The crypto market remained erratic for the last two weeks, with many altcoin prices, including Polygon (MATIC), struggling to survive. However, MATIC outperformed BTC in the previous weeks. Most altcoins surged upside as many produced over 200% gain, including MATIC rallied from 0.7800, with many expecting it would reach $1.5. Still, the uncertainty of the crypto market cut these expectations.
Many altcoins gained over 200% in the previous week, breaking out their range-bound movement over the past seven days, as many believe more crypto space hopes to return. However, the situation changed as the crypto exchange FTX applied for insolvency.
Like the previous, the new week is yet to look as the week looks confined with FUD (Fear of uncertainty and doubt), leading many altcoins prices to be negatively affected as major coins battle to stay buoyant from what seems like a crypto purge.
Should you try buying MATIC Now?
Let’s find the Polygon (MATIC) Price Prediction from the MATIC Forecast:
MATIC/USDT Showed A Rebound From The Demand Zone
The broader market outlook is bullish in the current daily chart of MATIC/USD. After a long selling pressure in the first half of 2022, bulls joined the market from the 0.3151 bottom. After that, the long-term upside possibility was initiated from the U-shape recovery with a trendline breakout.
Bulls made multiple higher highs and consolidations in this path before moving further up in November 2022. However, the price became volatile in recent trading days when a 41% loss was seen after making a new swing high. Now, the real question is whether the volatility could eliminate the bullish outlook or not.
Based on the fixed range high volume indicator, the highest trading volume from August 2022 to November 2022 was at 0.8338 level. As the high volume level is still below the current price, the primary idea is to find long opportunities for the coming days.
Based on the current price structure, the buying pressure appeared from the 0.8592 to 0.6900 demand zone, which will be the main barrier for sellers. As the daily price showed a buying interest from this zone, investors should monitor the intraday price to join the bullish rally.
The indicator window shows buying pressure from the Relative Strength Index, which showed a rebound from the 50% neutral level. Moreover, the 20-day EMA is below the price and working as a support to bulls.
Based on the Polygon Price Prediction, MATIC/USD price will likely increase in the coming days. In that case, the primary target of the bull run is the 1.75 level, which is valid until the price comes below the 0.6900 level. Further selling pressure below the 0.6900 level could decrease the price towards the 0.3000 level.
MATIC/USD Ichimoku Cloud Analysis
The price is volatile in the intraday chart, where multiple violations from the Ichimoku Cloud are seen. In the most recent chart, the buying momentum was solid since the beginning of November, when impulsive bullish pressure appeared from the cloud support. Moreover, bulls managed to make a new swing high, increasing the possibility of a bullish trend continuation.
However, the situation has changed due to the fundamental weakness of the conflict between Binance and FTX. An immediate counter-impulsive bearish pressure appeared, making a new low below 0.8370 key support level,
In the future cloud, the gap between the Senkou Span A and Senkou Span B was tight, which indicates an uncertain market condition where a breakout is needed before opening a position. The dynamic Tenkan Sen and Kijun Sen are above the current price, working as resistances, which need to be overcome before forming a buy setup.
The indicator window shows the same story, where the current TDI level is near the 50% area, indicating indecision.
Based on the H4 outlook, investors should wait for the price to move above the 1.1615 level, before going long targeting the 1.6000 level. On the other hand, the bearish crossover in dynamic levels could lower the price towards the 0.7622 support level.
MATIC/USD Intraday Price Action Analysis
In the hourly chart, the bearish correction is on where the current price is aiming down from the trendline resistance.
Based on the visible range high volume level, the highest trading volume level is at 1.1476, which is above the current price. Therefore, the primary trading idea of this pair is to find bullish opportunities above the 1.1476 level.
The dynamic 20 EMA and weekly VWAP are closer together and work as the immediate resistance level. The indicator window shows how the MACD Histogram is below the neutral line while the MACD EMA’s are in the bearish zone.
Based on the MATIC Price Prediction, a bullish recovery above the channel resistance would be the primary sign, but an H4 close above the 1.1500 level would validate the bullish trend.
As the current price is aimed down from the dynamic resistance level, the primary aim is to find bearish opportunities towards the 0.7000 psychological level.
Is MATIC/USD A Buy?
Based on the Polygon Price Prediction today, investors should wait for the price to move above the near-term resistance level before opening a long position in this pair. On the other hand, the bearish possibility is active where close attention is needed on how the broader market is affected by the FTX issue.