Polygon (MATIC) Coin Price Prediction for 2023: Is Polygon (MATIC) a Good Investment?

Polygon is the first blockchain network that is easy to use for Ethereum scaling and development. In addition, it supports multiple building multiple applications at a time where it is easy to build different types of infrastructure at a time.

Polygon transforms Ethereum into a full-fledged multichain system like Polkadot, Cosmos, etc. Moreover, this system includes Ethereum's security and openness advantages that can grab massive investors’ attention. It can perform 65,000 transactions per second with a fewer than 2 seconds block confirmation time. On the other hand, the Plasma framework provides an opportunity to create globally available DeFi applications on the single blockchain. So far, more than 50 DApps are using the Polygon network to its proof-of-stake-based Ethereum sidechain.

MATIC is the native token for Polygon that runs through the Ethereum blockchain. It is used as a payment service on the Polygon ecosystem, including transaction fees. There are 7.10B MATIC in circulation from the max supply of 10B MATIC. The current market cap of this instrument is $17,986,044,743, where the 24 hours trading volume is $1,837,714,962.

So, Is Polygon (MATIC) a good investment?

Let’s see the Polygon (MATIC) price prediction from Technical Analysis MATIC:

Polygon (MATIC) Bulls Are Solid

 

In the MATIC/USDT daily chart, the buying pressure from 2.22 to 2.03 became strong as soon as the price showed a bullish break of structure from 2.22 and made a new swing high at 2.73. Therefore, bulls from the 2.22 to 2.03 demand zone are more likely to join the market again before showing aggressive buying pressure. Therefore, if the price moves down towards the dynamic 20 EMA or static 2.22 support level, any bullish rejection would be a potential buying opportunity in this pair.

The above image shows how the MACD Histogram showed a PNP formation where the MACD line remained above the Histogram. On the other hand, the current price is above the dynamic 20 EMA support, where the gap between the price and the dynamic level has expanded. 

Based on the daily context, investors should wait for the price to come down towards the dynamic 20 EMA area from where any bullish rejection would be a potential buying opportunity in this pair. In that case, the primary target of the bullish momentum would be above the all-time high of 2.72 area. On the other hand, a break below the 2.03 needs an HODLing approach where investors should seek another buying opportunity from the 1.73 support level. 

MATIC/USDT Ichimoku Cloud Analysis

According to the Ichimoku Cloud analysis, the MATIC/USDT H4 trend is bullish as the price moves above the Kumo Cloud. In the future cloud, the Senkou Span A is above the Senkou Span B, where the thickness of the future cloud is supportive for bulls. Therefore as long as the price trades above the Kumo Cloud, it may extend the bullish pressure in the coming days. 

The above image shows how the RSI line moves lower from the overbought level of 70 level. However, the current RSI line is still above 50 level, where any rebound would increase the opportunity of testing the 70 level again. In addition, the current price is still above the dynamic Kijun Sen, where a bullish rejection has appeared from the H4 chart.

Therefore, based on the H4 context, any bullish H4 candle above the 2.57 level would increase the buying possibility in this pair towards the 3.00 area. On the other hand, if the price moves below the 2.40 level, another buying opportunity is available in the 2.04 area. However, a bearish break below the 1.73 level might alter the current market structure and initiate a bearish trend towards the 1.50 level.

MATIC/USDT Intraday Price Action Analysis

 

In the intraday chart, MATIC/USDT showed tremendous buying pressure from the dynamic 20 EMA and moved above the static level of 2.59. Later on, the price became volatile and congested before reaching the dynamic 20 EMA support. As the current price showed a bullish rejection from the dynamic 20 EMA, it will likely move higher in the coming days.

The above image shows how the MACD Histogram remained below the neutral zone but failed to make a new low. Therefore, a bullish H4 candle above the 2.57 resistance level with a positive MACD Histogram would signify that bulls are ready to take the price up towards the 3.00 area. However, a break below the weekly VWAP needs an HODLing approach to find another buying opportunity from the 2.29 area.

Polygon (MATIC) A Buy?

According to the Polygon (MATIC) price prediction, the overall market direction is bullish, where the crypto is on a bullish vibe as the yearly decrease period has appeared. Therefore, any intraday bullish rejection from the dynamic level would be a buying opportunity in this pair where the primary price target is $3.00 area. However, the bullish possibility is valid as long as the price trades above the 2.04 support level. Below this level a HODLing approach is needed to see a gain in the portfolio.

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