Polygon Price Prediction 2023: Will MATIC Crypto Revive to $1.5?

• Polygon price prediction focuses on the recent bullish recovery of the mATIC token
• MATIC crypto made a profit of $10% in the last month.
• MATIC token creates an ascending channel that can lead the price to decline in the short term.

Polygon’s (MATIC) price prediction sheds light on the recent bullish recovery amidst a massive sell-off since February 2023. The MATIC token price soared by 109% from its swing low to the supply zone of $1.5661. The momentum shifted to the bears, who started unloading their bags, which pushed the price down 66% to the support level of $0.5051. It was succeeded by a bullish recovery to its current market level.

At the time of writing, the current market price of MATIC tokens is $0.7219. The 24-hour trading volume surged 12.19%. The market is down 2.99% in the last 24 hours. The overall market cap of MATIC is $6,727,949,953.

Can MATIC Sustain its Recovery Phase?

Polygon’s (MATIC) price prediction focuses on the declining price of MATIC tokens. The market is being controlled by the bears. The price is 19% below the 200 EMA. This is a sign of bearish dominance. Amidst the selling pressure, the bulls rescued the price from the support zone by accumulating in the demand zone.

The buyers pulled off a 75% recovery from its swing low, where the price peaked at $0.8903. It was followed by a correction of 20%, pushing the price below the resistance of $0.7928. The Bulls are supporting the price at the local demand zone of $0.7069. Meanwhile, the price is creating an ascending channel that can be analyzed in a shorter time frame.

Will Polygon Resume its Climb to The Upside?

The 4-hour chart clearly shows the ascending channel pattern. The price appears to be bullish in the shorter time frame. The MATIC crypto price breached various resistance levels on its way up. The price briefly flipped the 200 EMA but fell below it again. The market is getting a correction from its recent swing high.

However, an ascending channel can be interpreted as a bear flag, which is a common sight in a strong downtrend. If the MATIC price breaks below the channel, it could trigger panic selling, which can lead the price to lower levels. The bulls must break the resistance to continue their recovery phase.

RSI

The RSI indicator is currently at 48.22. It represents bearish to sideways conditions where the price may continue to fall until RSI exceeds 50. Aggressive selling may happen only if RSI goes below 30

MACD

MACD made a bearish crossover and the indicator is above the 0 line. This means that the market is bearish and the price may continue to move until the MACD makes a bullish crossover

200 EMA

On the 4-hour chart, the price is below the 200 EMA. This means that the market is bearish with the control of the b sellers. The 200 EMA acts as a dynamic resistance, and the price may decrease until it exceeds the 200 EMA.

Conclusion 

Polygon’s (MATIC) price prediction sheds light on the recent bullish recovery amidst a massive sell-off since February 2023. The last few days have been bullish for the market. However, the overall trend is still bearish as the price is below the 200 EMA. The bulls are required to wait for a breakout of the resistance. The upcoming volatility can break some opportunities along with high risks. Therefore, it would be wise to consider a good risk management strategy.

Technical Levels

• Support Level: The nearest support level is $0.7069
• Resistance Level: The nearest resistance level is $0.7929

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.