Polygon (MATIC), formerly Matic Network, has soared higher on news that Coinbase will list the token on its crypto exchange.
Fundamental analysis: Coinbase to list MATIC on Coinbase Pro
Coinbase said it plans to list MATIC on its Coinbase Pro platform, sending the price of the token surging by over 35%.
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The cryptocurrency exchange made the announcement yesterday, saying that MATIC will become available for trading on its advanced Coinbase Pro platform from March 11, assuming liquidity conditions are fulfilled. Traders will be able to trade the token in four different currency pairs – BTC, USD, EUR, and GBP.
Originally known as the Matic Network, the platform has recently been rebranded to Polygon. The company said that its decision to rebrand “will coincide with a strategic shift that will see Polygon focus on creating a multichain system akin to Polkadot on Ethereum.”
The network is working on a solution for the surging rising gas fees, which has caused many difficulties for the Ethereum-powered blockchain. Polygon aims to roll out layer 2 sidechains to improve speed and cut transaction costs.
The global crypto market capitalization has also soared in the past 24 hours and gained more than 6.5% over the past few days, reaching the $1.76 trillion mark. On the other hand, the largest cryptocurrency in the world by market cap Bitcoin continues to move closer towards its all-time high, hitting the $56K mark recently.
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Technical analysis: A pullback coming soon?
MATIC price exploded over 41% on Thursday following Coinbase news. This way, the price action soared to a fresh all-time high of $0.5478. The coin is up around 80% in February after skyrocketing 500% in February.
Since then, MATIC price has corrected about 30% to trade around the $0.40 mark. For the third day in a row, MATIC price has failed to close above the $0.50 handle, signalling a potential fatigue on the side of buyers. The nearby support is located at $0.34 to offer bulls a chance to buy MATIC coins at a cheaper price.
Coinbase announced its plan to list MATIC on its Coinbase Pro advanced platform. MATIC price rallied more than 40% on the news to trade above the $0.50 handle for the first time ever.