As with all cryptos, Polygon (MATIC) saw a collapse in its price between June 20 and 22nd. It fell below the $1 level to settle at around $0.93. However, the coin rallied quite fast and rose to the $1.25 hour in a matter of hours only to fall back and settle at around $0.16.
The past few hours have seen MATIC fall further to the $1.11 mark although this may be a retracement to a higher low. It may even descend to the $0.928 barrier if support at $1.10 is broken.
Polygon is an excellent project and has risen considerably over the past year. In fact it is one of the Top Ten YTD gainers with a staggering rise of 6300%. However, it was not spared the brutal market drop of the last few weeks although it has rebounded slightly of late.
Short Term Prediction: Retracement To Lower Lows Possible Before Leg Up
There seems to be buyers at the level of $1.10-1.11 although not enough it seems to take the price up to the June high of $1.44. If bulls break upwards, the price will likely rise around 50%. However there seems to be slight bearish sentiment in the imminent short term with the price just settling above the $1.10 level.
If the price continues declining, it is likely that MATIC will turn bearish, and the price will continue to decline. The support at $0.928 will eventually be broken and a decline all the way down to the $0.745 level could occur with bearish sentiment prevailing.
Polygon MATIC, Medium to Long Term Prediction: Bullish sentiment remains
According to some commentators on Reddit, MATIC is once again expected to reach the $3 level by the end of the year but it certainly does not look it at present. Much depends on how MATIC will continue to perform as the crypto market appears to be running on the spot at the moment. The recent bounce did not push price levels much higher so it remains to be seen if bullish sentiment will prevail.
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Gerald Fenech
