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The Polygon price cracked 12% to record an intra-day high of $0.92 on Sunday, November 12.
The move caught many traders off guard, with almost $1.7 million in short positions liquidated. In the last 24 hours, the price has risen almost 10% to trade at $0.88 at 11 PM EST. Trading volume is also up a good 90% over the same period.
The surge in Polygon price comes amid a broader market rally, with Bitcoin (BTC) and Ethereum (ETH) leading by example. In the last week, the two market capitalization giants are up 5% and 8%, respectively.
Polygon is on the cusp of entering a new macro uptrend#MATIC #Crypto #Polygon pic.twitter.com/hRKqnGBUyr
— Rekt Capital (@rektcapital) November 12, 2023
The latest surge in Polygon price had MATIC holders anticipating a retest of the July 13 high of $0.89. Now that it has, $1.00 may be the next target, with Polygon’s price coiling up for the next move.
#Matic about to retest previous high … if held 1$ is inevitable #polygon pic.twitter.com/DzhpITwsW8
— Emperor Red Wolf 👑💵💰 (@EmperorRedWolf) November 13, 2023
Polygon Outlook From A Fundamental Standpoint As MATIC Coils Up For The Next Move
Polygon price appears to be coiling up for the next move, likely bullish, as hinted by the technical indicators. Three possibilities are present based on the intermediate outlook shown by the 1-day chart for the MATIC/USDT chart below.
First, the price could retract, testing the $0.81 support level before a strong bounce north towards the forecasted $1.00 target. Secondly, it could break below $0.81 support and continue south to invalidate the bullish thesis. Thirdly, it could jerk north, shattering the $0.98 barricade to the $1.00 target objective.
The possibility of the third scenario playing out would increase if ETFStore president and specialist in matters of exchange-traded funds (ETFs), Nate Geraci’s narrative, plays out. Geraci supports what ETF expert with Bloomberg Intelligence James Seyffart said last week, anticipating that a spot BTC ETF approval is possible in eight days.
Spot bitcoin ETF approval *could* come this week…
Here’s my attempt to briefly summarize the situation that @JSeyff was all over.
h/t @SGJohnsson pic.twitter.com/whAAiHxwaZ
— Nate Geraci (@NateGeraci) November 13, 2023
According to Geraci, however, the US Securities and Exchange Commission (SEC) could approve spot Bitcoin ETFs in batches. His take rides on the assumption that the financial regulator would want to “avoid being seen as a kingmaker in what will be an extremely high stakes and absurdly competitive market.”
If approval does come, Bitcoin price is expected to shoot north, with the overflows of its bounty flowing into altcoins. Polygon, featured among the crypto top fifteen, could benefit cryptocurrencies.
However, the impact may not be as hard for Layer 2s (L2s) like Polygon, as it would be for Layer 1s (L1) such as Ethereum, Polkadot, Solana, Dogecoin, Cardano, and Avalanche, among others.
Investors looking to ride the Bitcoin rally should, therefore, look to Layer 1 tokens or consider BTCETF, one of the best crypto presales to buy now with 10X growth potential.
BTCETF promises 10X growth potential upon launch, with token holders likely to reap big once the SEC green lights a spot Bitcoin exchange-traded fund.
Promising Alternative To Polygon
BTCETF is the native crypto for the Bitcoin ETF Token project, under the banner of “The only token rewarding holders as Bitcoin ETFs are approved.”
Identifying the Future! 🔍#BitcoinETF isn't just another #Cryptocurrency; it signifies a proactive approach that paves the way for #Bitcoin ETFs.
Built on #Ethereum, $BTCETF anticipates and harnesses this forthcoming development, offering exclusive benefits to its community. pic.twitter.com/UX7eWXgpBq
— BTCETF_Token (@BTCETF_Token) November 11, 2023
With ETF specialists at Bloomberg, James Seyffart, and Eric Balchunas putting the odds for approval at 90%, now is the time to buy BTCETF. Already, Bitcoin is eyeing $37,000, with no signs of stopping, meaning the train will leave the station soon. Do not miss out for any reason.
BTCETF has now raced past $500,000 in funds raised in its presale. Join the many forward-looking investors already out to buy BTCETF in the presale for just $0.0052. Note that the price will increase in three days.
Visit Bitcoin ETF Token website to buy BTCETF here.
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