– Polygon price has reached its highest since August, recording a 6% surge in a week.- MATIC could extend 20% to test the supply zone at $0.645, uptrend confirmation above $0.6757.- Invalidation of the bullish outlook will occur upon a 3-day candlestick close below $0.4894.Polygon (MATIC) price is coiling up for a move north, after a steady downtrend, as MATIC holders look to push MATIC’s value above the $1 mark.
Meanwhile, [altcoins are leading the crypto market crash](https://www.fxstreet.com/cryptocurrencies/news/altcoins-lead-crypto-market-crash-as-liquidations-hit-73-million-202310041516), as profit takers engage in full gear.However, there is hope, with [prices firing up](https://www.fxstreet.com/cryptocurrencies/news/top-3-price-prediction-bitcoin-ethereum-ripple-btc-could-shatter-28-200-during-next-run-202310041928) by speculation on speculation that October has historically been a good trading month.
Also Read: [Polygon price sees dip after key executive departure](https://www.fxstreet.com/cryptocurrencies/news/polygon-price-sees-dip-after-key-executive-departure-202310050850) Polygon price primed for recovery rally Polygon ( [MATIC](https://www.fxstreet.com/cryptocurrencies/news/polygon-price-sees-dip-after-key-executive-departure-202310050850)) price is up 6% in the last week and 5% in the fourteen days as it tries to nurture a recovery rally.It comes after a 40% slump, beginning mid-July.
Technical indicators such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO) support this [outlook](https://www.fxstreet.com/rates-charts/forecast).For starters, the RSI is making its second attempt to test the 50 midline after a recent rejection.Historically the second go has always done it for Polygon price, facilitating a northbound move.Regarding the AO, it has sustained a steady flow of green bars to solidify the growing momentum.Increased buying pressure above the current price could see Polygon price test the supply zone at $0.6450 to $0.7075.A break and close above its midline at $0.6757, which coincides with the 50-day Exponential Moving Average (EMA), would confirm the uptrend.In a highly bullish case, the gains could see MATIC reclaim above $0.8146, levels last seen on July 15, where the last downtrend commenced.MATIC/USDT 1-day chart Conversely, a rejection from the supply zone, an area characterized by aggressive selling, could send Polygon price south toward the support floor at $0.4894.
A decisive 3-day candlestick close below this level would invalidate the bullish thesis.In the dire case, the slump could send MATIC to the mid-June 2023 depths around $0.3160.As a side note, investors should be wary of trying to catch a ride on crypto solely on these moments of momentum.Also Read: [Bitcoin Weekly Forecast: BTC recovery rally could be bull trap in disguise, here’s why](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-btc-recovery-rally-could-be-bull-trap-in-disguise-heres-why-202309290855) Cryptocurrency metrics FAQs What is circulating supply? The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued.
Only a certain number of these assets can be minted by mining, staking or other mechanisms.
This is defined by the algorithm of the underlying blockchain technology.Since its inception, a total of 19,445,656 BTCs have been mined, which is the circulating supply of Bitcoin.On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.What is market capitalization? Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value.For Bitcoin, the market capitalization at the beginning of August 2023 is above $570 billion, which is the result of the more than 19 million BTC in circulation multiplied by the Bitcoin price around $29,600.What is trading volume? Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours.It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges.
Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.What is funding rate? Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets.It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge.When the funding rate is positive, the price of the perpetual contract is higher than the mark price.
This means traders who are bullish and have opened long positions pay traders who are in short positions.On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.Information on these pages contains forward-looking statements that involve risks and uncertainties.
Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.You should do your own thorough research before making any investment decisions.FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.
All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
[Join Telegram](https://t.me/fxstreetcrypto) Follow us on Telegram Stay updated of all the news Recommended Content Editors’ Picks [Polygon price readies for a 20% climb as MATIC pulls back to correct June 2022 cycle](https://www.fxstreet.com/cryptocurrencies/news/polygon-price-readies-for-a-20-climb-as-matic-pulls-back-to-correct-june-2022-cycle-202310060159) [](https://www.fxstreet.com/cryptocurrencies/news/polygon-price-readies-for-a-20-climb-as-matic-pulls-back-to-correct-june-2022-cycle-202310060159) Polygon attempts a recovery rally for the second time this year, trying to recoup ground lost during the June 2022 cycle.In the midst of an altcoin-driven market downturn, optimism is fueled by speculation that October traditionally proves favorable for trading.[More Polygon news](https://www.fxstreet.com/cryptocurrencies/news?q=Polygon%20etf&hPP=15&idx=FxsIndexPro&p=0) [Ethereum price dip extends, liquidates $10 million in long positions as exchange outflows skyrocket](https://www.fxstreet.com/cryptocurrencies/news/ethereum-price-dip-extends-liquidates-10-million-in-long-positions-as-exchange-outflows-skyrocket-202310052345) [](https://www.fxstreet.com/cryptocurrencies/news/ethereum-price-dip-extends-liquidates-10-million-in-long-positions-as-exchange-outflows-skyrocket-202310052345) Ethereum price continues on its load-shedding exercise for the fourth consecutive day, forming a dome-shape as it loses all the ground covered during the late September run, with on-chain data showing profit takers are showing no restraint.[More Ethereum News](https://www.fxstreet.com/cryptocurrencies/news?q=&hPP=15&idx=FxsIndexPro&p=0&dFR%5BTags%5D%5B0%5D=Ethereum) [Arbitrum price declines 11% as final Security Council voting round approaches](https://www.fxstreet.com/cryptocurrencies/news/arbitrum-price-declines-11-as-final-security-council-voting-round-approaches-202310052230) [](https://www.fxstreet.com/cryptocurrencies/news/arbitrum-price-declines-11-as-final-security-council-voting-round-approaches-202310052230) Arbitrum price moves often depend on the broader market cues; however, for the past couple of days, a major external factor has come into play.The ongoing Arbitrum Security Council Elections are preparing for the final round, which is interestingly bearing a negative impact on the altcoin.[More Arbitrum news](https://www.fxstreet.com/cryptocurrencies/news?q=Arbitrum&hPP=15&idx=FxsIndexPro&p=0) [SBF urged FTX staff to use Signal app and set message ‘auto delete’ feature, day 3 revelations as Yedidia says](https://www.fxstreet.com/cryptocurrencies/news/sbf-urged-ftx-staff-to-use-signal-app-and-set-message-auto-delete-feature-day-3-revelations-as-yedidia-says-202310052117) [](https://www.fxstreet.com/cryptocurrencies/news/sbf-urged-ftx-staff-to-use-signal-app-and-set-message-auto-delete-feature-day-3-revelations-as-yedidia-says-202310052117) Sam Bankman-Fried (SBF) attended court for day three of the trial, after yesterday’s opening statements, well-shaven and formally dressed, as reported.
This time, however, his mother Barbara Fried is in attendance, Blockworks reports.[More Avalanche News](https://www.fxstreet.com/cryptocurrencies/news) [Bitcoin: BTC bearish fractal forecasts correction to $25,000](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-btc-bearish-fractal-holds-steady-ahead-of-us-nonfarm-payrolls-202310061127) [](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-btc-bearish-fractal-holds-steady-ahead-of-us-nonfarm-payrolls-202310061127) Bitcoin (BTC) price hovers around $27,600 and shows no directional bias on the daily chart.Liquidity pockets are present in both directions, leaving traders guessing where BTC will go next.[Read full analysis](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-btc-bearish-fractal-holds-steady-ahead-of-us-nonfarm-payrolls-202310061127).
