The year 2023 ushers in a period of positive optimism for most cryptocurrencies since many of them have begun rebounding from their lows. Polygon (MATIC) was not abandoned in this race.
In the last month, the token representing Ethereum’s internet of blockchains has increased in value by about sixty percent, making it one of the best-performing cryptocurrencies.
How Polygon’s February Could Be
Since the first of the year, the price of MATIC has shown consistent signs of improvement, as seen by the construction of a rounding bottom pattern. It is presently worth $1.19, and if the coin price demonstrates resilience over that mark, trades that have been on the sidelines might seize a chance to enter the market while also being aware that the recovery rally is still intact. Therefore, due to the effect of the rounding bottom pattern, the price of MATIC is positioned to surpass the neckline resistance of $1.3 in the near future.
The breakout of the neckline should, under ideal circumstances, result in a bullish rally that extends the same distance between the breakout point and the pattern bottom support as there is between the neckline and the bottom support. As a result, the Polygon coin price may surge by 50%, reaching the mark of $1.8 if it breaks over the $1.3 barrier. That is, presuming it reflects its past 30 days’ price movement.
Generally, February is considered to be a bullish month for cryptos. It is highly anticipated by experts and investors/traders alike that tokens will see a massive increase this month. On-chain signals for MATIC are currently mostly bullish at the time of writing, as data from IntoTheBlock shows. I wouldn’t be too shocked if MATIC hits $2 by the middle of this year. But only time can time. This is just a prediction.
