Polygon's MATIC: Bullish Surge Amid POL Token Upgrade
Explore MATIC's bullish surge amid Polygon's POL token upgrade. Understand key resistance levels and the impact on Polygon's future in the crypto market.
MATIC, Polygon's native token, has recently experienced a notable uptrend. It broke through the crucial $0.60 resistance, which had previously served as support since July 2022.
Chart by TradingView
Despite a temporary dip in September, MATIC has now reclaimed this level, suggesting the dip was a deviation.
The weekly Relative Strength Index (RSI) is currently below 50, indicating an uncertain trend. However, the daily RSI shows positive signs. MATIC broke out of an ascending channel on October 21. Such breakouts often signal the start of a new bullish trend.
MATIC is now heading towards the 200 Simple Moving Average (SMA), which currently acts as a mobile resistance. The 200 SMA has been very accurate in predicting MATIC's trend. If the price manages to break above the 200 SMA we can expect a significant uptrend.
Additionally, if MATIC manages to break above the 200 SMA it will have to contend with the $0.80 resistance level. This is a significant level, since it was the main support from June 2022 until July 2023.
POL Token Upgrade
Polygon Labs has also announced the live implementation of the POL token upgrade on the Ethereum mainnet.
This upgrade is a significant step towards realizing the objectives outlined in the Polygon 2.0 roadmap, including enhancing Polygon Proof-of-Stake (PoS) with zkRollup technology and implementing a ZK-powered interoperability and shared liquidity protocol for all Layer 2 solutions.
Bottom Line: MATIC is experiencing a bullish surge, and the introduction of the POL token upgrade by Polygon Labs adds to the positive momentum. Traders should closely monitor support levels for potential changes in the trend.
