The MATIC price was amongst those cryptos that suffered substantially over the last few weeks with a 70% drop from its early May high. However, the last 24 hours have proved to be excellent for bulls as the Polygon price soared to the $0.94 level after having dipped to the $0.69 mark on July 20.
This rise represents a 22% gain which is pretty impressive and the next step looks to be the $1 mark where resistance may be met. However, the MATIC price has already sliced substantially through the first resistance at $0.85 and buyers have moved in with particular strength.
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Short Term Forecast For MATIC Price: An Assault On The $1 level
The tide seems to have turned in the crypto market and there is considerable bullish sentiment at present. The Bitcoin price is holding extremely well above the $32000 level and looks to be making a breakout.
With a 22% appreciation over 72 hours, the MATIC price is certainly one of the best performing cryptos out there at present.
If bullish sentiment prevails, then, MATIC (Polygon) can be expected to easily scale the $1 mark. After that, the next resistance level would be the $1.11 level which would retest the 27 June mark.
Another important point of resistance would be the $1.169 mark reached on 8 July and after which the 40% descent to $0.69 began.
There is of course, a bearish alternative to all this. The MATIC price could sink below the $0.90 level with selling pressure kicking in. It could then drop to the $0.69 level once again pretty fast and test further lows before settling at the $0.55 level. However that thesis looks quite unlikely at present with the bullish sentiment currently in the market.
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Long Term Forecast For MATIC: Further Bullish Sentiment To Prevail?
AS the crypto market enters recovery mode, it seems that there is considerable strength in the MATIC price. If the resistance levels of $1.11 and $1.16 are overcome quite fast, then a spike to the $2 mark would not be amiss.
There are several pitfalls on the way as already discussed but on the whole, it does look like buyers have entered the market in strength. The end of year prediction for the MATIC price remains above the $2 mark so there is confidence that when the recovery starts, this will be a strong one.
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Gerald Fenech
