Last year’s agreements and future plans were exciting, and they helped the coin overcome the bearish period. However, as of March 2023, it became evident that the major news did not yield the expected results for this popular altcoin. Consequently, the price hit a new yearly low. So, what lies ahead?
MATIC Coin Predictions
BTC, which has been exhibiting sideways movement and sudden drops for a long time now, has been giving investors some relief in the past few days. Despite the negative data, the strong stance of BTC’s price is promising. Perhaps it is the calm before a major drop. Regardless of the outcome, the current improvement in the markets is positive. This improvement in sentiment has also been reflected in the news flow. Polygon announced the implementation of Polygon 2.0 on September 14th. They also released three improvement proposals.
At the time of writing, long positions dominated MATIC Coin in futures trading. Data from Santiment showed that MATIC’s weighted sentiment witnessed an increase in the past few days, but it settled at 0.708 after a minor drop. On the other hand, despite the price decline in social volume, we have seen a steady increase in the past three months.
MATIC Coin Price Prediction
Since mid-August, the losses have reached massive proportions. The extreme selling pressure that has challenged investors led to the plunge of MATIC Coin’s price in 2023. The price currently seems to have hit rock bottom at $0.495 on September 11th. At the time of writing, MATIC Coin is trading around the middle of the channel it has been moving within for approximately 25 days, finding buyers at $0.523.
Therefore, if the price continues to maintain its current level, a test towards $0.57 would not be surprising. If MATIC Coin can boost investor enthusiasm with new announcements, the focus can shift back to targets above $1 by surpassing this resistance zone.
However, investors should still be prepared for potential drops next week due to the upcoming Fed meeting. The macro data has not been favorable, and Powell is expected to maintain his hawkish stance. Even when inflation is declining, we might see Powell increasing the dosage on Wednesday evening. During such speeches, BTC and altcoins are prone to sudden drops.
