Polygon (MATIC) Leads Gains By Adding Over 14% In A Week
Polygon (MATIC), the Ethereum L2 project, has seen a massive
increase in its price over the past seven days. The project has
enjoyed much attention from the bulls, gaining over 14% in just one
week. Polygon, currently ranking 11th based on market cap, has had
a busy week. The PolygonDAO has been closing deals and partnerships
to expand the project’s reach. This might be a major determinant of
its more than 14% increase. Related Reading: Has Bitcoin Price
Broken Out Of Downtrend Resistance? BTCUSD Analysis October 6, 2022
However, it’s uncertain if the token will breach its $0.85
resistance in the coming days. As of writing, MATIC is trading at
$0.83, down 0.66% in the last 24 hours. Doubts Despite 7-Day Gains
Despite recording a stunning 14% gain in value, there are still
doubts surrounding the project’s next price direction. In the early
hours of today, the coin strengthened itself against BTC and ETH.
MATIC recorded 1.45% and 0.39% gains against both currencies,
respectively. It also traded at $0.8462, a 0.70% gain over its last
24-hour price. The price of MATIC has moved over both the 9
and 20 Exponential Moving Average (EMA) lines. This is noticeable
on the daily chart for the MATIC/USDT pair. Still, on the subject
of EMAs, the 9 EMA has just made a bullish crossover above the 20
EMA. This crossover may signal a continuous upward trend for the
token. However, traders must be cautious as the Relative Strength
Index (RSI) indicator shows that MATIC’s price has established a
local top. The Relative Strength Index line seems to slope
downward, indicating that prices have dropped to an oversold level.
Another technical indicator is that the coin’s sale volume has
recently surpassed the purchase volume. This suggests that the rise
beyond the EMAs will be temporary, signaling bearish sentiments.
Polygon’s Partnerships Sustaining Its Upward Trend Polygon has
announced several new partnerships in the past few weeks that have
helped push its value higher. One of the most notable is its
exclusive partnership with RobinHood, a top crypto broker. The
partnership saw Polygon become the first blockchain supported in
the broker’s newly launched web3 wallet. Upon launch, 10,000 iOS
users were given access to the wallet’s beta version. This number
was just 10% of the total number of users who signed up for the
waitlist back in May. Robinhood’s main aim for choosing Polygon is
to give its users the best possible trading experience. The company
cited the technology’s scalability, speed, and cheap network costs
as the primary reasons for its decision. Related Reading: Wash
Trading Dominates Bitcoin Volume, What Does This Mean For Price?
Additionally, Polygon recently announced on Twitter that they’d
hired Halborn Security to carry out a security audit for them.
Halborn Security is a prestigious security firm that undertakes
ethical hacking audits for blockchain companies across the globe.
The Halborn team will have eight weeks to complete the task.
They’ll also work with two seasoned full-time security engineers
who are well-versed in advanced smart contract hacking, penetration
testing, and blockchain protocols. Featured image from Pixabay and
chart from TradingView.com
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