Polygon surges almost 13% after changing Binance said it added its spot and perpetual futures trading, marking the completion of the Polygon 'tokenomics' upgrade and rebrand from the MATIC to current token named POL (2% annually emission rate). Crypto traders may become more 'aggressive' in betting on altcoins as US Federal Reserve is one step closer to the monetary policy easing, next week (18 September).
Markets give 42% chances for 50 bps rate cut, which may support Bitcoin and smaller cryptocurrencies, such as Polygon, Ethereum or Dogecoin. Bitcoin gains 1% today, rising $58,500 zone, while US dollar and 10-year yields are dropping. Crypto analysts pointed also higher speculative sales of Polygon's Pokémon cards and increasing Polymarket (decentralized prediction market build by Polygon) popularity, connected with US presidential election Trump - Harris probability bets.
POLYGON (D1)
Polygon rally stopped today at EMA50 (orange line) resistance zone on D1 interval.
ÅđródÅo: xStation5
Polygon price reacted near 2022 cycle lows, at 0.3 USD per token. Also, potential next week Fed rate cuts may support 'altcoin' momentum.
Source: xStation5
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