MATIC Price Prediction
MATIC has skyrocketed by almost 49% and has become a favorite among institutional investors and ranked among the top 20 altcoins by market capitalization. Polygon recently shared some exciting news regarding their collaboration with wanchain to create a decentralized bridge connecting the Polygon sidechain with Arbitrum allowing Direct transfers between the two digital assets. The Ethereum scaling and infrastructure development platform is up nearly 13%. Polygon price predictions are largely bullish as it has great upside potential.
In addition, investors are anticipating a huge event this week. Polygon recently announced on Twitter about the zk Summit on Dec. 9. The event will be an opportunity to explore the advantages of “zero knowledge”. The event will be centered around the application of zk proofs. MATIC price recovery has been impressive since the December 4 sudden fall, with bulls seeking to retest the all-time high. As the crypto market descended into panic on December 4, the MATIC price underwent a 35 percent correction. Polygon was able to recover 30% of its market value on the same day and has continued to advance further.
The MATIC price has risen sharply from its support level of INR 120, and is presently approaching its highest closing price in six months. But can MATIC punch through the resistance?
The daily chart shows that the Polygon price rallied and made a remarkable recovery. In addition, it has created a blue ascending channel. It is now slightly below the upper side of this channel facing resistance from the upper level.
The Relative Strength Index (RSI) is in the underbought region as the RSI is at 68 levels. The moving average convergence and divergence (MACD) bullish cross depict a strong buy signal.
Furthermore, the MATIC price has been above the 100-day MA and 200-day MA. It’s currently seeking to break out over the 180 INR resistance level, which serves as the final barrier before a new all-time high price. If successful in moving above it, the next resistance would be found at INR 300 as per our MATIC price prediction.