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In 2022, while almost all cryptocurrencies suffered massive losses, MATIC Coin investors were smiling. With numerous positive news, a strong marketing strategy, and a robust team, MATIC managed to weather the bear season with relatively less damage. However, things have turned around this year. So, is it time to buy?
MATIC Coin Price
Or we can call it the future name, POL Token. The team, especially the marketing department, is exemplary for other altcoins. Last year, they announced good news at just the right times, resulting in less loss compared to most altcoins. This year’s story was about the continuation of the rise with the proof-of-stake network. However, its competitors acted faster, and the overall market sentiment hindered its progress in 2023.
Currently, on the weekly chart, the MATIC Coin price is trading below the $0.6 horizontal support level. The support level that has not been breached amidst numerous ups and downs since July 2022 was lost in August 2023.
At the time of writing, the popular altcoin is finding buyers at $0.5, while BTC is slowly approaching the $26,000 level. Today, BTC closed below the $26,800 support multiple times. This could indicate that altcoins are preparing for a major drop.
MATIC Coin Price Predictions
Two weeks ago, MATIC bulls made an unsuccessful attempt to break the $0.6 resistance. This rise was related to a news coming from Google, along with the overall improvement in market sentiment. It was impressive that Google Cloud staked over 10,000 MATIC and obtained the official validator title.
Looking at the chart, the weekly RSI is in a downward trend. MATIC has broken out of the decreasing resistance trend line that has been ongoing since February, representing the optimistic side of the coin. If there is a bounce above the critical zone, closing above $0.6, it could encourage the bulls. In the bullish scenario, a target of $0.85 will come into play with weekly closings above the resistance.
But what if the negativity surrounding BTC continues and a more reasonable downward scenario unfolds? If there is a return to the trend line, we will see the price drop to $0.45.
