It’s been a great few days for the MATIC price since the July 20 low of $0.69. Polygon (MATIC) has skyrocketed to the $1.06 level over the past 24 hours which represents a 30% gain over just 7 days. At present, there has been a slight retracement with the MATIC price teetering at just over the $1 mark although there seems to be strong support at this level.
Recent press announcements have also continued to bolster the MATIC price as more partnerships come on board. A healthy pullback is always expected when a coin starts mooning so the general assumption is that the MATIC price will continue on its charge upwards in the short term.
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Short Term MATIC Price Forecast: Looking For Higher Highs
After a brief pullback at the $0.956 resistance level, the MATIC price made a charge forward by 11% to the $1.06 level. An alternative bearish scenario could see Polygon drop to the $0.85 level but that seems unlikely at this point.
If the price continues to fall then investors could come in again at around the $0.95 mark to push the MATIC price higher. A bullish thesis could see the price propelled to the $1.23 level. Further bullish momentum could then see the price reach the $1.72 mark where there appears to be little resistance on its way. This move would constitute a 90% increase from the current level.
A bearish scenario would however invalidate all this if the $0.95 support fails to hold. Increased selling pressure at or around the $0.85 support level could see the MATIC price slide by as much as 20% to the $0.68 level. This would mean that all the gains made since July 20 would be lost. With the level of buying interest in the market, this development does seem unlikely.
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Long Term Price Forecast For Polygon: Is $2 Once Again Possible?
The Polygon price seems to be in a health period of recuperation from the lows registered over the past two weeks. If it continues on its ascent, MATIC could easily reach the $2 level by the end of the year, if not earlier. With crypto market sentiment improving, this is a not impossible scenario.
Having a strong user base and increased positive sentiment around it, Polygon (MATIC) should logically see a continued interest and a corresponding rise in price. The next few weeks will definitely be interesting.
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Gerald Fenech
