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    Polygon price drops 17% in a week amid POL exodus as layer 2 competitor Pepe Unchained surpasses $11M

    msmarkBy No Comments5 Mins Read
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    Polygon price dive Bitcoin (BTC) is up 17% over the past week after losing 4% over the course of 24 hours to trade at $0.4415 as of 11:38 PM ET, as traders continue to exert selling pressure on the token.

    The decrease in the price of MATIC comes as ribbed MATIC is converting its native token into the new POL token. MATIC holders on Ethereum can already swap their tokens for POL through the Polygon gateway. No action is required from MATIC holders on the Polygon chain or deposited MATIC holders, as their tokens will be automatically swapped on September 4.

    Polygon Price Stabilizes at Crucial Support Level

    Image of BINANCE:MATICUSDT chart by StevenWalgenbach

    4-hour chart of MATIC/USDT (Source: TradingView)

    Polygon price has been trading in a bearish channel after a series of lower lows and lower highs over the past few days. The altcoin is currently holding at the key support level of $0.4230. If it breaks below this technical safety net in the next 24 hours, the cryptocurrency could be at risk of falling to the next level of $0.3875.

    but, Matic Maintaining a position above the $0.4230 support level in the next 24 hours may invalidate the bearish hypothesis. In this alternative scenario, Polygon price may attempt to escape the descending channel it is currently in.

    Technical analysis suggests that bulls are fighting for control over Polygon price.

    From a technical perspective, indicators on the 4-hour MATIC chart suggest that the altcoin could rally during the next trading day. More specifically, the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators point to weakening bearish momentum.

    The Relative Strength Index (RSI) readings have been rising over the past 24 hours, which traders often see as an indication that sellers are losing ground to buyers. Furthermore, the RSI is approaching its Simple Moving Average (SMA) on the 4-hour chart. A crossover between these two lines could soon indicate that bulls are gaining control over Polygon’s price.

    Meanwhile, the MACD line has started to settle below the MACD signal line. The former line is also rising towards the latter, indicating that the MATIC’s downtrend may be coming to an end.

    As MATIC tries to break out of its bearish channel, the layer 2 meme coin Baby Unrestricted (PEPU) Apple continues to attract investors as it raised more than $11 million in a presale.

    Unlocking the turbocharged PEPE

    Pepe Unchained (PEPU) aims to take the popular PEPE meme coin to the next level. While PEPE has managed to climb the ranks of cryptocurrencies to become one of the largest meme coins by market cap, its potential is limited by the crowded Ethereum blockchain. PEPE holders currently have to deal with high transaction fees and slow times.

    With its layer-2 network, Pepe Unchained will break the limitations of PEPE on Ethereum and give the meme coin its own chain to flourish. Not only will the new and improved PEPE coin be 100x faster than its predecessor, but transaction fees will also be reduced to a fraction of what they are now.

    Investors will be able to enjoy an enhanced trading experience through Pepe Unchained’s native PEPU token. However, they will still be able to seamlessly connect their assets between the secure Ethereum and the ultra-fast Pepe Unchained blockchains.

    The appeal of Pepe Unchained and its Tier 2 capabilities are exactly why popular cryptocurrency YouTube channel 99Bitcoins named the cryptocurrency the best project to buy right now.

    Investors are betting big on PEPU’s future

    Pepe Unchained has managed to raise over $11 million through its ICO, while investors have gone crazy over the meme coin. Aside from its second-tier capabilities and many analysts being bullish on the project, the likely reason behind the increased investor interest could be the 182% annualized return offered at this early stage.

    To unlock these rewards, all investors need to do is buy and stake PEPU while the project is still in the presale phase. The meme coin, which retails for $0.0093477, can be purchased using the simple purchase tool built into the project’s website. Available payment options are ETH, USDT, BNB, or bank card.

    Once purchased, PEPU tokens can be locked through the site’s staking page for access to 182% APY. Investors looking to seize this opportunity will want to act quickly if they want to lock in the best price, as the token price is set to soar during the later stages of the ICO.

    Buy and bet on PEPU here for a 182% annual return before its price rises.

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