Price Analysis View Non-AMP

MATIC Price Gets Rejected from the Buy Zone, Yet it May Be a Good Time to Enter the Trade

Written by: Sahana Vibhute

January 25, 2022

Polygon’s EIP 1559 upgrade appears to be one of the milestones for the network as it assists the MATIC price in remaining strong amid the deep bearish trend. While many other altcoins are encountering massive decline below the average levels, Polygon was successful to hold strong above crucial levels. And hence the hopes of a strong recovery within a very short span of time is springing up. 

MATIC price began its bull run from the beginning of 2021 maintained above the uptrend line. Despite multiple plunges, the asset managed to sustain above the trend line strongly as it bounced off each time it touched the line. currently, the asset has showcased a similar trend by rebounding from the trend line, showcasing its immense potential to maintain within the bullish channel. 

MATIC price requires just another push to hit the immediate resistance zones a little above $1.5. And sustaining at these levels is pretty important for the asset to maintain a decent uptrend and nullify the possibilities of an immediate plunge.

However, the asset amid the extensive sell-off remained strong above $1.4 levels and quickly rebounded as it received a small opportunity. Therefore, in the long-term, MATIC’s price appears to be pretty strong which has the potential to hit $3 in a very short period. 

On the contrary, in the short time frame, MATIC price is manifesting a possibility of a minor plunge that may compel the price to revisit the lower support. The price was hovering within the strong support levels after it slashed down from levels around $2. But since the price broke down from the support levels, it bounced off from the trend line. And the present-day fresh plunge dragged the price lower yet again. 

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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