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Polygon (MATIC) has been exceptionally bullish in November, seeing a steady yet considerable increase that has seen the price move from $0.62, past the $0.70 mark, to its current level of $0.77.
While speculation of the token crossing $1 in 2023 may be a bit too optimistic, the cryptocurrency’s price action has shown a remarkable recovery after spending most of October in the red.
What’s In Store For MATIC?
Last week, MATIC began showing positive signs below the resistance that was present at $0.65, with the price trading above the $0.60 mark and the 100 simple moving average (4 hours). The price has since made a considerable recovery, moving past the $070 price level and rising to $0.74. However, at this point, MATIC failed to move above the $0.75 level, instead dropping back below $0.70 to the $0.69 price level. The cryptocurrency was able to make another recovery from this level, pushing back above the $0.70 mark and moving to its current level of $0.76, but not before hitting a high of $0.77, as seen in the chart below. MATIC has not been at these levels since July 2023, leading to considerable optimism around the token.
As the year draws to a close, it looks like MATIC is set to end it on a bullish note, with analysts hinting the token could cross the coveted $1 mark in 2023 itself, which would amount to a stellar feat. This indicates the positive sentiment around the token since it recovered from a negative 33% YTD growth in September. With chances that the uptrend is set to continue, how realistic are MATIC’s chances of crossing $1 in 2023?
Polygon (MATIC) Price Analysis: A Stellar Recovery?
Following its double bottom reversal, the MATIC price has continued its upward trajectory, as its recovery looks set to continue. Moving above the 50-day and 200-day EMA, there is a possibility of a golden crossover. A golden crossover occurs when a short-term moving average crosses over a long-term moving average to the upside. Analysts and traders interpret this as a definitive signal of an upward trend in the market.
The recent recovery has also put MATIC in a profitable state, further supported by growing intra-day trading volumes, which have registered a sharp increase. Currently, MATIC is trading around the $0.76 mark, with an intra-day growth of nearly 3%, indicating a strong bullish momentum. Additionally, reports that Kraken is considering launching a layer-2 blockchain on Polygon could also add to the current bullish sentiment around MATIC.
So, can MATIC sustain its current levels and remain above $0.75? After the 200-day EMA breakout, MATIC has remained steady above $0.75. An increase in trading volume and bullish candles indicate that MATIC’s uptrend is set to continue. If MATIC moves past %0.85, the rally could see the token touch the coveted $1 mark. However, any reversal under the $0.75 level could see MATIC drop to $0.55, should the buyers fail to hold dominance at $0.60.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.