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  • MATIC price suffers a 20% descent after broader crypto crash shakes market
  • Polygon still well supported at the $1.30 level and a bounce back could be imminent
  • Regulation worries and speculation still continue to plague markets with El Salvador’s Bitcoin mess a prime catalyst for the drop.

The MATIC price is down to the $1.31 level on Wednesday morning after suffering a considerable double-digit drop-in Tuesday’s massive crypto crash. With practically all the market affected, Polygon was no exception and the descent was fast and brutal like all crypto crashes of this magnitude.

Polygon was trading at around the $1.69 mark on Tuesday which was just 4% off its bi-monthly high of $1.74 registered on 4 September. It then dropped around 25% to the $1.25 level before recovering slightly to the $1.31 mark this morning. However, the outlook looks quite bearish, especially for the next few days.

The main catalysts for this drop appears to be the Bitcoin mess caused by El Salvador who declared BTC as legal tender yesterday. The wallet went offline and incredibly, the country actually boosted its Bitcoin reserves, taking advantage of the price crash.

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Short Term Prediction For MATIC Price: More Downside Before A Recovery

At present, the MATIC price seems to be in recovery mode after the substantial crash experienced yesterday. Most importantly, Polygon is still up by almost 100% from its swing low of $0.68 registered on 20 July. So, this descent may be seen as a temporary blip in the grand scheme of things.

If a bullish thesis were to come into play again, the MATIC price would make a beeline for the $1.50 level where it would probably continue ascending to the $1.60 mark. That would be a 20% appreciation from the current price and looks unlikely at this stage with panic selling still a possibility.

If bears continue to persist, the MATIC price may be squeezed even more and perhaps descend to the $1.25 level or a 5% decrease. The current situation for Polygon looks rather balanced although it seems that the drop should not cause actual consternation for further descents.

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Long Term Prediction For Polygon: Bullish Sentiment Still On The Horizon

Although the MATIC price suffered an immediate and brutal 20% decline yesterday, the long-term outlook remains bullish. Institutional investor interest remains high whilst the MATIC project has a growing number of collaborations which add further weight to the DeFi coin.

Investors will probably lie low for the time being and perhaps grab up some bargains at this price. The $1.31 level is certainly an attractive prospect especially if a quick reversal is on the cards. The $2 level for MATIC remains very realistic by the end of the year.

Where to Buy MATIC

If you want to purchase Polygon, you can do so on the following exchanges:
eToro is one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.
The other platform where you can buy MATIC is Binance. Binance is one of the largest exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features.

Looking to buy or trade MATIC now? Invest at eToro!

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