Editors
Posted:
- MATIC’s price rose slowly but steadily in the hours after Polygon’s latest announcement.
- At the time of writing, MATIC’s long/short ratio favored the attitude of long-term holders over short-term holders.
Recovery is the word of the week, especially considering the position of most cryptocurrencies in the market. And this wasn’t just because the prices of most tokens showed a sharp increase. The number of announcements and developments should also be taken into account.
Polygon [MATIC], at the time of writing, exchanged hands at $0.52 and is trading 2.29% higher in the last 24 hours and 0.06% higher in the last hour. MATIC’s improving price could be a result of the latest announcement.
Read Polygon [MATIC] Price forecast 2023-24
Change is the way forward
Polygon announced the deployment of Polygon 2.0 on September 14. Furthermore, 3 Polygon Improvement Proposals (PIPs) have also been released.
1/ The wait is over. The implementation of Polygon 2.0 is now underway with the release of 3 Polygon Improvement Proposals (PIPs) and a roadmap for Phase 0.https://t.co/gk7FW0zCpc pic.twitter.com/YJo3BtQy4y
— Polygon (Labs) (@0xPolygonLabs) September 14, 2023
Polygon’s tweet also mentioned the token name change from MATIC to POL. So how was this change received by traders and holders of the MATIC token? Let’s find out.
At the time of writing, data from Coinglass showed MATIC’s long/short ratio at 1.02. This indicated that a greater number of traders held long positions than those who held shorter positions. This indicated that most traders believed in MATIC’s long-term potential.
Source: mint glass
Moreover, data from Santiment indicated that MATIC’s weighted sentiment showed an increase in recent days, but after a small decline, it stood at 0.708. While the drop wasn’t significant enough to be called bullish or bearish, it certainly indicated a shift in investor perspective towards the altcoin.
Additionally, there was a significant increase in MATIC’s social dominance, as shown in the graph below. However, the total number of MATIC holders has been steadily rising over the past three months despite the market’s bearish front. This was a clear indication that MATIC holders were in it for the long haul.
Source: Santiment
Steady climb up the hill…
MATIC’s price trajectory in the hours after Polygon’s latest announcement showed that MATIC was seeing some improvement. As you can see in the price chart below, MATIC was trading 1.81% higher than its opening price on September 14. This clearly indicated that the announcement had a positive impact on the price of the token.
Source: TradingView
Moreover, the Relative Strength Index (RSI) also showed a turnaround and moved towards the neutral line. This indicated that MATIC was witnessing some buying pressure. The Awesome Oscillator (AO) also flashed a single green bar below the zero line.
How much are 1,10,100 MATICs worth today?
The Moving Average Convergence Divergence (MACD) was not exactly in favor of the bulls or the bears, given the position of the signal line on the MACD line.
So, traders looking for a buy signal may want to consider increasing the buying pressure, albeit cautiously.
