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Polygon price rose more than 23% in the last 24 hours, reaching $1.07 at 4:30 a.m. EST, while its daily trading volume skyrocketed 180%, reaching $2.28 billion.
Polygon has seen an even more significant price increase of 37% each week, taking it from $0.77 on December 20 to its current price of $1.07. However, experts believe that the currency still has room to grow.
Analysts have noted that Polygon's native coin MATIC broke above the $1 level, while the rest of the crypto market came under intense selling pressure.
They also believe that if MATIC managed to maintain the current level, it could rise to $1.10. In this scenario, the coin may even prepare for another 70% rally.
In this case, your next big target after $1.10 would be $1.73. The predictions suggest a relatively optimistic outlook for Polygon, with potential solid bullish momentum.
Polygon Price Forecast
MATIC price has risen sharply in recent days after trading within the symmetrical triangle following its breakout from a range between $0.50 and $0.60.
However, its recent behavior suggests it could be breaking the pattern. Some believe that the coin could pave the way for a significant upward move if it manages a sustained weekly close above the $0.96 mark.
The coin could reach $1.73 in this scenario, as mentioned above. Some technical indicators suggest that the coin's bull run will continue for a while and perhaps even become stronger.
Recent developments in Polygon's MATIC project have led to a notable expansion of Bollinger Bands, a technical indicator often associated with strong bullish signals. However, a contrasting outlook emerges from the Relative Strength Index (RSI) score, suggesting that the currency could be veering towards oversold territory.
This mixed signal has sparked speculation among market observers. While some anticipate a possible liquidation in the near future, the timing and likelihood of this occurring remains uncertain.
Looking ahead, current market trends and technical indicators collectively suggest an imminent rally for MATIC. Analysts project that in the expected bull market of 2024, MATIC price could range between $0.90 and $1.10. This forecast holds even if the project fails to surpass this price range, indicating continued but cautious optimism about MATIC's performance.
Promising alternative to the polygon
bitcoin Minetrix (BTCMTX) is currently one of the best alternatives to Polygon. Despite Polygon's massive price hike and expected surge, BTCMTX is expected to make even more significant gains once it goes live.
The project is still in its pre-sale, which has already raised more than $6.3 million. Its token, BTCMTX, is now selling for $0.0125. You can buy it using a credit or debit card or obtain it in exchange for eth or USDT.
bitcoin Minetrix is a cloud mining platform that allows users to mine bitcoin without purchasing any expensive mining equipment or paying thousands of dollars in electricity bills.
The project requires users to purchase its native token and then stake it. In exchange, they receive credits that are used to mine btc.
#BitcoinMinetrix represents a tokenized cloud mining setup, allowing everyday users to participate in decentralized activities $btc mining.
This platform minimizes third-party cloud mining risks, providing complete operational independence. pic.twitter.com/oBifdpkYPa
—Bitcoinminetrix (@bitcoinminetrix) December 23, 2023
With the upcoming halving of bitcoin block rewards, mining is at an all-time high, making it impossible for regular people to mine on their own except through cloud mining.
However, with numerous fraudulent cloud mining platforms having emerged in the past, it is understandable why many might be hesitant to join a new one.
That is why bitcoin Minetrix ensures that it is completely decentralized and transparent and that users will always be in control of their funds.
This is also why the project's token is expected to see a huge increase in value, which will reflect the expected demand after launch.
Related news:
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
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