Polygon Price Dives 17% In A Week Amid POL Migration As Layer-2 Rival Pepe Unchained Surpasses $11 Million
Release: 2024/08/29 12:25 Reading: 295
The Polygon price dipped over 17% in the last week following a 4% 24-hour loss, trading at $0.4415 as of 11:38 p.m. EST, as traders continue to sell the token.
The MATIC price drop coincides with Polygon's conversion of its native token to the new POL token. MATIC holders on Ethereum can already swap their tokens for POL through the Polygon Portal. No action is required for MATIC holders on the Polygon chain or holders of staked MATIC, as their tokens will be automatically swapped on September 4th.
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MATIC/USDT 4-Hour Chart (Source: TradingView)
The Polygon price has been trading in a descending channel, forming lower lows and lower highs over the past few days. Currently, the altcoin is resting on the key support level of $0.4230. If it drops below this technical level within 24 hours, it may plunge to the next support level at $0.3875.
However, if MATIC remains above $0.4230 for the next 24 hours, it could invalidate the bearish trend. In this scenario, Polygon might attempt to break out of the descending channel.
Technical Indicators Suggest Bullish Momentum
Technical indicators on MATIC's 4-hour chart suggest a potential bullish trend. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicate that bearish momentum is weakening.
RSI readings have risen over the past 24 hours, signaling that sellers may be losing momentum against buyers. The RSI is also approaching its Simple Moving Average (SMA) on the 4-hour chart, indicating potential bullish control.
The MACD line is leveling off below the MACD Signal line and moving towards it, suggesting a possible end to MATIC's negative trend.
As MATIC attempts to exit its bearish channel, layer-2 meme coin Pepe Unchained (PEPU) has raised over $11 million in its presale.
Pepe Unchained: A Turbocharged PEPE
Pepe Unchained (PEPU) aims to enhance the popular PEPE meme coin by creating a layer-2 network. This will free PEPE from the limitations of the congested Ethereum blockchain, reducing transaction fees and increasing speed.
PEPU will provide an enhanced transactional experience for investors and allow for seamless asset bridging between Ethereum and the Pepe Unchained blockchain.
Pepe Unchained's meme coin appeal and layer-2 capabilities have attracted the attention of investors, including the popular crypto YouTube channel 99Bitcoins, which named it a top project to watch.
Investors Bet on PEPU's Future
Pepe Unchained has raised over $11 million in its ICO, demonstrating investor enthusiasm. The project's layer-2 capabilities, bullish analyst sentiment, and an 182% APY offered during the presale may have contributed to this interest.
To unlock these rewards, investors can purchase and stake PEPU during the presale. The token is available for $0.0093477 through the widget on the project's website. ETH, USDT, BNB, and bank cards are accepted as payment options.
Investors should act quickly to secure the highest APY, as the token's price will increase in subsequent ICO stages.
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