The Polygon (MATIC) price prediction suggests an optimistic outlook, pointing to a potential breakout from a descending channel that could lead to highs surpassing $1. This positive analysis indicates a bullish trend for Polygon in the near future.
The prediction for Polygon’s price reveals a return to a bullish trajectory for altcoins, signaling a recovery after a few days of declines influenced by recent events in the crypto space. Unfortunately, Polygon’s price was not exempt from this trend, experiencing a decline to $0.722.
MATIC’s Bullish Momentum Faces Hurdles on the Path to $1
With ongoing support, bulls have managed to regain control of MATIC’s trend. However, the anticipated breakout beyond $1 is still a distant goal. Although the Ethereum layer-2 solutions provider has seen a 2.7% increase in the last 24 hours, it remains down by 11.6% in the past week and 7.5% over the last two weeks.
While a sustained recovery could safeguard a 23.5% increase in value over the past 30 days, challenges persist on the journey to reach the $1 milestone.
MATIC Price Analysis
Polygon’s MATIC is currently navigating a descending channel, finding support at its lower boundary to alleviate bearish pressures. Bouncing off the $0.722 support, highlighted in grey on the four-hour chart, MATIC’s price demonstrated bullish strength by surpassing the 200-day Exponential Moving Average (EMA) in purple.
The momentum continues to build as MATIC approaches the channel’s middle boundary, acting as both support and resistance. A sustained upward trend could prompt a breakout above the upper channel resistance.
Polygon price prediction chart | Tradingview
Supporting the bullish outlook is the Moving Average Convergence Divergence (MACD) indicator, indicating a buy signal on the daily chart. This signal is evident as the MACD line in red crosses above the signal line in blue.
Traders are advised to monitor key developments, including a potential breakout above the descending channel and subsequent movement beyond the resistance highlighted in the red band, as these could shape MATIC’s price trajectory in the coming sessions.
Altcoin Surge Amid Bitcoin ETF Prospects
Renowned investor and crypto analyst Michaël van de Poppe, followed by over 674k on X, recently shared a post indicating that the next wave of altcoin growth is underway. He emphasized that the success of this bullish phase is closely tied to the approval of Bitcoin spot exchange-traded funds (ETFs).
The next run on #Altcoins is currently loading up.
The significance of a spot #Bitcoin ETF is large and given the recent news items, the odds of an approval are increasing, so coming weeks are most likely continuing the upwards momentum.
We're in a bull cycle.
— Michaël van de Poppe (@CryptoMichNL) November 23, 2023
The likelihood of the Securities and Exchange Commission (SEC) approving the ETF has risen, particularly following reports of meetings between BlackRock and the SEC, along with Grayscale modifying its proposal to convert its Bitcoin Trust (GBTC) to a spot ETF.
Grayscale updated their #Bitcoin ETF application!
There is definitely something going on. 👀 pic.twitter.com/WbWcv7iN8a
— Mister Crypto (@misterrcrypto) November 23, 2023
Supporting the positive sentiment is the Relative Strength Index (RSI), showing strength slightly above 45 and trending upward—a bullish signal. Traders are advised to watch for a break above the channel and, more crucially, overcoming the hurdle at $0.8, which could signal the start of an uptrend toward highs surpassing $1. The 200 EMA and buyer congestion at $0.722 offer support to counteract potential losses if attempts to breach $0.8 result in a downturn.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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