Bitcoin‘s price is above $41,600, and investors are hopeful for a further increase as we approach the final weeks of 2023. The demand in the crypto market has begun to increase as the new year approaches, fueled by expectations for the coming year and many valid reasons investors have. So what are the predictions for Polygon (MATIC) for 2024?
Polygon (MATIC)
Recovering for the last five days, the MATIC Coin price has reached the resistance level of approximately $0.821. However, as BTC turned back from the resistance at $42,000, the popular altcoin also fell below $0.8. For now, the critical resistance is at $0.89, but the $0.8 level must be reclaimed beforehand.
If the increase in Bitcoin’s price continues, the $0.89 resistance could be surpassed and then the peak of $0.98 targeted. Last year, while the cryptocurrency markets were volatile, MATIC Coin remained relatively strong, but it is now showing performance behind the market. This could be related to excitement concentrating in different areas, as the volume on crypto exchanges is still not at desired levels.
In the coming days and weeks, if the MATIC Coin price surpasses the $0.98 resistance, we could see the end of the corrective movement. Currently, this seems like a distant possibility.
MATIC Coin Predictions for 2024
The golden cross on the four-hour chart supports the continuation of the uptrend. On the weekly chart, the ‘golden cross’ of the Exponential Moving Averages (EMAs) indicates that the mid-term trend is bullish. The MACD is another signal supporting the rise, while the weekly RSI does not show a clear sign of recovery.
The bullish trend on the weekly chart will be supported by closures above $0.67. The altcoin, which has remained relatively positive for the third consecutive month, could now recover after a prolonged period of weakness. If the team focuses on such a target, token transformation and new announcements will be used to mobilize the community. Indeed, we clearly saw the team’s success in advertising and marketing in 2022.
In the long-term outlook, the $0.975-$0.98 region is of critical importance. For the expected significant rise, this region needs to turn into support. Then, the resistance at $1.2 could be targeted.
