After yesterday’s correction, the price of Bitcoin is hovering near the $35,500 level again. It’s decision time for altcoins. There will be announcements from Fed Chairman Powell in the coming hours, which could increase volatility in the crypto market. So, what is the current situation with Polygon (MATIC) Coin? Can the price of MATIC Coin surpass $1?
The altcoin, which started the day with a nearly 10% increase, misses its impressive rallies in the second half of 2022. Until March, Polygon (MATIC) had a relatively good period and managed to stay strong while the prices of altcoins were melting. However, we have seen declines in the following period.
Looking at the weekly chart, a stable but slow recovery stands out. Closures above the $0.6 region were promising. Since July 2022, it was important to regain the critical support region. As a result, the September drop remained as a deviation. The weekly RSI confirms the upward trend.
Polygon, which published its Q3 2023 report, stated that there was a significant decrease in network revenue. Despite the decrease from $11.4 million to $5.1 million, a slight increase was observed in daily active addresses. The NFT volume, on the other hand, increased by 50% during the same period.
So, what do the experts expect in terms of price? Analyst known as MayorOfMatic says that we are experiencing a definite turnaround from the bottom due to the surpassing of the long-term descending trend line. Analyst 52kskew also wrote that closings above $0.85, and even beyond, are approaching.
“The current chart tells us that there will be higher support levels. I expect to see closings above $0.85 as confirmation of this.”
Not all analysts expect a rise, for example, CasiTrades said that according to his own Elliott wave chart, he could take a short-selling position from $0.718. The target for the exit is $0.656.
The daily chart shows a clear upward outlook. The price broke out of the ascending parallel channel on October 22 and the support level was confirmed on October 27.
The nearest resistance area is at $0.85, and if this region is surpassed, we may see the price rise up to $1.25 before the end of November. Despite the bullish prediction, if the $0.85 resistance area cannot be overcome, we may see the price drop to $0.61.