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Home»ALTCOIN NEWS»What’s stopping MATIC (Polygon) from hitting $1 after a reorganization?
ALTCOIN NEWS

What’s stopping MATIC (Polygon) from hitting $1 after a reorganization?

By Crypto FlexsOctober 29, 20243 Mins Read
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What’s stopping MATIC (Polygon) from hitting  after a reorganization?
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  • Polygon Labs has launched the “Hyperproductivity” POL ecosystem token.
  • POL (e.g. MATIC) fell to an all-time low as spot volumes failed to recover.
  • MATIC has traded below $1 since April, although the analyst sees “upside potential.”

Polygon (MATIC) recently rebranded to Polygon Ecosystem Token (POL). Polygon’s latest agenda to infinitely scale Ethereum’s layer 1 chain through an aggregated chain architecture sparked a frenzy among traders in mid-September, when the Binance-backed MATIC to POL migration saw an 18% surge in the token’s price. .

However, a recent major upgrade shook investors’ minds with the inflation adjustment in the coin’s token economics. According to the Polygon ecosystem’s roadmap, despite the 1:1 exchange of POL to MATIC, the new token will have an annual inflation rate of 2%.

Originally, MATIC was limited to 10 billion tokens and a portion of the processed gas fee was used to burn tokens. The token economics of the new token will reserve 1% of the annual token issuance fee as validator funds and the remaining 1% for chain development.

Layer-2’s native POL token is currently trading at $0.3169, having hit an all-time low of $0.3146 just 15 minutes ago. Polygon’s trading volume of $76 million not only puts this altcoin in the top 100 cryptocurrencies by trading volume, but also makes it one of the worst-performing altcoins of the past week, posting a 7-day deficit of 14.6%.

Can Polygon’s MATIC reach $1 yet?

MATIC has not crossed the $1 checkpoint since April 1, 2024. According to technical analysis, the chart below from analyst Ali Martinez shows a 0.786 Fibonacci retracement level, which is consistent with MATIC’s $1 price target.

The cryptocurrency trader believes the “upside potential” far outweighs the 15% downside risk and has set $0.89 as his first target, adding a more bullish approach to his long-term target of $8.

In contrast, on MATIC’s 4-hour trading price chart, the near-term outlook appears to be far from optimistic. First of all, the technical meaning that the Stochastic Relative Strength Index (StochRSI) is between 74 and 62 constitutes an overbought POL condition. Moreover, CMF (Chaikin Money Flow) recorded -0.20, indicating negative big holder flow and falling below zero.

On the flip side

  • According to IntoTheBlock, currently profitable POL holders make up less than 1% of all investors.
  • Polygon’s 14.6% monthly price decline is partly due to Ether’s multi-year lows along with BTC.

Why This Matters

In addition to its L2 scaling capabilities, Polygon Labs stands out among other popular altcoins in retail adoption by signing deals with major brands such as Nike, Starbucks, Mastercard, Adobe, and Google.

Check out DailyCoin’s latest cryptocurrency news:
Dogecoin and Neiro exploded after this move by top market makers.
DailyCoin Bitcoin Regular: Strong Signal for $100K Bitcoin Rally

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