In this Polygon (MATIC) price prediction 2023, 2024-2030, we will analyze the price patterns of MATIC by using accurate trader-friendly technical analysis indicators and predict the future movement of the cryptocurrency.
Polygon (MATIC) Current Market Status/h2
What is Polygon (MATIC)?/h2
Polygon (MATIC) is the native cryptocurrency of the Polygon Network. It was launched as an ERC-20 token in 2019. Polygon, formerly known as the MATIC Network, is a layer-2 blockchain that uses a proof-of-stake consensus mechanism.
Polygon (MATIC) serves as the primary payment token and governance token on the Polygon Network. Users use MATIC tokens as transaction fees and also gain voting rights on the network. The core Polygon software development kit (SDK) aids the creation and development of decentralized side chains that are interoperable and compatible with the Ethereum blockchain. Significantly, this Ethereum scaling blockchain is all set to launch its zero-knowledge Ethereum Virtual Machine (zkEVM) in the blockchain ecosystem.
h2 Polygon 24H Technicals/h2
h2 Polygon (MATIC) Price Prediction 2023/h2
Polygon (MATIC) ranks 14th on CoinMarketCap in terms of its market capitalization. The overview of the Polygon price prediction for 2023 is explained below with a daily time frame.
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In the above chart, Polygon (MATIC) laid out a falling wedge pattern. The falling wedge is a bullish pattern. Together with the rising wedge formation, these two create a powerful pattern that signals a change in the trend direction. The falling wedge pattern occurs when the asset’s price is moving in an overall bullish trend before the price action corrects lower. Within this pullback, two converging trendlines are drawn. One of the main features of the falling wedge pattern is the volume, which decreases as the channel converges.
The most commonly falling wedge pattern occurs in a clean uptrend. The price action trades higher, however, the buyers lose the momentum at one point and the bears take temporary control over the price action.
At the time of analysis, the price of Polygon (MATIC) was recorded at $0.5077. If the pattern trend continues, then the price of MATIC might reach the resistance levels of $0.5142 and $0.5674. If the trend reverses, then the price of MATIC may fall to the support of $0.4931
h2 Polygon (MATIC) Resistance and Support Levels/h2
The chart given below elucidates the possible resistance and support levels of Polygon (MATIC) in 2023.
From the above chart, we can analyze and identify the following as resistance and support levels of Polygon (MATIC) for 2023.
The technical analysis indicators such as Relative Volume (RVOL), Moving Average (MA), and Relative Strength Index (RSI) of Polygon (MATIC) are shown in the chart below.
From the readings on the chart above, we can make the following inferences regarding the current Polygon (MATIC) market in 2023.
In the below chart, we analyze the strength and volatility of Polygon (MATIC) using the following technical analysis indicators — Average Directional Index (ADX) and Relative Volatility Index (RVI).
From the readings on the chart above, we can make the following inferences regarding the price momentum of Polygon (MATIC).
h2 Comparison of MATIC with BTC, ETH/h2
Let us now compare the price movements of Polygon (MATIC) with that of Bitcoin (BTC), and Ethereum (ETH).
From the above chart, we can interpret that the price action of MATIC is similar to that of BTC and ETH. That is, when the price of BTC and ETH increases or decreases, the price of MATIC also increases or decreases respectively.
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Polygon (MATIC) between 2024, 2025, 2026, 2027, 2028, 2029, and 2030.
h3 Conclusion/h3
If Polygon (MATIC) establishes itself as a good investment in 2023, this year would be favorable to the cryptocurrency. In conclusion, the bullish Polygon (MATIC) price prediction for 2023 is $0.9767. Comparatively, if unfavorable sentiment is triggered, the bearish Polygon (MATIC) price prediction for 2023 is $0.3672.
If the market momentum and investors’ sentiment positively elevates, then Polygon (MATIC) might hit $2. Furthermore, with future upgrades and advancements in the Polygon ecosystem, MATIC might surpass its current all-time high (ATH) of $2.92 and mark its new ATH.
This content was originally published by our partners at The News Crypto .
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The News Crypto
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