Bitcoin’s Impact on MATIC Coin
Bitcoin’s price fluctuated above $44,000 and then retraced slightly, leading to a surge in altcoins. In the world of cryptocurrencies, it is not expected for trends to always be in the direction of constant rise or fall. Corrections or recoveries are what investors in this field have become accustomed to over the years. So, what will happen to MATIC Coin in the midst of the recent fluctuations?
Polygon (MATIC) Overview
On the weekly chart, the challenging resistance that has kept the MATIC Coin in place for 707 days continues to suppress the price. Despite several attempts, the price has been unable to break through the declining resistance trend line and escape the downtrend. We had last seen this region being tested three weeks ago.
The altcoin, which has been fluctuating between support and resistance since April 2022, is now facing short-term risks following the recent BTC decline. The good news is that with the opening of Robinhood exchange to Europe, the platform will feature trading for 26 altcoins, including MATIC Coin. This could be supportive for the demand.
MATIC Coin Price Predictions
Analysts are closely monitoring MATIC Coin, which is among the largest altcoins. An analyst named CryptoPoseidon is bearish due to the price being indecisive at the resistance. According to him, the setup is complete for investors looking to short, and the price is expected to fall.
Another analyst, MoreCryptoOnline, wrote the following;
“To confirm that the price is in a bull market, we still need to see 5 waves from the lowest levels of September. Currently, we are monitoring whether the 5 waves can form in an uptrend, and one wave is still pending. In the preferred scenario, the 4th wave is emerging and the $0.64 level is support. The completion of wave 4 is possible, but we need to see more price data to confirm this.”
On the daily chart, we see that the price broke the trend line on October 22 and reached $0.98 on November 14. However, there was a pullback to $0.85, which left this breakout as a deviation. If the price can stay strong above the $0.85 resistance, a new uptrend may begin.
In the most optimistic scenario, MATIC Coin price could climb to $1.25 with closings above $0.85. There is a 45% potential for an increase, depending on Bitcoin‘s price maintaining peaks above $40,000. Conversely, a pullback to $0.67 is likely.
