Bitcoin and Gold Market Update
Bitcoin price dropped to $33,500 at the time of writing this article, while gold surpassed $2,000 for the first time since May. Investors are concerned about the possibility of a new correction after the king cryptocurrency’s recent resistance test. If this happens, the $32,800 and $32,000 regions could be tested.
The Situation with MATIC Coin
In 2022, while altcoins were taking devastating hits, Polygon (MATIC) had a relatively good year with its partnership announcements. Bulls broke through the $0.6 resistance area, but the BTC downturn is making it difficult. The price broke the resistance line, albeit with a delay, on September 29. On the other hand, we saw some good news supporting the price increase.
- Network’s performance will increase by 30% with the Miden Virtual Machine version.
- The team triggered the 10-day time lock of the latest upgrade of the Mainnet, Inca Berry.
- Binance launched USDC trade service on the MATIC network.
MATIC Coin Price Prediction
Technical readings on the weekly chart suggest that the uptrend may continue. In September, the MATIC price fell below the long-term horizontal support area of $0.60. However, the price quickly reclaimed the region, which remained as a deviation. If the closings below it had continued, investors could have turned to panic selling for deeper lows.
If the MATIC Coin price continues to rise, it confirms that the $0.6 region has been clearly reclaimed, and the last breakout remains as a deviation. Afterwards, the price is expected to reach $0.85. Popular crypto analyst Crypto_Scient also supported the possibility of double-digit growth with a similar prediction.
But there is a problem. The surprise drop in BTC price, the recent exits from altcoins today, and the ongoing decline in cumulative volume can turn the overall market sentiment negative. If BTC loses the $33,000 region, MATIC Coin investors may rush to sell, considering the risk of further decline.
If the weekly closing is below $0.6, there is a potential for a double-digit decline in the opposite direction. The clear target is $0.35.