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Altcoins have not seen stable growth in the second half of 2023. The expected impact of the ETF announcement did not materialize, and without the approval of spot ETFs, we may not see impressive overall gains for cryptocurrency investors. However, this does not mean that we will not see short-term movements.
MATIC Coin Review
Bitcoin‘s price has surpassed $28,000 today, and with the good news for MATIC Coin’s price, it has surpassed a critical level. The altcoin, which formed a bullish candlestick last week, is still trading above the $0.5 horizontal resistance area.
MATIC Coin investors have experienced a highly volatile past two weeks. After the optimism of last week, it seems that the scenario of a rise gaining momentum is somewhat delayed due to the decline in BTC.
Although the increase is significant, the MATIC price is still trading below the long-term $0.60 horizontal resistance area. Since May 2022, the $0.60 region has served as both support and resistance, making it an important area.
A critical threshold will play an important role in changing the trend. The weekly RSI does not currently determine a clear direction.
MATIC Coin Price Predictions
Readings on the daily chart were especially moderate before BTC experienced its recent decline. The decreasing resistance line from the peak on September 29, 2023, was exceeded. It was an important development to break this trend line that originated from the peak of $1.57 on February 28.
Before the breakout in the MATIC price, a bullish divergence was observed in the daily RSI (green line). Therefore, despite all the negatives, the expectation of a rise remains strong due to the breakout from the resistance trend line and the bullish divergence in the RSI. If the price continues to rise, we may witness the surpassing of the $0.85 resistance area.
Of course, at the time of writing, the high BTC CDD data does not necessarily indicate a major sell-off.
Additionally, we learned that Google Cloud has officially joined the Polygon network as a validator and has staked over 10,000 MATIC. If this news had come at the beginning of the year, it would have had a significant impact on altcoins such as Solana and Avax, but not anymore. Even projects that lease Google Cloud servers present this as a partnership (basically renting a service from the company and setting up a node, which is the same as renting a server. The current situation regarding MATIC is different.) This undermines the seriousness of such news.
