• Polygon (MATIC) is a layer-2 blockchain that uses a proof-of-stake consensus mechanism.
• MATIC price prediction for 2023 is between $0.9794 and $1.5848, and may reach $3 soon.
• Polygon (MATIC) has been in an overall bullish trend with falling wedge formation, and its volume decreasing as the channel converges.
What is Polygon (MATIC)?
Polygon (MATIC) is the native cryptocurrency of the Polygon Network. It was launched as an ERC-20 token in 2019. Polygon, formerly known as the MATIC Network, is a layer-2 blockchain that uses a proof-of-stake consensus mechanism. Users use MATIC tokens as transaction fees and also gain voting rights on the network. The core Polygon software development kit (SDK) aids the creation and development of decentralized side chains that are interoperable and compatible with the Ethereum blockchain. Significantly, this Ethereum scaling blockchain is all set to launch its zero-knowledge Ethereum Virtual Machine (zkEVM) in the blockchain ecosystem.
Polygon (MATIC) Current Market Status
The current market status of MATIC is: Current Price $0.868 24 – Hour Trading Volume $239,670,162 24 – Hour Price Change 0.63% Down Circulating Supply 9,279,469,069 All – Time High $2.92 (On December 27th 2021).
Polygon (MATIC) Price Prediction 2023
Polygon ranks 9th on CoinMarketCap in terms of its market capitalization and has been in an overall bullish trend with falling wedge formation; its volume decreases as it converges into a channel pattern with two converging trendlines drawn within this pullback.. The most commonly falling wedge pattern occurs in a clean uptrend. The price action trades higher but then falls back down towards support levels before recovering again to break out of resistance levels above it – signaling a change in direction from bearish to bullish momentum or vice versa depending on whether support holds or breaks down respectively .
Technical Analysis Indicators
Accurate trader-friendly technical analysis indicators can be used to analyze price patterns of MATIC such as Fibonacci Retracement Levels which help traders identify potential support and resistance levels for determining when to enter or exit positions; RSI which helps determine whether an asset’s price is overbought or oversold; MACD which identifies trends; Bollinger Bands which indicate volatility within an asset’s price action , etc .
In conclusion , our Polygon (MATIC )price prediction for 2023 suggests that prices could range anywhere from $0 .9794 to $1 .5848 – potentially reaching even greater highs if favorable market conditions persist . Technical indicators can be used to identify where possible entry points might exist along this trajectory while investors should always do their own research prior to making any investment decisions