Polygon (MATIC) recently made an important announcement, revealing the long-awaited Polygon 2.0 architecture. The community has been eagerly awaiting this update, hoping that it will address various scalability issues and bring further improvements to the network.
Despite the excitement surrounding Polygon’s future plans, the MATIC token appears to be going through a period of struggle.
With the crypto space rapidly evolving, investors and enthusiasts are wondering what could be causing MATIC’s current downturn and how it might affect the platform’s trajectory.
Could Polygon 2.0 be the key to reinvigorating MATIC’s value and restoring confidence in the project?
A shift in the scalability and fluidity of the polygon?
Polygon (Matic) recently Twitter took Here’s a sneak peek at the highly anticipated Polygon 2.0 update, which aims to revolutionize the network by offering unlimited scalability and uniform fluidity.
According to the tweet, Polygon aspires to transform itself into a value layer of the Internet, emphasizing the important role it takes on for its developed infrastructure.
1/ Today, we are excited to propose the Polygon 2.0 architecture, designed to provide unlimited scalability and unified fluidity, thus turning Polygon into the value layer of the Internet!
Read the blog 👇🏽 or keep scrolling 🧵https://t.co/sShy6R1E6R pic.twitter.com/BTdwkri4nI
– Polygon (Labs) (@0xPolygonLabs) June 29, 2023
The Polygon 2.0 architecture is comprised of four distinct protocol layers, each serving a critical purpose within the network, contributing to the overall functionality and efficiency of the platform. Notably, Polygon’s storage space grew in just seven days.
MATIC market cap currently at $10 billion on the weekend chart: TradingView.com
Staking Rewards data reveals a significant increase in the number of MATIC watchers during this period, reflecting the growing interest and engagement in the Polygon ecosystem.
Despite the positive developments in the Staking Polygon community, the MATIC token has faced a slight setback in its market capitalization.
Queen Gekko The current price of MATIC is at $0.659, which indicates a slight decrease of 0.2% in the past 24 hours and a loss of 2.6% in value over the past 7 days.
Source: Coingecko
Mixed signals in the Matic price report
Last Matic price report It presents a somewhat intriguing scenario, with some metrics showing bullish signals while others suggest a contrarian outlook.
Among the positive indicators, the Moving Average Convergence Divergence (MACD) indicator indicated an upward trend in the market, which instilled optimism among investors.
In addition, the Relative Strength Index (RSI) showed an increase, which indicates an increase in buying pressure and potential strength in the MATIC price action.
However, the report also highlighted a worrying aspect of MATIC’s price trend. The gap between the 20-day exponential moving average (EMA) and the 55-day moving average was widening, which raised red flags among traders and market watchers.
A large and widening gap between these two exponential moving averages could indicate a possible loss of momentum in the short term and may indicate a long term bearish trend for the token price.
(The content of this website should not be interpreted as investment advice. Investing involves risk. When you invest, your capital is at risk).
Featured image from Daily Huddle
