Polygon Price Prediction as MATIC Shoots Up 7% Despite Wider Market Struggles

Reading now: 874

Polygon's MATIC has been on a steady climb since Nov. 22. After starting the day at $0.78, it shot up 7% over the next day and a half to settle down to its current price of $0.84 as of writing on Nov.

23.The RSI is currently sitting at 48.0, while the moving averages (MA) show that MATIC is trading just below the 20-day MA at approximately $0.86 with larger MAs further out showing values around or above $1.00.

The Bollinger Band (BB) indicates a range between $0.68 and $1.05 for MATIC/USD, which suggests some resistance in breaking past this range.While MATIC has primarily been trading within the $0.75 to $0.94 range over the past five months, it has also made brief attempts at higher prices above $1 and lower prices below $0.68.

To break out of this range, there will likely need to be some good news for Polygon such as a major partnership (e.g. with YouTube) or a general crypto market rally.Additionally, we must factor in macroeconomic factors such as the bearish cryptomarket and any fallout from FTX that may affect MATIC's and the wider market's price action, such as regulation news.Overall, if MATIC remains above $0.75 then the bulls are in control on the longer timeframe; however, for short-term gains, a break above $0.93 will be needed.

Read more on cryptonews.com
The website financemag.cash is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.