Polygon (MATIC) Price Prediction 2023 – Will MATIC Hit $3 Soon?
Bullish MATIC price prediction for 2023 is $1.5848 to $2.4953.
Polygon (MATIC) price might reach $3 soon.
Bearish MATIC price prediction for 2023 is $0.6852.
In this Polygon (MATIC) price prediction 2023, we will analyze the price patterns of MATIC by using accurate trader-friendly technical analysis indicators and also predict the future movement of the cryptocurrency.
Polygon (MATIC) Current Market Status
Current Price
$1.12
24 – Hour Trading Volume
$280,780,094
24 – Hour Price Change
2.76% Down
Circulating Supply
9,080,469,069
All – Time High
$2.92 (On December 27,2021)
MATIC Current Market Status (source: CoinMarketCap)
What is Polygon (MATIC)?
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.
Polygon (MATIC) Price Prediction 2023
Polygon (MATIC) ranks 9th 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.
In the above chart, Polygon (MATIC) laid out an Ascending Triangle Pattern,The ascending triangle is a characteristic pattern of an ongoing bullish trend. This triangle is formed by a horizontal upper trendline that connects the highs and the lower trendline that connects the rising lows.
If the trend breakout at the resistance level, the price will continue to move up in this ascending triangle pattern.
At the time of analysis, the price of Polygon (MATIC) was recorded at $1.22. If the pattern trend continues, then the price of MATIC might reach the resistance levels of $1.2530 and $1.5534. If the trend reverses, then the price of MATIC may fall to the support of $0.9408.
Polygon (MATIC) Support and Resistance Levels
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 the resistance and support levels of Polygon (MATIC) for 2023.
Resistance Level 1$1.5848Resistance Level 2$2.4953Support Level 1$0.9794Support Level 2$0.6852MATIC Support and Resistance Levels
As per the above analysis, if Polygon’s (MATIC) bulls take the lead, then it might hit and break through its resistance level of $2.4953.
Conversely, if Polygon’s (MATIC) bears dominate the trend, the price of MATIC might plunge to $0.6852.
Polygon (MATIC) Price Prediction 2023 — RVOL, MA, and RSI
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.
The technical analysis indicator Relative Volume (RVOL) is used to measure the trading volume of an asset in relation to its recent average volumes. It is typically calculated by dividing the current day’s trading volume by the average volume over a specified period, such as the past 20 or 50 trading days. Also, it helps traders in identifying unusual trading activity and changes in market sentiment.
At the time of analysis, the RVOL of Polygon (MATIC) was found below the cutoff line. Thus, it denotes a weak volume of participants trading in the current trend.
The next technical indicator is the Moving Average (MA). This momentum indicator is used to smooth out price data and identify trends in the market. It helps in calculating the average price of an asset over a specific period. Particularly, the 50-day moving average (50 MA) evaluates the average closing price of the asset over the past 50 days. When the price of an asset is above 50MA, it is considered to be in an uptrend (bullish), and if laid below 50MA, it is in a downtrend (bearish).
Notably, in the above chart, the MATIC price lies below 50 MA (short-term), indicating its downtrend. Hence, MATIC is in a bearish state. Although this is the current state, a trend reversal might occur.
Next up is the Relative Strength Index (RSI). Significantly, this analysis indicator helps traders to determine the strength and momentum of an asset’s price movement over a specific period. In this analysis, the RSI is calculated by comparing the average gains and losses of the asset over the past 14 periods. The resulting value lies between a range of 0 and 100. Hence, the readings above 70 indicate an overbought state, and below 30 indicate an oversold state.
Significantly, traders often use the RSI to identify potential trend reversals or to confirm the trend’s direction. For instance, if an asset is in an uptrend and the RSI reaches an overbought reading of 70, it may suggest that the asset is due for a pullback or correction. Conversely, if an asset is in a downtrend and the RSI is in an oversold reading of 30, it may suggest a potential reversal.
At the time of analysis, the RSI of MATIC is at 50.75. Therefore, this indicates MATIC is neither an overbought nor oversold state.
Polygon (MATIC) Price Prediction 2023 — ADX, RVI
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).
