Polygon Poised For A Major Advance Next Year If MATIC Stays On This Course

Christian Encila

Last Updated: November 23, 2022 1:40 am

3 mins read

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Even as the FTX-induced downward market continues, Polygon (MATIC) is closely following in the footsteps of its older relative ETH. Despite the bears’ dominance this year, many in the cryptocurrency industry see 2023 as the final chapter following a period of uncertainty.

A quick rundown of MATIC:
– MATIC down at $0.843512
– TradingShot analysts show that MATIC follows ETH price closely with a rejection by the 50-day MA
– 2023 not likely to bring a strong rally for MATIC by Shelby3

According to TradingShot, MATIC’s price action is difficult to ignore because it mirrors Ethereum’s price action from 2016 to 2017.

We all know that an investment’s past success is no indicator of its future success, but let’s see what this is about anyhow.

What’s In Store For MATIC In 2023

Based on the data, it is clear that MATIC has been following in ETH’s footsteps throughout 2016 and 2017.

Both were rejected at the 50-day moving average, a critical level because it was this situation that finally pushed the ETH bulls out of the bear market.

TradingShot predicts that there will be a significant increase in MATIC’s price in 2023 if the fractal keeps being replicated.

In contrast, the market in 2017 is radically different in terms of the crypto market’s size and the fundamental drivers that influence price movement.

Considering prior external influences such as the LUNA fall and the recent FTX collapse, we can all agree that the market will be wary regarding these assertions.

Another researcher by the name of Shelby3 contends that 2023 will bring far greater suffering. We may be able to discern a medium ground for investors and traders; 2023 will not deliver the anticipated significant rally, but it will end the bearish sentiment in the cryptocurrency market.

Extra Eye On MATIC

As of this writing, CoinGecko data is still flashing red across all timelines, indicating that it is losing value. Increasing exchange reserves for the token indicates a strong sell sentiment in the MATIC market.

MATIC is trading at $$0.843512, down 10.3% in the last seven days, data by Coingecko show, Wednesday.

With MATIC continuing to trade at a red candle at $0.7846, which is coupled with a restricted trading range, it would continue to face agony until later this year and maybe until the first quarter of 2023.

Investors and traders should be wary of MATIC on both the short- and long-term, as it continues to demonstrate a strong bearish bias.

Even if MATIC follows in the footsteps of ETH, market forces and macroeconomic variables will eventually affect the price of MATIC.

MATIC total market cap at $7.3 billion on the daily chart | Featured image from Carscoops, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.