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The cryptocurrency market has experienced a correction this week, with many altcoins taking a hit. Polygon (MATIC) has not been immune to this downturn. Its price has plunged from the 2024 highs of around $1.3 to the current levels slightly below $1.
While some altcoins like Chainlink (LINK), Polkadot (DOT), and Dogecoin (DOGE) have seen less severe drops of 10-15%, MATIC's decline has been more pronounced at 23% this week. However, this is not necessarily the end of the road for MATIC holders, as it may just be a slightly bigger correction compared to other major altcoins.
On the other hand, a new meme coin project called NuggetRush (NUGX) with utility is gearing up for launch next month in April. After a successful presale where over 240 million NUGX tokens were sold, raising almost $3 million, this project is poised to enter the market with a combination of gaming, finance, and social impact.
MATIC price ready to reach new highs
While MATIC's price is down 23% this week, outpacing the declines of some other altcoins, this is not necessarily cause for panic. We analyzed the MATIC/USD chart, and it's evident that MATIC had a parabolic run in 2021 when the price traded within an ascending channel for almost a year, until the bear market began.
Interestingly, MATIC has been trading in a similar ascending channel when you zoom out since October last year. In both instances, the price experienced corrections, but if MATIC follows a similar path as the previous bull run, it could potentially trade inside this channel until September/October of this year.
The indicators, however, present a mixed picture. The 200-day moving average for MATIC stands at $0.7, which is a widely followed technical indicator that helps identify the overall trend direction.
It is calculated by taking the average closing price over the last 200 trading days. A price above the 200-day MA is generally considered bullish, while a price below it is bearish. With MATIC trading slightly above this level, it could suggest a potential bullish momentum brewing.
The Relative Strength Index (RSI) is hovering around 40-45, which is considered a neutral territory. The RSI is a momentum oscillator that measures the speed and change of price movements. It ranges from 0 to 100, with values above 70 indicating overbought conditions and values below 30 signaling oversold conditions. MATIC's current RSI level suggests a balanced market sentiment.
The TD Sequential indicator is a momentum oscillator used to identify potential buy and sell signals. Ali's analysis suggests that this indicator has accurately predicted MATIC's price movements on the 4-hour chart since mid-February, and it is now signaling a potential buy opportunity as MATIC approaches the $0.92 support level.
NuggetRush (NUGX) merges meme coin ethos with utility
NuggetRush (NUGX) is a project that combines elements of gaming, finance, and social impact. It is a community-owned blockchain play-to-earn (P2E) game built on the Ethereum blockchain, ensuring global transparency, security, and a wide range of opportunities for players. NUGX's presale price is $0.019, while the listing price is set at $0.020.
The project aims to support artisanal miners in underdeveloped economies while offering a comprehensive gaming experience to its players. With NuggetRush, you can mine gold, buy cryptocurrencies, play advanced games, and more.
Players are given a land plot and tools to oversee mining operations, including geophysical surveys, soil sampling, and traditional prospecting techniques. The game allows players to explore virtual landscapes for high mineral potential, operate machinery, create tunnels, and conduct excavations.
NuggetRush fosters a community of gamers and NFT enthusiasts, featuring a vibrant marketplace where players can trade NFTs, unique characters, and mined minerals. These characters are non-fungible tokens (NFTs) with distinct strengths and weaknesses, making them popular in the current market. The project's GameFi integration enables players to convert in-game rewards into real-world assets seamlessly.
Players can earn rewards through quests, ranked play, battles, tournaments, and more. NuggetRush also collaborates with gold merchants to deliver NUGX rewards directly to miners' locations, contributing to the social impact aspect of the project.
Tomiwabold Olajide
Gamza Khanzadaev
