• 18 June, 2024
Market News Markets News

MATIC Price Elevates to $0.887 as Bulls Try to Gain Momentum

Polygon Staking: what has changed?

Polygon (MATIC) is the 11th largest crypto asset with a market capitalization of over $9 billion. It was created to help Ethereum scale and handle higher volumes of transactions per second. Polygon recently announced an upgrade to its Layer 2 protocol which will increase its staking rewards for validators.

The new system has an improved evaluation system that will help identify and remove validators who are not performing well. This process will be done transparently, allowing the community to monitor it closely.

Furthermore, rewards for validators with good performance will increase significantly, encouraging more people to join the network. These changes should also provide additional security as Lower 2 focuses on network security.

In terms of price, MATIC/USD is currently trading positively at $0.887, and the technical outlook is bullish. The coin has been experiencing a surge in momentum recently, as investors become more confident in its ability to scale Ethereum’s network and handle larger volumes of transactions.

Source: Tradingview

The MACD has also crossed positively, suggesting that bulls have taken control of the market.

On the daily chart, MATIC’s price is forming a rising wedge pattern with resistance at $0.933 and support at $0.820, indicating an imminent breakout.

Overall, Polygon’s recent changes to its staking rewards could be a big boost for the coin’s long-term outlook. With more people joining the network and incentives increasing, MATIC should continue to trend upwards in the coming days.

Conclusion

In conclusion, it is clear that Polygon (MATIC) has made some significant upgrades to its Layer 2 protocol. These changes should help increase the security of the network, improve rewards for validators, and attract more people to join. Furthermore, MATIC/USD is currently trading positively at $0.887 with a bullish technical outlook. Therefore, investors should be confident that Polygon’s long-term prospects are looking good.

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