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Analyst Predicts Polygon (POL) Price Drop To $0.04 Looms, Here’s Why
A renowned crypto market analyst projected a highly bullish outlook for Polygon this Wednesday, triggering severe market concerns globally. Market expert Ali Martinez hinted that POL price remains primed to crash and hit a $0.04 level ahead. As a result, investor sentiments remain alarmingly negative about the token (formerly MATIC) as it currently sits at the $0.2 price level.
Top Analyst Warns Polygon Dip To $0.04 Ahead: But Why?
In an X post on March 19, Ali Martinez signaled that Polygon is undergoing a ‘macro trend shift.’ Despite the broader market showing resilience and preventing massive downturns, POL price has entered a bear market.
The analyst reveals that the crypto formed a ‘descending triangle’ pattern over the past 4 years. This formation characterized a horizontal support floor at the $0.32 price level. However, the price kept hitting lower highs as it advanced, forming a ‘descending trend line.’
Subsequently, on February 25 this year, the price bearishly broke out of this triangle, losing key support mentioned above. In turn, the “odds for an 86% bear market increase towards a target of $0.04 persist,” per the analyst.
How Is Polygon Performing Now?
As of press time, POL price recorded gains worth 1% intraday and exchanged hands at $0.2123. The coin bottomed and peaked at $0.2035 and $0.2136 over the past day. Besides, it’s noteworthy that monthly and yearly losses totaled 35% and 78%, respectively. The broader bearish action remains poised to bore more heat amid the loss of vital support at $0.32.
Declining OI Signals Waning Market Sentiment
Simultaneously, POL futures OI saw a significant decline since the beginning of this year. Coinglass data indicated that the OI slipped from a $119M level as of late January to reach a $55 million level to date.
The declining derivatives data flags a loss of investor interest in Polygon, adding to market concerns amid bearish predictions.
Market Braces For FOMC Today
On the other hand, the U.S. FOMC set to take place shortly ahead has kept investors on their toes. Currently, CME FedWatch Tool Data shows a 99% chance of unchanged interest rates by the U.S. Fed.
Nevertheless, Fed Chair Jerome Powell’s speech remains much-eyed by market participants. Following the economic turmoil caused by Donald Trump’s tariff saga, a dovish hint towards upcoming monetary policies could significantly relieve crypto prices. In turn, even POL could leverage some macro relief, although bearish investor sentiments persist.
It’s also noteworthy that per CoinMarketCap, “the upgrade from MATIC to POL has been initiated on Ethereum’s mainnet.” The crypto’s community revealed that as a Polygon PoS, zkEVM user, MATIC holder, node operator, or staker, users remain poised to witness an effortless and seamless upgrade process.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cryptocurrency exchange giant Binance again captured substantial market attention with its latest update on StraitsX USD (XUSD) and Four (FORM) coins this Wednesday. The exchange announced that it is expanding market support for these assets by adding them to its stockpile of trade offerings ahead. In an upshot, traders and investors extensively eye these crypto to capitalize on emerging market opportunities.
Binance Reveals Market Support For XUSD & FORM
In an official Binance release on March 19, the crypto exchange outlined that it is adding the abovementioned assets to the ‘Simple Earn, Buy Crypto, Convert, Margin, Auto-Invest, and Futures trading’ divisions. The platform’s colossal user base is primed to witness XUSD and FORM listing on ‘Simple Earn’ starting the announcement date at 08:00 UTC.
Further, users can buy these assets via VISA, MasterCard, Google Pay, Apple Pay, and Revolut, underlining the CEX’s vast offerings. In addition, trading against BTC, USDT, and other cryptos supported on the ‘Convert’ division at zero fees within one hour of the coins’ spot listing will also be supported.
In an announcement earlier this week, the top crypto exchange notified that the StraitsX listing is at 08:00 UTC on the abovementioned date.
What’s More For Traders In The Binance Announcement?
FORM/USDT crypto pair will further be added as a new borrowable asset on ‘Cross and Isolated Margin.’ This offering will launch on the abovementioned date at 08:20 UTC.
Also, futures trading for FORMUSDT will commence at 08:00 UTC. Traders can enjoy up to 50x leverage on the crypto’s USD-Margined futures contract facilitated by the exchange.
More About The Cryptos
Notably, StraitsX is a major stablecoin provider backed by the MAS (Monetary Authority Of Singapore). XUSD is a stablecoin pegged to the U.S. Dollar and runs atop Ethereum and Binance Smart Chain blockchains.
As of press time, the total supply for the stablecoin was 26.35 million tokens. Each XUSD is backed by reserve assets maintained at more than or equal to 100% of the value in circulation.
FORM price gained nearly 2% in the past 24 hours and exchanged hands at $1.79. The coin hit an intraday low and high of $1.54 and $1.80, respectively. It’s worth pointing out that Four is a rebranded and token-swapped version of BinaryX (BNX).
Overall, the CEX continues to cement its global rankings with top-notch offerings for traders. Intriguingly, CoinGape previously reported that Binance also unveiled support for MKR, EPIC, DF, GMX, and RPL, adding to its optimistic market endeavors.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
As the XRP lawsuit nears its long-awaited conclusion, experts predict potential developments within the XRP ecosystem. Industry insiders and market enthusiasts provide diverse opinions and anticipations of the potential outcomes of the Ripple vs SEC case.
