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Investing.com | Editor Ambhini Aishwarya
Revealed Oct 06, 2023 01:37AM ET
Polygon’s native token, MATIC, is displaying resilience within the face of a broader altcoin-led cryptocurrency market crash this Friday. Technical indicators are suggesting a possible 20% surge for MATIC, focusing on a provide zone between $0.6450 and $0.7075. This forecast aligns with the 50-day Exponential Shifting Common (EMA) at $0.6757.
Within the occasion of a bullish flip in market situations, Polygon may doubtlessly reclaim ranges above $0.8146. Nonetheless, an aggressive promoting spree or a three-day candlestick shut beneath $0.4894 may counter this optimistic outlook, pushing MATIC again to its mid-June 2023 lows.
The broader cryptocurrency market context reveals a decline in Bitcoin dominance, an element that usually triggers altcoin rallies. This development is presently enjoying out with MATIC demonstrating its upward momentum amid the downturn confronted by different altcoins, together with Litecoin.
Moreover, the article discusses stablecoins, cryptocurrencies designed to attenuate value volatility by being pegged to order belongings like commodities or fiat currencies. The efficiency of stablecoins was in a roundabout way tied to the present rally of MATIC.
This text was generated with the help of AI and reviewed by an editor. For extra data see our T&C.
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Written By: Investing.com
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