Amid a significant network upgrade, the Polygon ecosystem has now migrated to the POL token as its primary token over its mainnet. It all started with the announcement of Polygon Labs on July 18th about the migration of its primary token from MATIC to POL, which went live on September 4.
From now on, the ecosystem will use the hyperproductive POL token as the native gas and staking token. Furthermore, it will be used as a validator reward and even for governance fees.
Despite the massive shift, there is no pressure for MATIC investors to migrate to the new gas token immediately. Along with Kucoin and Coinbase, Binance announced its support for the migration last week. Binance will discontinue all MATIC spot trading pairs on September 10th at 03:00 UTC.
However, the massive upgrade failed to boost the MATIC coin price in the crypto market. Let’s take a closer look at the MATIC price analysis.
MATIC Price Performance
With a market cap of $1.73 billion, Polygon stands at the 43rd rank in the crypto market. The MATIC token currently trades at $0.3702, with a 24-hour pullback of 1.30%.
Over the last week, the altcoin has registered a 12.50% drop. In the daily chart, the MATIC price action reveals a long-coming falling channel pattern with a failed bullish breakout.
The breakout rally peaked at $0.56 but took a quick V-top reversal. The bearish cycle accounts for a 35% drop in the past 13 days with only a single bullish candle and is currently testing the $0.37 support.
Technical Indicators:
RSI: Despite a new lower-low formation, the daily RSI line reveals a bullish divergence at play. Meanwhile,
EMA: The 50- and 200-day EMA maintain a bearish alignment following the death cross in April this year. Since the death cross, the MATIC price has failed to test the 200-day EMA.
Will Polygon Price Drop Under $0.40?
Based on the price action levels, the next support level stands at $0.33 and $0.30, along with the declining support trendline. On the positive side, a recovery run with the broader market bounce back could challenge the $0.40 along with the overhead resistance trendline.
This breakout rally will again challenge the 50-day EMA, acting as the dynamic resistance at $0.4617.
Also, read our Polygon Price Prediction 2024-2030, for insights about the long-term prospects of this cryptocurrency.
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