Even as the FTX-induced downward market continues, Polygon (MATIC) is closely following in the footsteps of its older relative ETH. Despite the bears’ dominance this year, many in the cryptocurrency industry see 2023 as the final chapter following a period of uncertainty. A quick rundown of MATIC: – MATIC down at $0.843512 – TradingShot analysts show that MATIC follows ETH price closely with a rejection by the 50-day MA – 2023 not likely to bring a strong rally for MATIC by Shelby3 According to TradingShot, MATIC’s price action is difficult to ignore because it mirrors Ethereum’s price action from 2016 to 2017. We all know that an investment’s past success is no indicator of its future success, but let’s see what this is about anyhow. Related Reading: Chainlink Rally In Social Activity Hits ATH Of 44,173 – Will LINK Price Climb As Well? What’s In Store For MATIC In 2023 Based on the data, it is clear that MATIC has been following in ETH’s footsteps throughout 2016 and 2017. Both were rejected at the 50-day moving average, a critical level because it was this situation tha ..
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