Polygon Price Prediction as MATIC Shoots Up 7% Despite Wider Market Struggles

cryptonews.com:

Polygon's MATIC has been on a steady climb since Nov. 22. After starting the day at $0.78, it shot up 7% over the next day and a half to settle down to its current price of $0.84 as of writing on Nov. 23.

The RSI is currently sitting at 48.0, while the moving averages (MA) show that MATIC is trading just below the 20-day MA at approximately $0.86 with larger MAs further out showing values around or above $1.00. The Bollinger Band (BB) indicates a range between $0.68 and $1.05 for MATIC/USD, which suggests some resistance in breaking past this range.

While MATIC has primarily been trading within the $0.75 to $0.94 range over the past five months, it has also made brief attempts at higher prices above $1 and lower prices below $0.68. To break out of this range, there will likely need to be some good news for Polygon such as a major partnership (e.g. with YouTube) or a general crypto market rally.

Additionally, we must factor in macroeconomic factors such as the bearish cryptomarket and any fallout from FTX that may affect MATIC's and the wider market's price action, such as regulation news.

Overall, if MATIC remains above $0.75 then the bulls are in control on the longer timeframe; however, for short-term gains, a break above $0.93 will be needed. If MATIC falls below $0.75 it could see further losses to around $0.65 and possibly as low as $0.53 in the short- to mid-term.

In short, MATIC's recent 7% jump is a positive sign for the cryptocurrency and could be an indication of more bullishness to come. However, it remains relatively restrained within the $0.75 - $0.94 range due to macroeconomic factors and will need some good news or wider market gains in order to break higher out of this range.

While MATIC has likely seen the