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Polygon price prediction: Altcoins are back on the bullish path following a couple of days of wallowing in declines due to the events in the crypto space this week. Polygon price was not spared as it extended the decline to $0.722.
With this support intact, bulls have been able to regain control of the trend. However, MATIC is still a long way to go before confirming the expected breakout beyond $1.
The Ethereum layer-2 solutions provider although up 2.7% in the last 24 hours, is down 11.6% in seven days and 7.5% in a fortnight. A sustained recovery could help protect a 23.5% increase in value, accrued over the last 30 days.
Polygon Price Prediction: MATIC Eyes Key Pattern Breakout
MATIC is trading within the confines of a descending channel whose lower boundary support helped mitigate the bearish situation this week. After bouncing off the support around $0.722 marked by the grey area on the four-hour chart, Polygon price confirmed the increasing presence of the bulls by stepping above the 200-day Exponential Moving Average (EMA) (purple).
A subsequent move above the channel’s middle boundary support/resistance seems to be encouraging more buyers to step in. If this action behind MATIC continues in the coming sessions, a breakout above the upper channel resistance could follow.
The Moving Average Convergence Divergence (MACD) indicator reinforces the bullish theory. A buy signal on the daily chart manifested with the MACD line in red crossing above the signal line in blue.
Key movements traders should watch out for include the impending breakout above the falling channel and the subsequent move past the resistance highlighted in the red band.
Recommended for you: XRP Price Prediction: Like Ethereum, XRP Breaks Out Flaunting 16.5% Rally
Investor and crypto analyst Michaël van de Poppe boasting over 674k followers on X said in a recent post that “the next run on altcoins is currently loading up.”
He added that the bull run is heavily reliant on the approval of Bitcoin spot exchange-traded funds (ETFs).
The next run on #Altcoins is currently loading up.
The significance of a spot #Bitcoin ETF is large and given the recent news items, the odds of an approval are increasing, so coming weeks are most likely continuing the upwards momentum.
We're in a bull cycle.
— Michaël van de Poppe (@CryptoMichNL) November 23, 2023
The odds of the Securities and Exchange Commission (SEC) greenlighting the ETF have been increasing lately, especially with reports of BlackRock meeting with the agency and Grayscale amending its proposal to convert its Bitcoin Trust (GBTC) product to a spot ETF.
Grayscale updated their #Bitcoin ETF application!
There is definitely something going on. 👀 pic.twitter.com/WbWcv7iN8a
— Mister Crypto (@misterrcrypto) November 23, 2023
The Relative Strength Index (RSI) with strength slightly above 45 and trending upwards is another bullish signal. For now, looking out for a break above the channel and more importantly, the hurdle at $0.8 could help traders catch the uptrend to highs above $1 at an early stage. Support provided by the 200 EMA and the buyer congestion at $0.722 are in line to arrest the bearish situation if attempts to break above $0.8 culminate in more losses.
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