Polygon Price Prediction: MATIC Surges 14% After Coinbase Announces Support For POL Migration As This Layer-2 PEPE Closes On $10 Million

Polygon Price Surges on Ticker Migration Announcement

The Polygon price experienced a significant surge of 14% in the past 24 hours, reaching $0.5322 as of 00:43 a.m. EST. This increase was accompanied by a surge in trading volume of 113%, reaching $664 million.

The rally was primarily driven by Coinbase's announcement that it will support the migration of the Polygon ticker from MATIC to POL on the Polygon Network effective August 26th. To facilitate this change, sending or receiving MATIC will be disabled from August 26th to September 10th.

Migration Details:

• Starting August 26th, the Polygon ticker will migrate from MATIC to POL on the Polygon Network.
• To successfully complete the change, send/receive MATIC will be disabled on the Polygon Network from August 26th to September 10th.

Bullish Price Action:

The Polygon price has exhibited a downtrend in August, but the announcement of the ticker migration has provided a catalyst for a rally. The price has broken through the $0.528 resistance level and formed a rounding bottom pattern, indicating a reversal of the downtrend.

Technical indicators also support the bullish stance. The Relative Strength Index (RSI) has surpassed the 70-overbought region, currently at 85, indicating intense buying pressure. The Moving Average Convergence Divergence (MACD) is trading above the neutral line, with the blue MACD line crossing above the orange signal line, forming a bullish crossover.

Further Price Targets:

If the bullish rally continues, MATIC could target $0.66, representing a 24% gain from the current price. However, the RSI indicating a possible overvaluation could signal a potential reversal. In case of a pullback, the price could retrace to the $0.46 support level (200-day SMA).