Token

Flow

Polygon

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/polygon-rebrands-matic-token-to-pol" data-wpel-link="internal" rel="noopener noreferrer nofollow">Polygon Rebrands MATIC Token to POL</a><br></p>
<p style="text-align: justify">Polygon’s <a href="https://en.bitcoinhaber.net/polygons-network-developments-and-whale-movements-potentially-impact-matic-prices" data-wpel-link="internal" rel="noopener noreferrer nofollow">MATIC</a> token will be rebranded as POL on September 4, stirring significant discussion within the cryptocurrency community. This update is a crucial element of the Polygon 2.0 roadmap, designed to bolster the network’s security and utility. Notably, 97.74% of MATIC investors are experiencing losses, raising uncertainties about whether the rebrand will rejuvenate the struggling altcoin.</p>
<h2 id="what-does-on-chain-data-reveal">What Does On-Chain Data Reveal?</h2>
<p style="text-align: justify">Recent on-chain data presents a concerning picture for MATIC. Since mid-April 2024, Polygon’s daily active addresses and overall network growth have been on a downward trajectory. For example, between August 11 and August 12, active addresses plummeted from 500,000 to 88,200, and transactions decreased from 130,000 to 16,900, highlighting dwindling user engagement.</p>
<p style="text-align: justify">Adding to these woes, most MATIC investors are currently at a loss. Data from IntoTheBlock indicates that 97.74% of MATIC investors are in the red, while only 1.49% are in profit, underscoring the severe investment challenges faced by the community.</p>
<h2 id="can-technical-analysis-indicate-a-reversal">Can Technical Analysis Indicate a Reversal?</h2>
<p style="text-align: justify">Despite these challenges, <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">technical analysis</a> offers a glimmer of hope. MATIC’s price is forming an ascending triangle, a bullish indicator that might spark a rally if it breaks the upper resistance. Currently trading below the 200-day and 50-day EMAs, a breakout at the minor resistance level of $0.4348 could pave the way to test $0.5047.</p>
<p style="text-align: justify">Moreover, the Relative Strength Index (RSI) is neutral at 49.14, indicating that MATIC is neither overbought nor oversold. Additionally, the Chaikin Money Flow (CMF) indicator stands at a positive 0.13, suggesting mild buying pressure that could lead to a breakout.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify">Investors can draw several actionable insights from the current scenario:</p>
<ul>
 <li>MATIC holders face significant losses, with 97.74% of investors in the red.</li>
 <li>Network engagement has sharply declined since mid-April 2024.</li>
 <li>A potential bullish reversal is possible if the ascending triangle formation breaks the upper resistance.</li>
 <li>Technical indicators like RSI and CMF suggest neutral to mildly positive sentiment.</li>
</ul>
<p style="text-align: justify">The upcoming rebranding of MATIC to POL on September 4 aims to reinvigorate investor interest and enhance the utility and security of the Polygon network. The market response to this shift will be crucial for the <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> of the altcoin.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/polygon-rebrands-matic-token-to-pol" data-wpel-link="internal" rel="noopener noreferrer nofollow">Polygon Rebrands MATIC Token to POL</a></h5>

Polygon Rebrands MATIC Token to POL

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