As Bitcoin struggles in a challenging $20,000 range, the popular altcoin MATIC has experienced limited losses. It has outperformed its competitors, especially in the first half of last year, and became a shining star in the midst of the bear market. But what does the current outlook indicate? Will the price surpass $1?
Polygon (MATIC) Analysis
MATIC Coin, one of the largest scaling solutions for Ethereum in terms of market value, has shown impressive performance in 2022. With its partnerships, announcements, and goals, it has managed to constantly motivate buyers. In fact, this has led many cryptocurrencies to seek professional support in the field of marketing.
However, starting from the second quarter of 2023, as competitors started launching ZK network faster than it, things turned around.
On June 5th, the MATIC Coin price dropped to the $0.5 mark. We saw it fluctuating in this range again in September due to panic selling. Although the price recovered to the $0.96 region by the week of October 16th, investors saw it as an opportunity to take profits as it failed to break the BTC resistance. It is currently at $0.77.
MATIC Coin Price Predictions
Altcoins are moving sideways due to reasons such as the Thanksgiving holiday and the effects of the Binance settlement not yet being fully understood by the market. After bouncing back from the $0.72 support, the MATIC Coin price exceeded the 200-day moving average.
The next move above the middle boundary of the channel’s support/resistance seems to encourage more buyers to get involved. If there is a breakthrough in the resistance zone of the channel, the rally can gain momentum.
Popular crypto analyst Poppe claims that the expected rally period for altcoins is approaching. In his recent evaluation, he implied that risks have diminished and risk appetite may increase. However, investors are not fully convinced that the legal issue on the Binance front has been completely resolved and that we have experienced a development that will increase appetite in the market.
The RSI reading indicates that a test of $0.8 is coming soon. If the MATIC Coin bulls can achieve this, the price can surpass $1. Of course, BTC performance will be decisive during the process. Although it has touched the bottom of $38,000 several times, the price has dropped to support each time it faced rejection. After the latest test, the price continues to hold at $37,000. If we see a similar movement once the $36,000 resistance is surpassed, it will provide relief for everyone.
Disclaimer:
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.