Investing.com | Editor Ambhini Aishwarya
Published Oct 06, 2023 01:37AM ET
Polygon’s native token, MATIC, is displaying resilience in the face of a broader altcoin-led cryptocurrency market crash this Friday. Technical indicators are suggesting a potential 20% surge for MATIC, targeting a supply zone between $0.6450 and $0.7075. This forecast aligns with the 50-day Exponential Moving Average (EMA) at $0.6757.
In the event of a bullish turn in market conditions, Polygon could potentially reclaim levels above $0.8146. Nonetheless, an aggressive selling spree or a three-day candlestick close below $0.4894 could counter this positive outlook, pushing MATIC back to its mid-June 2023 lows.
The broader cryptocurrency market context reveals a decline in Bitcoin dominance, a factor that often triggers altcoin rallies. This trend is currently playing out with MATIC demonstrating its upward momentum amid the downturn faced by other altcoins, including Litecoin.
Additionally, the article discusses stablecoins, cryptocurrencies designed to minimize price volatility by being pegged to reserve assets like commodities or fiat currencies. The performance of stablecoins was not directly tied to the current rally of MATIC.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
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