Polygon (MATIC) Price Rebounds with Bullish Momentum
The price of Polygon (MATIC) is experiencing a resurgence of bullish activity, bouncing back after briefly testing the support floor at $0.5391. Currently, the altcoin is trading at $0.5628, continuing its upward trend that began on September 2.
Analyst Predicts MATIC Could Reach $0.75 in the Short Term
Renowned analyst @tanxcrypto on social media platform X has forecasted that Polygon’s price may reach the range of $0.65 to $0.75 in the near future. This prediction is based on MATIC’s ability to hold above the $0.54 support level and the confirmation of a triple bottom pattern on the daily chart.
Polygon Prepares for zkEVM Mainnet Beta Launch
The Polygon ecosystem is gearing up for the launch of the zkEVM Mainnet Beta, which includes updates to both the Node and Prover components. This latest version is set to improve the functionality of the network and enhance user experience.
Polygon Price Forecast Indicates Upward Momentum
As Polygon’s price continues to trend upwards, currently at $0.5628, the altcoin has formed four consecutive green candlesticks, suggesting a potential rally. If buying pressure persists, MATIC could reach the resistance zone between the horizontal line and the 50-day Simple Moving Average (SMA) at around $0.6382 to $0.6432.
A decisive breakthrough above this level would pave the way for Polygon’s price to test the 100-day SMA at $0.6804 and potentially achieve the analyst’s target of $0.7500. However, a correction or pullback is possible as MATIC encounters selling pressure in the $0.7440 supply zone.
On-chain Metric: Polygon Volume
Current data reveals that 93.37% of MATIC holders are experiencing losses, while only 6.63% are making a profit. This skewed distribution could lead to selling pressure if holders attempt to break even, potentially pushing Polygon’s price below the immediate support at $0.5391.
Hot Take: Wall Street Memes Offers Promising Alternative to MATIC
While monitoring Polygon’s performance, it’s worth exploring Wall Street Memes (WSM) as a potential alternative. This viral meme coin is gaining significant attention and is set to launch on tier-one exchanges in the near future. WSM has garnered partnerships with CoinGecko, DEXTools, and DEXScreener, making it an attractive investment with 10X growth potential, according to experts.
Wall Street Memes aims to tokenize the meme stocks phenomenon that emerged during the recent market rally driven by Reddit traders. With a successful token offering and over $25 million raised, WSM offers various opportunities for investors, including a $50,000 giveaway and staking features to reduce selling pressure.
Don’t miss out on the presale window for WSM as it closes soon, providing a unique investment opportunity in the meme coin space.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.