Polygon Price Surges
The Polygon price rose 12% to reach an intra-day high of $0.92 on Sunday, November 12. This caught many traders off guard, leading to the liquidation of nearly $1.7 million in short positions. Within the last 24 hours, the price has increased by almost 10%, trading at $0.88 at 11 PM EST. Additionally, the trading volume has risen by a substantial 90% over the same period.
Market Rally
The surge in Polygon price comes amidst a broader market rally, with Bitcoin (BTC) and Ethereum (ETH) leading by example. In the last week, these two giants have experienced a 5% and 8% increase in their market capitalization, respectively.
Polygon’s Future Outlook
Polygon’s price seems to be coiling up for its next move, possibly bullish as suggested by technical indicators. Three possibilities are present based on the intermediate outlook shown by the 1-day chart for the MATIC/USDT chart below.
Bitcoin ETF Approval Impact
If approval does come, Bitcoin price is expected to shoot north, with the overflows of its bounty flowing into altcoins. Polygon could benefit from this as it is featured among the top fifteen cryptocurrencies. However, this impact may not be as significant for Layer 2s (L2s) like Polygon compared to Layer 1s (L1) such as Ethereum, Polkadot, Solana, Dogecoin, Cardano, and Avalanche.
Promising Alternative To Polygon
BTCETF is another native crypto under the banner of “The only token rewarding holders as Bitcoin ETFs are approved.” With ETF specialists at Bloomberg putting the odds for approval at 90%, now is the time to buy BTCETF before it reaches $37,000 with no signs of stopping.
Hot Take: BTCETF Presale
With ETF specialists at Bloomberg putting the odds for approval at 90%, now is the time to buy BTCETF before it reaches $37,000 with no signs of stopping.
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