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.
Polygon / Matic Price Prediction and Technical Analysis
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. If MATIC falls below $0.75 it could see further losses to around $0.65 and possibly as low as $0.53 in the short- to mid-term.
In short, MATIC’s recent 7% jump is a positive sign for the cryptocurrency and could be an indication of more bullishness to come. However, it remains relatively restrained within the $0.75 – $0.94 range due to macroeconomic factors and will need some good news or wider market gains in order to break higher out of this range.
Other Crypto Projects to Watch
While MATIC has likely seen the bulk of its price appreciation already and may remain flat for the foreseeable future, D2T, TARO, and IMPT are all still in their early stages of development and could be a great place to invest as they ready for launch.
Dash 2 Trade (D2T)
Dash 2 Trade is a trading intelligence platform that will soon provide investors with real-time analytics and social trading data. So far, D2T has raised $6.9 million and is planning to list on BitMart Exchange and LBANK Exchange early next year.
Visit Dash 2 Trade Now
RobotEra is a Ethereum-based sandbox Metaverse that will be releasing its alpha version in the first quarter of 2023. When players join, they”ll be able to create and play as robots while also having the chance to help build a virtual world consisting of NFT-based land, constructions, and other misc. items. Right now TARO is trading at 0.02 USDT. However, during the next stage of its presale the price will increase to 0.025 USDT.
Visit RobotEra Now
IMPT is a carbon credit marketplace that runs on Ethereum. It allows users to earn and trade NFT-based carbon offsets, which can be obtained by shopping with eco-friendly retailers. By tokenizing carbon credits as NFTs, IMPT makes it easier to track credits and prevent some of the issues that have previously undermined carbon markets. IMPT’s presale has so far raised $13 million, making it one of the most popular sales in crypto presently. The project has also announced some big partnerships already.
Visit IMPT Now
Source: Crypto News