same as FTX-induced below The market continues, with Polygon (MATIC) following in the footsteps of its old relative ETH. Despite the dominance of bears this year, many in the crypto industry see 2023 as the final chapter after a period of uncertainty.
A quick detail of Matic:
– MATIC down to $0.843512
– TradingShot analyst shows MATIC closely following ETH price with rejection by 50-day EMA
– Shelby 3 unlikely to spark a strong rally for Matic in 2023
According to TradingShot, MATIC’s price action It’s hard to ignore because it shows the price action of Ethereum from 2016 to 2017.
We all know that the past success of an investment is no indicator of its future success, but let’s see what it is anyhow.
What’s in store for Matic in 2023
Based on the data, it is clear that Matic is following in the footsteps of ETH during 2016 and 2017.
Both were rejected by the 50-day moving average, a crucial level as it was this position that ultimately forced ETH bulls out of the bear market.
TradingShot predicts a significant increase in the price of MATIC in 2023 if the fractal continues to replicate.
In contrast, the market in 2017 is fundamentally different in terms of crypto market size and fundamental drivers affecting price movement.
Considering prior outliers such as the LUNA decline and the recent FTX collapse, we can all agree that the market will be wary of these claims.
another researcher by the name of shelby3 argues that 2023 will bring far more suffering. We may be able to figure out a middle ground for investors and traders; 2023 will not deliver the expected significant rally, but it will put an end to the bearish sentiment in the cryptocurrency market.
Extra look at Matic
As of this writing, coingeco The data is still flashing red across all timeframes, indicating it is losing value. increasing exchange inventory MATIC indicates a strong sell sentiment in the market for the token.
Wednesday’s data from Coingecko shows that MATIC is trading at $0.843512, down 10.3% over the past seven days.
As MATIC continues to trade on a red candle at $0.7846, which is coupled with a restricted trading range, it will continue to suffer suffering through the end of this year and probably into Q1 of 2023.
Investors and traders should be wary of MATIC in both the short and long term, as it continues to display a strong bearish bias.
Even if MATIC follows in the footsteps of ETH, market forces and macroeconomic variables will ultimately affect the price of MATIC.
MATIC total market cap at $7.3 billion on the daily chart | Featured image from Carscoops, Chart: TradingView.com
Credit : newsbtc.com