After years of intense litigation, the high-profile Ripple lawsuit is nearing its end. Let’s unveil its possible implications and Ripple’s potential moves.
XRP Lawsuit Nears End: What Awaits Next?
Ripple’s post-lawsuit strategy sparks intense speculation as the XRP lawsuit nears its much-anticipated resolution. Despite ongoing uncertainty around the Ripple vs SEC case, industry expert All Things XRP provides insight into Ripple’s potential future moves.
In a recent X post, All Things XRP forecasted potential developments within the Ripple ecosystem. The developments include Initial Public Offerings (IPO), new partnerships, CBDC & stablecoin developments, lawsuit win celebrations, and ETF prospects.
Ripple To Accelerate Growth: IPO and Banking Partnerships
According to All Things XRP’s predictions, Ripple may be on the verge of announcing a highly anticipated IPO, unlocking new investment opportunities. Ripple’s recent share buybacks have pegged the company’s valuation at a staggering $11.3 billion, sparking widespread speculation about its future plans. An IPO would not only unlock lucrative exit opportunities for early investors but also significantly strengthen Ripple’s market presence.
While Ripple currently boasts more than 300 banking partners, a potential victory in the XRP lawsuit could pave the way for expanding its network. The expert’s bold prediction read, “Legal concerns may have delayed deals with major banks, but post-lawsuit, expect big names to join RippleNet—perhaps Bank of America, American Express, or Santander.”
Will XRP Lawsuit Win Boost Ripple’s CBDC and RLUSD Projects?
Reportedly, Ripple is currently piloting Central Bank Digital Currencies (CBDCs) in several countries, with Colombia and Palau being among the notable locations for these experiments. According to All Things XRP, a favorable outcome in the XRP lawsuit could bolster these efforts, accelerating the real-world implementation of CBDCs.
Meanwhile, the expert shed light on the XRP Ledger’s (XRPL) stablecoin project’s rapid growth. Although relatively new to the stablecoin ecosystem, Ripple’s RLUSD has demonstrated remarkable growth and adoption, positioning it ahead of established competitors like Ethena’s USDe and Circle’s EURC. Recently, Ripple resumed stablecoin minting by issuing 6,500,500 RLUSD.
Ripple SEC Case Victory To Spark XRP ETF Approvals
XRP has been exhibiting increased adoption and acceptance over the past few months, especially following Donald Trump’s re-election. Multiple asset managers have submitted their XRP ETF applications, with the SEC acknowledging them.
However, the SEC’s approval and the subsequent ETF launch still remain in a state of limbo due to the ongoing ambiguity surrounding the outcome of the Ripple lawsuit. As pointed out by All Things XRP, the potential conclusion of the XRP lawsuit could bring clarity to ETFs, ultimately triggering the launch.
Another significant development on the horizon is the widespread celebrations and community engagement following the XRP lawsuit resolution. This major milestone is expected to foster adoption and innovation within the ecosystem.
Although predictions abound, the outcome and timeline of the Ripple vs SEC case remain uncertain. Experts are split on the likelihood of an early resolution, with some forecasting a potential conclusion as early as March or April, while others predict a delay until July or August.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Tron’s native cryptocurrency TRX is up by 7% today after founder Justin Sun announced plans to double down on building the meme ecosystem on the blockchain. this announcement was enough to push the Tron price higher with daily trading volumes surging 62% to more than $1.23 billion. Over the last two days. TRX has seen a sharp recovery of 15%, bouncing back from the support of $0.21.
Tron Price Rally to $1 Coming?
As Justin Sun prepares for the comeback of the meme coin ecosystem on the Tron blockchain network, analysts are predicting a Tron price rally to $1 and above. Popular crypto analyst Javon Marks has projected a bullish outlook for TRON (TRX) stating that the altcoin is preparing to hit its logarithmic-measured breakout target at $1.11.
Marks highlighted that TRON price trajectory suggests significant potential for gains, with an estimated 516% upside from current levels required to reach the predicted target. Last week Justin Sun also stated that TRX will hit new all-time highs very soon.
On the other hand, social analytics platform LunarCrush stated that the social and market activity on the Tron blockchain network has surged significantly following the TRX price surge. Tron now accounts for 1.05% of all crypto-related discussions, reflecting heightened community interest. TRON’s robust metrics highlight its growing prominence as both investors and the community focus on its upward momentum.
Tron DAO Meme Coin Frenzy Heating Up
Tron’s meme token ecosystem is experiencing a resurgence, fueled by confidence from Justin Sun, founder of the Tron blockchain. Yesterday alone, 122 new tokens were launched on the SunPump.meme platform, marking the first time in four months that daily launches exceeded 100.
To date, 95,573 tokens have been created, generating 36,374,191 $TRX in fees, equivalent to $5.74 million. Furthermore, the activity on the TRON DAO continues to soar, signaling a strong and growing interest in Tron’s meme token ecosystem.
Commenting on this development, Justin Sun wrote: The first rule of making memes on Tron: I will not personally profit a single cent from memes. Any losses will be fully covered by myself, and all proceeds will be donated.
Getting TRX to Solana
In another announcement, Justin Sun revealed plans to bring TRX, Tron’s native cryptocurrency, to Solana’s blockchain in the coming weeks. Although the announcement lacked specific details or a definitive timeline, it has sparked excitement among both TRX and Solana communities.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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