MATIC Price Rally Continues Despite Q3 Revenue Slump – Will 1 Dollars Be Attained?

Crypto News- Upon closer examination of the weekly timeframe technical analysis, MATIC’s price has enjoyed a steady ascent over the past four weeks. This upward trajectory has culminated in the price retaking the critical $0.60 horizontal level.

MATIC Price Rally Continues Despite Q3 Revenue Slump – Will 1 Dollars Be Attained?

The significance of this level lies in its historical role as a reliable support zone since July 2022. Despite a brief dip below this level in September (indicated by the green circle), it has now been reclaimed. This resurgence implies that the earlier decline was likely an aberration. Notably, the weekly Relative Strength Index (RSI) is painting a bullish picture. RSI serves as a momentum indicator, aiding traders in gauging whether a market is overbought or oversold, guiding their buying or selling decisions.

When the RSI reading surpasses 50 in an upward-trending market, it favors the bulls, whereas a reading below 50 signals the opposite. Currently, the RSI is trending upward and has crossed above the 50 mark, both strong indicators of a bullish trend.

In the third quarter of 2023, a report on MATIC shows a significant drop in revenue compared to the second quarter. Specifically, revenue declined from $11.4 million to $5.1 million. However, there is a slight increase in the average daily active addresses and a 50% uptick in average daily NFT sales volume.

Polygon Labs has exciting plans in the pipeline, with the announcement that Polygon Connect will be held in Bengaluru on December 7. This global gathering of builders and tech enthusiasts features panels, keynotes from industry leaders, and technical workshops.

CasiTrades shares the possibility of a short-term decline, using Elliott Waves to conclude that a short-term five-wave increase has likely concluded. Technical analysts employ the Elliott Wave theory to gauge a trend’s direction by studying recurring long-term price patterns and investor psychology.