MATIC has shown rapid accumulation or increase in the supply since the final days of November. More so, there was also an increased demand seen in the derivatives market which could be the outcome of positive Binance Funding Rate on the MATIC/USDT pair.
CoinMarketCap data shows that MATIC price is now up by 1.48% or trading at $0.8019 at the time of writing. With the rate it’s going, Polygon could further retest of even breach the present support level with sustained momentum.
- Price still could potentially slide further towards $0.7736 or even lower
- Polygon token price spikes by 1.48%
- Shows rapid accumulation since November 21
The overall market sentiment for Polygon has been positive all throughout. Despite its recent hiccups in price, the development activity was observed to have spiked, which pushed the coin enter bearish turf for the most parts of December.
After its release in 2017, Polygon quickly became a popular alternative to the Ethereum blockchain due to its faster transaction times and lower transaction fees.
Meanwhile, a stop loss is seen hovering above $0.8155, which means a spike going above this range could further invalidate the bearish forecast for the crypto. This uptrend could trigger the MATIC bulls to barrel past the resistance seen at $0.8154.
MATIC is seen sliced in between the $0.8911 and $0.9492 in the first few weeks of the month. On the other hand, by December 15, the crypto sang a different tune, as the price retreated and found support at the $0.7736 level.
MATIC Technical Indicators: Price Pullback
MATIC technical indicators suggest a price pullback might settle at the range of $0.7735. The Relative Strength Index (RSI) shows a moderate slope on the charts which means that it’s near the oversold zone.
Over the past week, Polygon’s stock has dropped 6.31%. And in the past 24 hours, the price has risen by 1.10%. Price increased by 0.45% in the last hour alone, according to data by Coinbase.
MATIC total market cap at nearly $7 billion on the daily chart | Chart: TradingView.com
Polygon Target: $2.26 In 2023
In the meantime, it looks like the market is leaning towards the bears as the crypto’s price could retreat to $0.7392, which traders can treat as short-selling targets especially with increased risk appetite.
Notably, famous crypto expert and trader Jason Pizzino also shared his forecast on Polygon with his 279,000 YouTube subscribers, stating that MATIC could potentially dip by more than 30% from the current price of $0.8019, which could be seen as an opportunity to buy low and sell high for many traders.
However, with Polygon’s resilience, MATIC price for 2023 could shoot towards a maximum of $2.26, with the average price hovering around $2.00. With a bear market, MATIC’s minimum price could potentially dip to $1.75 come 2023.