The Polygon price surged 14% in the last 24 hours to trade at $0.5322 as of 00:43 a.m. EST on trading volume that skyrocketed 113% to $664 million.
The surge comes after Coinbase announced that it will support the migration of the Polygon ticker from MATIC to POL on the Polygon Network on August 26.
To complete the change, sending or receiving MATIC will be disabled between August 26 and September 10.
On September 4, MATIC will transition to POL. POL will replace MATIC as the native gas and staking token for Polygon proof of stake (PoS).
Polygon Price To Continue Surging
The Polygon price has been on a downtrend in August, as it dropped from the $0.528 resistance, and found support around $0.396, according to data from GeckoTerminal .
The bulls then used the support, with the price of Polygon soaring back to its resistance in the last two days, forming a rounding bottom pattern.
MATIC bulls aim to capitalize on the rounding bottom to sustain the rally, with the price of Polygon now trading above both the 50-day and 200-day Simple Moving Averages (SMAs).
The Relative Strength Index (RSI) also supports the bullish stance, as it soars past the 70-overbought region, currently at 85. The RSI shows that the asset is under intense buying pressure.
Moreover, the Moving Average Convergence Divergence (MACD) trades above the neutral line, showing that the asset is on an uptrend. The blue MACD line is crossing above the orange signal line, forming a bullish crossover.
Polygon Price Chart Analysis Source: GeckoTerminal.com
A bullish crossover and the RSI soaring show that the asset is bullish. If this stance continues, MATIC could soar, as the bulls now target $0.66, a 24% rise from the current price.
However, with the RSI soaring past the 80 level, the asset is now overvalued. This may be a sign of a looming selling signal. If sellers take control, the price of Polygon could plunge back to the $0.46 support (200-day SMA).
