2023-07-12 01:34:52
© Reuters. Polygon is up 45% since SEC ‘stalking’
CriptoFácil – Cryptocurrency analyst Lockridge Okoth predicted a promising future for cryptocurrency (MATIC), whose price has defied all odds so far, surviving the turmoil of regulatory pressure on digital assets.
“Polygon (MATIC) price remains among the top performers over the past month, all things considered, rising around 45% as investors have shown unwavering support for the token,” Okoth said.
He pointed out that the price rose even after the US Securities and Exchange Commission (SEC) labeled MATIC, among other tokens, as a security. The label impacted the affected coins, with Polygon’s price dropping around 40%.
However, according to Okoth, while one group of investors succumbed to fear, uncertainty and doubt (FUD), another took the opportunity to increase their positions in MATIC. Now this group of believers has up to 45% of profits.
The analyst also highlighted the growing demand for the token, with CoinMarketCap reporting a 90% increase in trading volume over the last 24 hours.
“This is an extremely important indicator that can help traders assess whether or not a token will be profitable,” added Okoth.
Polygon x SEC
In recent development, the Polygon ecosystem has announced that it will be getting a new CEO, Marc Boiron, a Web3 veteran who will take over from Ryan Watt at the end of the month.
“Marc brings his experience in the legal spaces focused on blockchain and digital assets and previously led the legal department at decentralized exchange (DEX) dYdX,” said Okoth.
According to the analyst, the technical indicators suggest that there is still room for growth and a strong rise in the price of MATIC as long as it does not lose the support of $30,000.
“The Relative Strength Index (RSI) is at 59 and is rising, showing increasing momentum. Likewise, the position is above the 30-day midline and points to a bull-controlled market, lending more credibility to the rally,” concluded Okoth.
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