With altcoins prices rising higher, MATIC takes a bullish stand as 2023 concludes following the Uptober season gains. The Polygon coin price surpasses the crucial EMAs and approaches the psychological mark of $1.
Recovering from a negative 33% YTD growth in September, the Polygon recovery trend finally turns profitable. Moreover, with increased chances of an uptrend continuation, the MATIC price prediction hints at crossing $1 in 2023.
Following the double bottom reversal and the Uptober season rally, the MATIC price continues to ride on a high-speed recovery trend. Crossing above the 50-day and 200-day EMA, the golden crossover possibility arises in the Polygon chart.
Further, the recent 50% hike in the last twenty days puts the Polygon token in a profitable state after facing a 33% year-to-date drop in September. Supporting the recovery trend, the intraday trading volumes over the past few days have increased sharply.
Currently, the MATIC price crosses the $0.75 mark, following the 200-day EMA breakout. Moreover, the altcoin trades at $0.7633 with an intraday growth of 2.98%, reflecting a strong bullish momentum.
Technical indicators:
Stochastic RSI: The K and D lines are on a recovery trend and trade close to the overbought zone, reflecting a strong bullish momentum.
EMA indicator: The positive trend in the 50-day EMA showcases the possibility of a golden crossover. Moreover, the bull run crossing the 200-day EMA signals a trend reversal.
Will MATIC Price Sustain Above $0.75?
Following the 200-day EMA breakout, the MATIC price continues to rise and surpass the $0.75 mark. Further, the increasing volumes and strong bullish candles tease an uptrend continuation. Therefore, the chances are favourable for buyers to hold dominance at the $0.75 mark.
If the Polygon price exceeds $0.85, the uptrend can reach the psychological mark of $1.
Conversely, a reversal under $0.75 will drop the MATIC price to $0.55 if the buyers fail to hold dominance at $0.60.
Was this writing helpful?
No Yes
Sohrab Khawas
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he’s trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he’s not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
