As Bitcoin‘s price remains above $41,600, investors are optimistic that it will continue to rise in the last weeks of 2023. Demand in the crypto market has started to increase due to expectations for the new year and valid reasons for investors. So what are the predictions for Polygon (MATIC) in 2024?
In the past five days, the price of MATIC Coin has reached the resistance level of $0.821. However, when Bitcoin fell back from the $42,000 level of resistance, the popular altcoin also dropped below $0.8. Currently, the critical resistance is at $0.89, but reclaiming the $0.8 level is necessary first.
If the increase in Bitcoin’s price continues, it can target the peak of $0.98 by surpassing the $0.89 resistance. While MATIC Coin remained relatively strong during last year’s volatility in the crypto markets, it is now showing a performance behind the market. This may be due to the excitement focusing on different areas since the volume on crypto exchanges is still not at desired levels.
In the coming days and weeks, if the price of MATIC Coin surpasses the $0.98 resistance, we may see the end of the corrective movement. Currently, this seems like a distant possibility.
The golden cross on the four-hour chart supports the continuation of the upward trend. The “golden cross” between the Exponential Moving Averages (EMAs) on the weekly chart indicates a bearish market for the medium-term trend. MACD provides another signal supporting the uptrend, while the weekly RSI does not show a clear improvement sign.
The bullish trend on the weekly chart will be supported by closes above $0.67. After a long period of weakness, the altcoin that has relatively positive performance in the third consecutive month can now recover. If the team focuses on such a target, token conversion and new announcements will be used to mobilize the community. Indeed, we have seen the team’s success in advertising and marketing in 2022.