The digital asset, Polygon (MATIC), has had an impressive first month of 2023. Polygon (MATIC) opened the year and month at a value of $0.7584 and has risen by 56.9% to a local peak of $1.19 set on Friday, January 27th. Going back in time to its June 2022 low of $0.316, Polygon (MATIC) has increased in value by 276.58% in a span of seven months.
Polygon (MATIC) Erases All 2022 Bear Market Losses Since LUNA’s Collapse
The one-day MATIC/USDT chart below, courtesy of Tradingview.com, shows that Polygon has consequently erased all losses due to the 2022 bear market that began with the collapse of LUNA and UST in May 2022 and ended with FTX‘s bankruptcy in November.
Also, from the chart, it can be observed that Polygon (MATIC), at its current level of around $1.10, is in bullish territory above the 50-day (white), 100-day (yellow) and 200-day (green) moving averages. If its bullish momentum is maintained, it could manage to retest the $1.30 or the $1.50 price levels in the weeks ahead.
However, its daily MFI (green), MACD and RSI (red) hint at an ongoing consolidation phase or a pullback that could result in a drop to the $1 price area. Another possibility is for MATIC/USDT to drop to the 100-day moving average located around $0.90.
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