- MATIC price sees 12% decline from August 13 high
- Retracement should continue over the short term but recovery expected soon
- Polygon continues to make an excellent use case for DeFi and is growing in potential
The MATIC price has been steadily in decline over the past few days with the price dropping from a two-month high of $1.51 on 13 August to a low of $1.32 over the past 24 hours. This represents a 12% drop from that high but is still a considerable ascent from the July 20 low.
After rising almost 60% from the July 20 low of $0.93 to $1.51, the MATIC price appears to be on a bearish pattern and further falls may be expected. Although the initial reaction to more regulation in the crypto market was to shrug it off, the situation appears to be much more fluid now and there are definitely some investor jitters.
It appears that the MATIC price is looking to print a descending trend at least for the time being. Long term, the Polygon project is still one of the bright stars in the crypto stratosphere.
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Short Term Prediction For MATIC Price: Some Profit Taking Expected Before Return To A Rise
The MATIC price is looking bearish for the time being. Although this could be a ploy to flush out short term investors and once again resume the ascending channel that began on July 20. There also seems to be strong support at the $1.25 levels.
A bullish thesis would once again see the price regain the $1.50 mark with a rise of around 10%. However, this seems to be unlikely at this stage with all the bearish sentiment currently enveloping the market.
A more plausible scenario would be for a bearish thesis to play out. If this were to occur, the MATIC price would most probably cede the $1.30 level and settle at around the $1.25 mark. Another sell off would possibly see the price descend to the $1.07 level where strong support should be present.
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Long Term Price Prediction For Polygon: Still Bullish Over The Long Haul Although Pitfalls Remain
It appears that there is a slight retracement in the cryptocurrency market and the MATIC price is no exception. One should expect a short period of retracement although the long-term prospects remain bullish.
Polygon is still on an ascending channel from the July 20 low and although some inevitable pullbacks remain, the forecast seems good for further gains. Analysts are forecasting a 70% gain for MATIC over the next months and the $2 level by the end of the year.
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Gerald Fenech