To analyze the strength of the trend momentum, let us take note of the Average Directional Index (ADX). The ADX value is derived from the two directional movement indicators (DMI) such as +DI and -DI and is expressed between 0 to 100.
According to the data on the above chart, the ADX of MATIC lies in the range of 15.06 pointing out a weak trend.
The above chart also displays another technical indicator – the Relative Volatility Index (RVI). This indicator measures the volatility of an asset’s price movement over a specific period. With respect to the chart’s data, the RVI of MATIC lies above 50, indicating high volatility.
Comparison of MATIC with BTC, ETH
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.
Polygon (MATIC) Price Prediction 2024-2030
With the help of the aforementioned technical analysis indicators and trend patterns, let us predict the price of Polygon (MATIC) between 2024 and 2030.
Polygon (MATIC) Price Prediction 2024
If bulls dominate the price momentum and trend patterns, then Polygon (MATIC) might successfully test and surpass its resistance levels to hit $5 by 2024.
Polygon (MATIC) Price Prediction 2025
The significant upgrades in the Polygon Ecosystem might persuade the entry of an increased number of investors. This may eventually boost the Polygon (MATIC) price to reach $7 by 2025.
Polygon (MATIC) Price Prediction 2026
If Polygon (MATIC) successfully tests its major resistance levels and continues to move upside, then it would rally to hit $9.
Polygon (MATIC) Price Prediction 2027
If Polygon (MATIC) sustains major resistance levels and stands as a better investment option in the market, then MATIC would rally to hit $11.
Polygon (MATIC) Price Prediction 2028
If Polygon (MATIC) holds a positive market sentiment amid the highly-volatile crypto market by driving significant price rallies, then MATIC would hit $13 by 2028.
Polygon (MATIC) Price Prediction 2029
If investors flock in and continue to place their bets on Polygon (MATIC), then the crypto would witness major spikes. Hence, MATIC might hit $15 by 2029.
Polygon (MATIC) Price Prediction 2030
By 2030, the MATIC price might rally to $17 if the trend momentum aligns in favor of Polygon. Furthermore, MATIC would hold a positive market sentiment and be labeled as a long-term investment with highly profitable ROI.
Conclusion
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 $2.4953. Comparatively, the bearish Polygon (MATIC) price prediction for 2023 is $0.6852.
If there is a positive elevation in the market momentum and investors’ sentiment, then Polygon (MATIC) might hit $3. 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.
FAQ
1. What is Polygon (MATIC)?
Polygon (MATIC) is the native utility token of Polygon, a layer 2 blockchain that is secured by the proof-of-stake (PoS) consensus. It is primarily a payment cryptocurrency and is used as transaction fees on its blockchain.
2. Where can you buy Polygon (MATIC)?
Traders can trade Polygon (MATIC) on the following cryptocurrency exchanges such as Binance, Coinbase Exchange, Bitfinex, Bybit and OKX.
3. Will Polygon (MATIC) record a new ATH soon?
With the ongoing developments and upgrades within the Polygon platform, Polygon (MATIC) has a high possibility of reaching its ATH soon.
4. What is the current all-time high (ATH) of Polygon (MATIC)?
Polygon (MATIC) hit its current all-time high (ATH) of $2.92 On December 27,2021
5. What is the lowest price of Polygon (MATIC)?
According to CoinMarketCap, MATIC hit its all-time low (ATL) of $0.003012 on May 09, 2019.
6. Will Polygon (MATIC) hit $3?
If Polygon (MATIC) becomes one of the active cryptocurrencies that majorly maintain a bullish trend, it might rally to hit $3 soon.
7. What will be the Polygon (MATIC) price by 2024?
Polygon (MATIC) price might reach $5 by 2024.
8. What will be the Polygon (MATIC) price by 2025?
Polygon (MATIC) price might reach $7 by 2025.
9. What will be the Polygon (MATIC) price by 2026?
Polygon (MATIC) price might reach $9 by 2026.
10. What will be the Polygon (MATIC) price by 2027?
Polygon (MATIC) price might reach $11 by 2027.
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Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Filed under: Bitcoin - @ April 6, 2023 12:24 pm