In the second half of 2022, the best performing and relatively less volatile cryptocurrency was MATIC Coin. Impressive deals and strong marketing strategies were not sustained for long. As of the second quarter of 2023, the allure of exciting goals, ideals, and agreements disappeared. Of course, the price also started to decline. So what’s next?
MATIC Coin Reviews
Polygon (MATIC) Coin price is targeting the descending resistance line it has been struggling with for a long time. The break or rejection of the price can have a significant impact on the direction of future trends. Breakouts from these types of long-term resistance levels usually lead to impressive rallies.
The descending resistance line started on February 28. At that time, the price started to drop from $1.57. Amidst the ongoing sell-offs, MATIC Coin also lost the $0.6 support. Finally, on August 29, we saw that the critical support zone turned into resistance.
This confirmation also signaled the continuation of the bearish trend as it showed the final touch to the descending resistance line. However, the price now seems ready to surpass this resistance line. At the time of writing, MATIC Coin was finding buyers at $0.52.
MATIC Coin Price Predictions
The direction of the price will be determined by the descending resistance line. If the bulls succeed, we will see the price rise towards $0.85. However, in the opposite scenario, it is likely that selling will continue towards the $0.35 region, as highlighted by Capo earlier. Since the charts indicate a bearish trend, sellers have the advantage. Moreover, BTC continues its negative performance, and closures below $26,800 are not favorable for the price’s future.
What gives the bulls hope is a breakout from a descending wedge that has been in place since the beginning of the month. Such breakouts are signs of an upward trend and often lead to significant increases. Divergence on the RSI side can also convince them that the resistance zone will be overcome.
For the rise to occur, there needs to be an improvement in overall market sentiment and, primarily, the reclaiming of the $0.53 support. This region has been intermittently serving as both support and resistance since August 21 and is therefore crucial.
In conclusion, the MATIC price prediction will be determined by the $0.53 level. The recovery of this zone will also result in a breakout from the long-term resistance line, leading to a 60% increase or a potential 35% decrease in the opposite scenario.