During a period where Bitcoin is struggling with the $20,000 range, popular altcoin MATIC has experienced limited losses and has been the shining star of the bear market, especially in the first half of last year, outperforming its competitors.
MATIC Coin has shown impressive performance in 2022 as one of the largest scaling solutions for Ethereum in terms of market value. It has managed to constantly motivate investors with its partnerships, announcements, and goals. However, since the second quarter of 2023, the balance has shifted with its competitors launching ZK rollups faster.
On June 5th, the price of MATIC Coin dropped to $0.5. Fluctuations were seen in this range again in September due to panic selling. Although the price recovered to $0.96 in the week of October 16th, investors saw it as an opportunity for profit realization as it failed to break the BTC resistance, and the price is currently hovering around $0.77.
While altcoins were moving sideways due to reasons like the Thanksgiving holiday, after returning from the $0.72 support level, MATIC Coin broke the 200-day moving average. A move above the middle boundary of the channel’s support/resistance seems to encourage more buyers to enter the market.
Popular crypto analyst Poppe claims that the expected rally period for altcoins is approaching. In his recent assessment, he implied that risks are decreasing and risk appetite could increase. However, investors are not fully convinced that the legal issues related to Binance have been completely resolved and that a development that will increase appetite in the market has occurred. The RSI reading indicates that MATIC Coin will soon test $0.8. If the bulls can achieve this, the price may surpass $1. Of course, the performance of BTC will be decisive throughout the process.
