Polygon Price Surges Back to 0.60 Dollars as Team Unveils Two Exciting Upgrades

Crypto News- As we delve into the daily timeframe analysis, it’s evident that MATIC has been on a consistent upward trajectory since September 11, punctuated by a noteworthy breakthrough of a descending resistance trendline on September 29.

On October 4, MATIC initially faced resistance at the $0.60 level (highlighted in red), but it rebounded, establishing a higher low on October 19. A mere three days later, it surged once more, fueled by Polygon’s exciting announcement of an enhanced Miden Virtual Machine, expected to boost performance by a remarkable 30%. In addition to this, the Polygon team set in motion the 10-day timelock for the Inca Berry, the most recent Mainnet upgrade.

Polygon Price Surges Back to 0.60 Dollars as Team Unveils Two Exciting Upgrades

In a parallel development, the well-known Binance exchange revealed plans for a novel trading service built on its native Polygon blockchain, utilizing the USDC stablecoin.

Zooming out for a broader perspective with our weekly timeframe analysis, an optimistic sentiment prevails, lending support to the ongoing breakout from the resistance trendline.

Back in September, MATIC briefly slipped below the longstanding horizontal level at $0.60. However, this turned out to be a fleeting deviation (marked in green), as the price swiftly recaptured this critical territory. A particularly noteworthy event is the formation of a bullish engulfing candlestick in the preceding week (highlighted in green), a significant pattern in which the entire decline from the previous period is nullified in the subsequent one. This significantly bolsters the credibility of the breakout and the reclamation of the horizontal zone.

Should MATIC’s upward momentum persist, the next challenge awaits at $0.85, representing a substantial 40% increase from the current price.