The Polygon price prediction is bullish above $0.82, especially since it has broken through a symmetrical triangle pattern on the upper side. Polygon’s market price has surged 200% in the last four months from its low point in June 2022 of $0.31.
As of late, though, the token’s price has begun to show symptoms of rising sharply once more, and now it’s trading at the $0.93 level, having soared more than 1% in the last 24 hours and over 7% in seven days.
CoinMarketCap currently ranks #11, with a live market cap of $8 billion. There are 8,734,317,475 MATIC coins in circulation, with a maximum supply of 10,000,000,000 MATIC coins.
MATIC’s Exchange Balance Falls to a Nine-month Low
On October 26, the total supply of MATIC owned by cryptocurrency exchanges dropped to 802.15%, its lowest level since January 2022. According to Santiment data, the decline was part of a longer-term slump that has seen over 600 million MATIC leave exchanges over the last four months.
For this reason, the market views a decrease in the total cryptocurrency balance across exchanges as bullish. This is because investors withdraw their assets from exchanges when they intend to store cryptocurrencies for an extended period of time.
Accordingly, historically speaking, periods of falling MATIC reserves at exchanges have been associated with rising prices, and vice versa. That’s why the recent drop in MATIC supply across exchanges is a sign that the token’s price will continue to rise in the coming weeks.
Polygon Price Forecast – Can MATIC Reach $2?
This week, the MATIC/USD pair has broken out of a symmetrical triangle pattern that had been extending major resistance near the $0.80 level. For the time being, the MATIC/USD pair has formed bullish engulfing candles, propelling it towards the next resistance area of $0.93, a double top level.
Leading indicators such as MACD and RSI are in a buying zone, as is the 50-day moving average, indicating that all three technical indicators are bullish.
Increased demand for MATIC has the potential to cut through the double top level of $0.93, causing the price to rise to $1.05 or $2.
On the downside, MATIC’s immediate support remains near $0.81, and a bearish breakout of this level could drive the price of MATIC even lower, possibly to the $0.70 level.
New Crypto Presales
Aside from MATIC, a new crypto coin D2T is highlighted. Dash 2 Trade’s presale has already raised over $2.6 million in less than a week, making it one of the year’s largest token sales.
Dash 2 Trade, an Ethereum-based platform, aims to provide users with access to a wide range of real-time analytics and social trading signals. The amount of money raised thus far is a massive show of support for the system.
Furthermore, the Dash 2 Trade presale began on October 19, and the price of the D2T token during the presale was 0.05 USDT.
Visit Dash 2 Trade now
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