Polygon MATIC’s Sudden Green Candles After The Bearish Period; What Does This Suggest?

After a prolonged period of bearish movement, Polygon (MATIC) has defied expectations today. The trading chart shows MATIC rebounded, printing green candles.

This sudden bullish momentum signals a potential shift in sentiment towards the Polygon ecosystem. But can buyers sustain this rally? The following analysis could provide hints.

Polygon (MATIC) Price Action

MATIC reached its all-time high of $2.92 in December 2021. Since achieving this milestone, MATIC has encountered significant resistance and has lost more than 80% of its valuation.

In March's bullish rally, MATIC briefly ascended to a yearly high of $1.24 before dropping. It recorded a notable downturn on June 6, 2024, which has persisted until yesterday.

However, a glimmer of hope shines through the Polygon (MATIC) market today as the token shows signs of recovery. MATIC has climbed from a low of $0.53 to $0.57 its present price, marking a 3.35% increase in value.

Despite the moderate gains, Polygon is down over 11% in the seven-day timeframe and nearly 17% in the last 30 days.

MATIC Price Analysis: Signs of Recovery and Potential Bullish Momentum

The 4-hour chart shows that MATIC broke a significant low at $0.570, dropping to $0.529. However, it demonstrated strong rejection at this level, forming a minor support around the $0.529 price region.

This rejection has provided a foundation for MATIC to start its upward movement. As a result, MATIC has begun to rise today, and if this momentum sustains, it might break the previous high at $0.61.

Currently, the coin is consolidating around the $0.57 level. This consolidation indicates that MATIC is gathering strength for a potential breakout.

In addition, the MACD line, which had been below the signal line for some time, has crossed above. This crossover is a classic bullish signal, suggesting a positive market sentiment.

Moreover, the rising green histogram supports this bullish shift, indicating increasing buying pressure. Based on the technical indicators, MATIC is showing strong signs of recovery.

The support formation, current consolidation, and bullish MACD signal all point toward a potential upward movement. If the current momentum sustains, MATIC could break previous highs and continue to rise.

Polygon Expands Ecosystem: Announces Strategic Partnerships

On June 18, Ronin, the sidechain network built for the popular play-to-earn (P2E) game Axie Infinity, announced an exciting development. Soon, developers on Ronin will use Polygon's Chain Development Kit (CDK) to create their own zkEVM Layer 2 (L2) chains.

This kit will enable developers to build and launch their chains easily, allowing them to deploy games on Ronin without special permissions.

Jeff' Jihoz' Zirlin, Axie Infinity's co-founder, commented on the partnership's benefits. He emphasized the significant scalability improvements this partnership brings as it allows more games on the platform. Zirlin also highlighted aligning Ronin more closely with Ethereum.

Surprisingly, Polygon also partnered with FOX Corporation on June 18. The media giant launched an L2 chain using Polygon's CDK. Fox announced the beta version of Verifying is moving to a dedicated ZK blockchain. Gelato, a rollup-as-a-service platform, is assisting with this transition.

These collaborations will significantly increase MATIC's utility and demand. With Ronin and Fox Corporation integrating Polygon's technology, the ecosystem becomes more attractive to developers.This increased developer interest and activity can drive MATIC's price up.

Polygon Alternative: PlayDoge Presale Gathered $4.8 Million

While the broader market remains volatile, with rapidly swinging prices across various tokens, PlayDoge (PLAY) emerges as a viable investment option.PlayDoge, a Play2Earn meme crypto project centered around nostalgic gaming, has raised more than $4.8 million in its presale.

Its unique virtual pet gaming and staking feature makes it stand out among other meme coins. $PLAY is gaining attention in the meme coin market by blending internet memes with nostalgic '90s video game elements.

Players care for a virtual Doge" pet in this gaming ecosystem to earn PLAY tokens. Users can accumulate tokens by feeding and playing retro-style mini-games with their pets. Moreover, a leaderboard system rewards additional $PLAY tokens to top-performing pet owners.

PlayDoge offers more than just entertainment; players can stake their $PLAY tokens to earn impressive APYs of up to 152%.

This utility is a major factor in PlayDoge's success, attracting significant investment during its presale. Nearly 125 million $PLAY coins have already been staked on the staking platform, and the APY will keep reducing as more investors take their tokens. So, joining on time is advisable to avoid missing out.

Early investors can purchase PLAY tokens at a low price of $0.0051, which will increase in the next few hours.Further, after the presale concludes, PlayDoge intends to list PLAY on a leading decentralized exchange (DEX).

Several influential figures and YouTubers have expressed optimism about PlayDoge's prospects.

Jacob Bury believes PLAY's price could increase 10X once it lists on the open market. Crypto Gains, a prominent figure with a substantial following of 134,000 subscribers, also highlighted PLAY's explosive potential."

Even Matthew Perry disclosed his $500 investment in the PlayDoge presale. Given its ongoing progress, the PlayDoge presale could sell out soon. Visit the PlayDoge presale site and follow the procedures.

The post Polygon MATIC's Sudden Green Candles After The Bearish Period; What Does This Suggest? appeared first on The Tech Report.