Polygon recovery continues: Can MATIC hold its top position?

Polygon is the most popular layer two scaling platform on the Ethereum network that provides faster scaling and transfer facilities. Throughout the last year (2022), MATIC performed better than other Layer-2 protocols; even Ethereum whales have added this token to their favorite list.

However, Polygon’s role is to keep up with the Ethereum network changes that will help maintain Polygon’s ecosystem, functionality, and growth. Ethereum co-founder Vitalik Buterin highlighted the roll-ups on the Ethereum network. We think it is too early to predict Polygon’s changes and performance in 2023. Crypto enthusiasts and the Polygon community are optimistic about it.

In the short term, Polygon has consolidated between $0.95 and $0.75. In the first week of November, a short bullish momentum started, but that did not last long because of the FTX liquidity crisis. Will the bullish momentum continue? Read our MATIC price prediction to know!

MATIC PRICE ANALYSIS

At the time of writing this post, MATIC was trading around $0.8, which offers a better opportunity to invest for the short term because of the upcoming bullish sentiment in the market.

Considering the technical indicators, BB lacks volatility, but candlesticks are forming around the baseline with positive MACD and RSI. $0.95 will be a resistance for the short term, but it could move forward to the recent high of $1.26 within the next few months.

MATIC PRICE CHART

Candlesticks on the weekly chart are forming higher highs and higher lows that suggest bullish momentum, and it may cross the $1.26 level, so it is the right time to accumulate more MATIC for the next few years. If it continues the formation, MATIC will generate a huge return for its investors. 

The crypto market will be volatile in 2023, so MATIC’s price might come down to the $0.8 level again this year. Please remember that if you invest in MATIC, you need to book the profit at the right time and increase the amount at a lower price.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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