After a torrid few weeks in which the MATIC price continued to sink as with other cryptos, a reversal seems to be around the corner. After descending to the $0.68 mark yesterday, Polygon (MATIC) is up by at least 12% to the $0.77 mark and the outlook is looking considerably bullish.
Increased buying interest has once again gripped the market as low prices have attracted those who wish to fill their bags. MATIC is no exception with a considerable 24 hour gain and further advances look likely. If you haven’t bought some Polygon yet, have a look at this How To Buy Cryptocurrency Beginner’s Guide.
Short Term Forecast For MATIC price: Tackling the $0.90 barrier
As with most other cryptos, MATIC had a bad time over the past few weeks, where it sank by around 70% from a high of $2.20. However, a recovery seems to be on the cards and further advances are likely.
The MATIC price had been on a consistent decline since June 22 when it fell from the $1.12 level to reach the $0.68 mark on July 20. This represents a drop of almost 40% so the recovery is welcome. If you are looking at buying some crypto, take a look at these Best Cryptocurrency Brokers.
A bullish thesis with see the MATIC price continuing to scale new highs for the month. If buying pressure persists then the Polygon price is expected to continue advancing considerably to the $0.90 level or a 32% increase from the June 20 price.
If the price manages to hold above the $0.90 mark, the next supply level of $1.06 should be a plausible target. The next resistance levels are at $1.25, $1.45 and $1.73 although a considerable turnaround in crypto market sentiment would have to be achieved for that to happen.
As always there is a bearish alternative to this thesis and MATC needs to hold above the $0.68 mark to consolidate gains. If this support level breaks, the price may descend to the $0.55 level with a further drop to the $0.47 mark expected if that does not hold. With prices currently at the $0.76 mark, this thesis does seem to be unlikely.
Long Term Price Forecast For Polygon: Looking To Reverse The Trend
As MATIC continues to tag bullish sentiment, long term forecasts remain quite positive. If the $0.90 level is reached then the next resistance level of $1.06 is a realistic target. Positive crypto market sentiment would continue to take the price higher with the $1.25-$1.30 range a realistic possibility.
MATIC is predicted to reach the $1.70 level by the end of the year but this depends on how the market will continue to react.
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Gerald Fenech
