Polygon [MATIC] Price Prediction 2023-24: Bulls Hope for Further Gains
• The Polygon [MATIC] price saw a massive appreciation earlier this year, but much of those gains have been wiped out over the past three weeks.
• The launch of zkEVM is just a week away and anticipation is building up.
• There is resistance at $1.25 and the market structure has flipped from bullish to bearish.
Polygon [MATIC] Price Prediction 2023-24
Polygon’s [MATIC] token surged earlier this year, with prices rising from $0.74 to $1.56 in January and February. However, a large retracement occurred soon after, and prices continued to decline until 10 March before bouncing higher once more. Currently, there is resistance at the $1.25 level and the market structure has flipped from bullish to bearish on 4 March. A bounce from the Fibonacci golden pocket gives bulls hope for further gains in the near future.
The launch of Polygon’s zkEVM is only one week away and anticipation is building up among investors as it could potentially lead to a surge in prices if successful. This could be especially true if demand for NFTs continues to remain strong within the blockchain ecosystem despite recent shifts in sentiment around cryptocurrencies overall.
As mentioned previously, there is resistance at $1.25 that has so far refused to yield even after support from buyers at the Fibonacci golden pocket between $0.92 -$1.06 was seen over the past two weeks. Additionally, psychological support can also be found at around $1 level which could help boost prices even further if breached successfully by buyers .
Bearish Market Structure
The RSI indicator inched toward neutral 50 which showed that bearish momentum had almost completely waned; however, MATIC still held a bearish market structure as blue on the price chart highlighted when it breached its higher low back on 4 March . As such shorting MATIC in between $1-25-$ 1-3 may prove profitable if sellers target profits around $0-$92-$1 area
Realistic or not?
Realistically speaking , what will be MATIC’s market cap in BTC terms? The mean coin age fell off a cliff mid-March suggesting selling pressure could intensify while 90-day MVRV ratio remained positive but also declined significantly over time . How these metrics perform moving forward will ultimately determine whether or not bulls can push through resistance levels successfully or if bears will continue ahead with their current trend .