Polygon lately set a brand new document for highest bounty paid in DeFi. The group at Polygon paid a two million US greenback price of bounty to Gerhard Wagner, a white hat hacker who found a vital vulnerability that had put round 850 million US {dollars}’ price of capital in danger.
So what sort of vulnerability may this be? Nicely, it’s a double-spend bug, a kind of bug that would have tuned catastrophic for the Polygon ecosystem.
Bullish/Bearish Situation
- The bear-trap candlestick formation on the weekly time-frame, alongside the buildup of bullish divergence on the 4HR time-frame, reveals that the bulls are again in management.
- A breakdown of the 1.152 help implies a bearish takeover.
Essential Weekly Polygon (MATIC) Bulletins
- Immunefi, a bug bounty, and safety platform acknowledged that the bounty is the best that has been paid in decentralized finance [DeFi].
- One other thrilling announcement within the Polygon ecosystem is the PECO-Polygon Ecosystem Index, which makes it potential for members to wager on the efficiency of Polygon [MATIC] tasks. The PECO Index is a single token that captures the very best native tasks on @xPolygon.
With none additional delay, Let’s analyze the MATICUSDT worth chart.
Polygon (MATIC) Worth Evaluation: MATICUSDT Weekly Chart
Following the trail of most high altcoins within the cryptocurrency market, the MATICUSDT triggers a bear-trap candlestick formation whereas buying and selling inside a rising and increasing wedge.
Though the crypto pair nonetheless trades beneath its all-time excessive, increased RSI readings above level-25 inform us that we’re nonetheless in an uptrend and we could quickly see a surge in demand for the MATIC token.
Polygon (MATIC) Worth Evaluation: MATICUSDT Day by day Chart
A latest common bearish divergence on the day by day chart above reveals that we could quickly see a slowing and potential correction of present beneficial properties.
Failure of RSI values to breach beneath level-25 would counsel a continuation of the present uptrend.
Polygon (MATIC) Worth Evaluation: MATICUSDT 4 Hr Chart
Because the RSI prints increased values above level-25 on the day by day time-frame, the 4HR time-frame confirms entry into the uptrend with an exit of the oversold space [level-25] with the latest entry of oversold at press time.
Common and hidden bullish divergence setups are instrumental for the earlier pattern reversal and present pattern continuation we see on the above intraday chart.
An impending hidden bullish divergence at press time could also be enough for the bulls to discover a worth flooring above the 1.491 help and restore the MATIC worth into new highs.