Bitcoin’s Surge and Crypto Market Outlook
Bitcoin’s price has surpassed $41,600, sparking optimism among investors as we approach the final weeks of 2023. The crypto market is experiencing increased demand, driven by expectations for the upcoming year and various compelling reasons identified by investors.
Polygon (MATIC) Analysis
Recovering over the last five days, the MATIC Coin has reached the resistance level of approximately $0.821. However, following Bitcoin’s retreat from the $42,000 resistance, this popular altcoin also dipped below $0.8. The critical resistance level now stands at $0.89, but reclaiming the $0.8 level is imperative before progressing further.
If Bitcoin’s upward momentum persists, there’s potential to surpass the $0.89 resistance, aiming for the peak at $0.98. Despite exhibiting resilience during last year’s volatile cryptocurrency markets, MATIC Coin is currently lagging behind, possibly due to heightened excitement in different sectors, with crypto exchange volumes still below desired levels.
If MATIC Coin surpasses the $0.98 resistance in the coming days, there’s a possibility of concluding the corrective movement, though this currently appears as a distant prospect.
MATIC Coin Predictions for 2024
The four-hour chart’s golden cross supports the continuation of the uptrend. On the weekly chart, the ‘golden cross’ of the Exponential Moving Averages (EMAs) indicates a bullish mid-term trend. The MACD further supports the rise, while the weekly RSI does not provide a clear signal of recovery.
The bullish trend on the weekly chart will receive confirmation with closures above $0.67. Despite relative positivity for the third consecutive month, the altcoin is poised for recovery after an extended period of weakness. The team’s focus on achieving this goal may involve token transformation and new announcements to mobilize the community, building on the team’s successful advertising and marketing efforts in 2022.
In the long-term outlook, the $0.975-$0.98 region holds critical importance. This region must transform into support for the anticipated significant rise, targeting the resistance at $1.2.
