Recovery is the word of the week, especially considering the standing of most cryptocurrencies in the market. And this wasn’t only because the prices of most tokens witnessed a surge. The number of announcements and developments also have to be taken into consideration.
Polygon [MATIC], at press time, was exchanging hands at $0.52 and traded 2.29% higher in the last 24 hours and 0.06% higher over the last hour. MATIC’s improving price could be a result of its latest announcement.
Change is the way forward
Polygon, on 14 September, announced the implementation of Polygon 2.0. Furthermore, 3 Polygon Improvement Proposals (PIPs) were also released.
The tweet by Polygon also stated the change of the token name to POL from MATIC. So how was this change received by traders and holders of the MATIC token? Let’s find out.
At press time, data from coinglass showed that MATIC’s long/short ratio stood at 1.02. This indicated that a higher number of traders held long positions than those who held shorter positions. This indicated that most traders believed in the long-term potential of MATIC.
Furthermore, data from Santiment indicated that MATIC’s weighted sentiment did witness a rise over the last few days, however, after witnessing a tiny drop it stood at 0.708. Although the drop wasn’t significant enough to call it bullish or bearish, it surely did indicate a shift in investor perspective toward the altcoin.
Additionally there was significant surge in MATIC’s social dominance as can be seen from the chart given below. However, the total amount of MATIC holders witnessed a steady rise over the last three months despite the bearish front of the market. This was a clear indication that MATIC holders were in it for the long haul.
Steady climb up the hill…
MATIC’s price trajectory in the after-hours of Polygon’s latest announcement showed that MATIC did see some improvement. As can be seen in the price chart given below, MATIC was trading 1.81% higher from its opening price on 14 September. This clearly indicated that the announcement had a positive impact on the price of the token.
Furthermore, the Relative Strength Index (RSI) also showed a reversal and moved toward the neutral line. This indicated that MATIC was witnessing some buying pressure. The Awesome Oscillator (AO) too flashed a single green bar below the zero line.
The Moving Average Convergence Divergence (MACD) didn’t exactly favor the bulls or the bears considering the position of the signal line upon the MACD line.
Thus, traders looking for a buy signal can consider adding to the buying pressure albeit cautiously.
Source : AMBCrypto by Aashna Dunwani / September 15, 2023