|Performance after Tuesday 28-Feb|
Polygon (MATICUSDT) price for the week to-date dropped -5.34% or -0.0684 lower to 1.21330. At time of writing into Wednesday’s trading session, Polygon has decreased by -1.10% over the past 24 hours. For the record, MATICUSDT is -58.45% below all-time high of 2.92000. On Tuesday, MATIC dropped -3.09% to 1.19640.
On the daily timeframe, price is below 9-Day EMA and Stochastic oscillator is falling but in oversold zone, our analysis is that there could be selling pressure as the outlook looks bearish.
End of February, MATIC is up by 7.84% or 0.087 higher.
What can we expect from Polygon today?
Looking ahead for the day, immediate support level is at 1.16980 (S1) with break below could see further selling pressure towards 1.14320 (S2). For potential buyers, as the current momentum is falling, we prefer to look at firm break of the recent daily high of 1.24400 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. Polygon need to break on either side to indicate a short-term bias. A close below 1.18030 would indicate selling pressure.
For the week to-date, take note that Polygon is falling as the pair posted lower, down by -5.34%. Prior performance for the week ending 2023-02-26 was -13.31%.
Key levels to watch out:
Last updated: 02:20 am UTC, 01-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.