- Polygon (POL) climbed to $0.097 with 24-hour trading volume reaching $72 million and market capitalization hitting $1.03 billion
- The Relative Strength Index is revolving around 45 and 65, while the Moving Average Convergence Divergence turned modestly positive
- There are major developments taking place on the network, including the Lisovo hard fork to deliver gas rebates and a partnership with Mastercard
Amid the downward momentum in the crypto market, one of the leading cryptocurrencies, Polygon (POL) has witnessed a rebound of over 2% on a daily chart, helping the crypto to surge to $0.1008.
At the time of writing this, POL is trading at around $0.1928 with an impressive market capitalization of $1.03 billion, according to CoinMarketCap.
In the last 7 days, the token added 0.8%, and over the past 30 days, it dropped 12.4%. These numbers show POL is outperforming the crypto market, which slipped 0.60% in the same period. The 1-hour change has been reached.
Polygon Soars Amid Downward Pressure in Bitcoin (BTC)
According to technical indicators, the chart is showing an improving pattern for POL that supports the recent price rise without showing extreme strength. The 14-period Relative Strength Index is expected to be between 45 and 65 across daily and weekly charts, which places momentum in neutral territory while giving constant buy signals on shorter timeframes.
The Moving Average Convergence Divergence indicator is showing a modest positive reading near 0.001 in several analyses, which suggests that the downward pressure has started to release.
Most exponential moving averages from 5 to 200 periods are still moving in sell territory because the current price trades below them. However, the gap has reduced today. The Stochastic oscillator is revolving around 33 to 47, which keeps it neutral and away from oversold extremes.
Overall indicators around the major crypto platforms are saying that the current chart setup is neutral. Some experts believe that weekly oversold conditions could spark additional upside momentum if volume stays strong.
At present, the major support is considered to be around $0.095, while resistance is at around $0.102. If the cryptocurrency breaks above the shorter moving averages with the Relative Strength Index crossing 50, then it would boost the bullish momentum in the near term.
There are major developments taking place on the Polygon blockchain that help it to expand the ecosystem. The Lisovo hard fork upgrade is delivering gas rebates, enhanced security, and smoother wallet features, which reduce costs for everyday users and institutions. Apart from this, Polygon announced the partnership with Mastercard that integrates blockchain infrastructure into the company’s global crypto partner program, which allows enhanced cross-border payment systems.
Polygon has executed around $2.4 trillion in cumulative stablecoin transfers, and its stablecoin supply hit a record $3.4 billion in February alone. Coinbase has expanded USDT support to Polygon. Also, there are new tools such as the CLI for on-chain transactions and the AggLayer for multi-chain liquidity sharing that went live. These upgrades helped the chain flip Ethereum in daily transaction fees for a short period of time and attracted enterprise players, including Revolut and Tazapay.
The surge in Polygon comes at a time of major news from the macroeconomic side. On March 18, the Federal Reserve announced that it will hold interest rates steady in March and around 0 or 1 cut expected in the entire year.
This has reduced some risk-off pressure on access to altcoins. After this news, Bitcoin (BTC) slipped below $70K from its monthly peak at above $74,000. With this drop in BTC, altcoins have also witnessed a loss in their valuation. However, at around $70,000, BTC is showing great resilience.
