Polygon Price Prediction: MATIC Surges 14% After Coinbase Announces Support For POL Migration As This Layer-2 PEPE Closes On $10 Million
Release: 2024/08/22 15:10 Reading: 407
Polygon Price Surges 14% on Migration Announcement
The Polygon price has surged 14% in the past 24 hours to trade at $0.5322 at 00:43 a.m. EST, on a trading volume that skyrocketed 113% to $664 million.
This surge follows the announcement by Coinbase that it will support the migration of the Polygon ticker from MATIC to POL on the Polygon Network on August 26. To complete this change, sending or receiving MATIC will be temporarily disabled between August 26 and September 10.
On September 4, MATIC will transition to POL, which will replace MATIC as the native gas and staking token for the Polygon proof-of-stake (PoS) system.
Polygon Price Analysis
The Polygon price has been on a downtrend in August, but it has recently found support around $0.396 and has rallied back to its resistance at $0.528. The bulls are now aiming to capitalize on this momentum and push the price higher.
The technical indicators are also supportive of a bullish outlook. The Relative Strength Index (RSI) is currently at 85, indicating that the asset is under intense buying pressure. The Moving Average Convergence Divergence (MACD) is also trading above the neutral line, showing that the asset is in an uptrend.
If the bulls can continue to drive the price higher, Polygon could target $0.66, a 24% increase from the current price. However, it is important to note that the RSI is now overbought, which could indicate a potential reversal.
Pepe Unchained Raises Over $9.9 Million
In other news, the new meme coin Pepe Unchained (PEPU) has raised over $9.9 million in its presale. The project aims to create a faster and cheaper alternative to the popular meme coin Dogecoin by running on its own proprietary Ethereum Layer 2 blockchain.
Token holders can also earn passively through the platform's staking system, which offers an annual percentage yield (APY) of 201%.
To join the presale, buy $PEPU tokens from the official website here using ETH, USDT, or a bank card.
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