Bitcoin price experienced a rapid rise to the $53,000 mark, then retreated to the $51,300 region where it currently stands. For investors, there is no cause for concern at the moment, although there has been some pullback in altcoins. For this trend to continue, tomorrow’s Fed minutes will need to contain overly hawkish messages.
Polygon (MATIC)
BTC price may fluctuate, but MATIC Coin continues to hold the $1 threshold. Despite occasional corrections on the weekly chart, we see a steady increase in price. During the crash period of 2022, MATIC Coin managed to stay afloat with partnership announcements, becoming a lifeline for many investors, if you recall.
Subsequently, in 2023, it announced its ZK network, and before that, its competitors had launched their testnets in a way that dampened the excitement. Now, the price of MATIC Coin has risen above $1 again, drawing strength from long-term justified optimism.
The breakout last week excited the bulls as it surpassed the 800-day resistance area. The resistance coming from the all-time high in December 2021 had been tested many times but had never been breached. The weekly RSI confirms the breakout and is rising above the neutral zone with the price.
MATIC Coin Price Target
Analysts’ current predictions are making noise on social media these days. Especially altcoin investors are all ears once again. An analyst known as CryptoBusy has written that the price of MATIC Coin will rise to $3, citing the cup and handle pattern as the reason.
NFT Cryptomaniac, on the other hand, expects a new attempt at the $1.8 and $2 levels. Readings on the three-day chart, similar to the weekly, indicate further increases. Of course, unless fluctuations in BTC price reverse the trend.
Elliot wave counting indicates we are in the third wave of a five-wave upward movement. If we give a 1:1 ratio to the first and third waves, the next peak seems to be at $1.55. Closures above this level could lead to $2.05.
However, a potential rejection at the peak and invalidation of the breakout could cause the popular cryptocurrency to retract back to the $0.7 support level. BTC has currently dropped to $51,127, and some of the gains in altcoins have been lost.
