|Performance after Friday 27-Jan|
Polygon (MATICUSDT) price for the week to-date gained 16.03% or 0.1593 higher to 1.15320. At time of writing into Saturday’s trading session, Polygon has increased by 5.95% over the past 24 hours. For the record, MATICUSDT is -60.51% below all-time high of 2.92000. On Friday, MATIC dropped -4.34% to 1.07520.
On the daily timeframe, price is above 9-Day EMA and Stochastic oscillator is rising but in overbought zone, our analysis is that there is bullish momentum and price could continue to go higher.
For the month-to-date, MATIC is up by 52.08% or 0.3949 higher.
What can we expect from Polygon today?
Looking ahead for the day, we are looking at 1.12800 or 1.11220 (R1) as important resistance levels and daily low of 1.06220 and 1.05020 (S1) as key support levels. Polygon need to break on either side to indicate a short-term bias. A close below 1.06220 would indicate selling pressure.
For the week to-date, take note that Polygon is rising and up by 16.03% as the pair continued to trade higher in the past few days. Prior performance for the week ending 2023-01-22 was 1.10%.
Key levels to watch out:
Last updated: 01:23 am UTC, 28-Jan 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.