIC) are seeing a resurgence in interest and value. After a dip over the weekend, MATIC shot up to a three-week high on Tuesday, trading as high as $0.8336. This renewed interest in the token is a positive sign for the future of the cryptocurrency market as a whole.
Looking at the recent performance of Polygon (MATIC), it is clear that the token is in a strong position. The 14-day relative strength index (RSI) is currently at its highest point in three weeks, and the token price is just below a higher resistance point at 57.65. If this barrier is broken through, the token price is likely to climb closer to the $0.8500 level. This would be a great development for Polygon, and would solidify its position as one of the leading cryptocurrencies.
Polygon's recent surge might be related to recent integration news.
Polygon's recent surge in popularity may be related to the recent bullish news surrounding the platform. On September 27th, RobinHood, a popular crypto brokerage, launched its non-custodial wallet with MATC to over 10,000 beta testers. This move could signal increased mainstream adoption of Polygon in the near future, and could lead to even more growth for the platform.
The Robinhood Wallet beta could be a game-changer for the DeFi space. It will allow users to access the platform's dApps, like Uniswap and Kyberswap, directly from the Robinhood app. This will make it much easier for users to get involved in the DeFi space and could help to drive adoption of the platform.
Shopping.io's decision to accept MATIC as a payment method is a bullish sign for the cryptocurrency. Token users will benefit from free delivery for the first seven days and a 2% 30-day discount. These reports are likely responsible for the surge in activity we're seeing in the MATIC market.