|Performance after Tuesday 07-Mar
Polygon (MATICUSDT) price for the week to-date gained 0.95% or 0.0108 higher to 1.14680. At time of writing into Wednesday’s trading session, Polygon has decreased by -0.33% over the past 24 hours. For the record, MATICUSDT is -60.73% below all-time high of 2.92000. On Tuesday, MATIC rose 1.70% to 1.15010.
On the daily timeframe, price is below 9-Day EMA and Stochastic oscillator is rising but in oversold zone, our analysis is that the price action might be set for a rebound.
For the month-to-date, MATIC is down by -4.15% or -0.0496 lower.
What can we expect from Polygon today?
Looking ahead for the day, immediate upside resistance level at 1.17540 (R1) while on the downside, we are looking at daily low of 1.11200 as an important support. Break below this level could weaken the current bullish momentum.
Polygon need to break on either side to indicate a short-term bias. A break above 1.16900 would suggest bullish bias after recent positive movement.
For the week to-date, take note that Polygon is rising and up by 0.95% as the pair continued to trade higher in the past few days. Prior performance for the week ending 2023-03-05 was -11.37%.
Key levels to watch out:
Last updated: 02:20 am UTC, 08-Mar 2023
Polygon (Previously Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.Using Polygon, one can create Optimistic Rollup chains, ZK Rollup chains, stand alone chains or any other kind of infra required by the developer.Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche etc with the advantages of Ethereum’s security, vibrant ecosystem and openness.Nothing will change for the existing ecosystem built on the Plasma-POS chain. With Polygon, new features are being built around the existing proven technology to expand the ability to cater to diverse needs from the developer ecosystem. Polygon will continue to develop the core technology so that it can scale to a larger ecosystem.The $MATIC token will continue to exist and will play an increasingly important role, securing the system and enabling governance.