Polygon (MATIC) is currently ranked in the top 10 cryptocurrencies by market capitalization as more investors and traders take an interest in the decentralized finance (DeFi) asset despite the fact that MATIC’s price has been affected by the ongoing washout in the cryptocurrency market.
Notably, investors continue to remain bullish on Polygon’s price by the end of 2022, with the crypto community at CoinMarketCap not losing optimism, predicting it to trade at an average price of $0.9 on December 31, 2022, as per data retrieved on November 28.
The forecast results from the 3,365 votes that had been cast on the platform as of the time of publication indicate a predicted rise in the asset’s price by $0.074 or +8.96% compared to its current price.
Polygon technical analysis
Elsewhere, Polygon’s technical analysis (TA) indicators are heavily in the ‘sell’ zone, with its weekly summary pointing to a ‘strong sell’ sentiment at 16, similar to the moving averages (MA), which suggest a ‘strong sell’ at 13.
Meanwhile, the oscillators are slightly less bearish, indicating a ‘sell’ sentiment at 3. At the same time, the majority (8) occupy the ‘neutral’ zone, according to the data obtained from the market analytics platform TradingView on November 28.
MATIC price chart
MATIC is changing hands at $0.82, down 4.38% in the last 24 hours, although it is up 1.1% across the previous week, with a total market worth of $7.1 billion.
Notably, lookonchain noted that the price on Polygon is likely to crash judging by the movements of one whale, which seems to cause steep drops in the market.
“This whale unstaked 79M $MATIC ($65M) on November 15, and then successively transferred a large amount of $MATIC to Binance.”
“Almost every time he transfers $MATIC to Binance, the price of $MATIC will drop.”
However, Finbold reported Polygon could be set for ‘a strong rally in 2023.’ Notably, since the COVID crash of March 2020, the price action of Polygon has so far mimicked the pattern that Ethereum (ETH) made between October 2015 and January 2017. With that being said, only time will tell if Polygon will be able to hit the price prediction for the end of December.
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