Polygon Price Prediction – Can MATIC Recover to $1?

cryptonews.com:

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.

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.

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