Price Analysis

MATIC Price To Retrace 2021 Lows, Will Hit $0.62 in the Coming Weeks

Author: Elena R

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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Pseudonymous cryptocurrency analyst, Altcoin Sherpa, has warned Polygon (MATIC) traders about possible stop hunts without a solid weekly trend. According to Analyst, MATIC’s price will be trapped in the $.79 area with minimal volatility in the coming weeks. Moreover, the 200d EMA has been on a horizontal consolidation since August last year.

However, the crypto analyst gave scenarios in which the digital asset can retract in the coming weeks. On one hand, Altcoin Sherpa thinks MATIC’s price can retract to last year’s lows of $0.38. On the other hand, the analyst gave a scenario in that MATIC’s price retracts to $0.62 in the coming weeks.

“[I] don’t see a trade. Price is just chopping around the 1W $.79 area for now. It’s possible that it goes back up to $.95 and around the 200d EMA but I don’t think this is one I’ll touch for a bit. (MATIC),” the analyst noted 

In conclusion, Altcoin Sherpa noted that Polygon MATIC will remain an inactive trade for weeks and possibly the next few months. Furthermore, MATIC price action has no clear reversal based on last year’s historical data. Nonetheless, the cryptocurrency market is characterized by high volatility and MATIC prices could break out without warning in the coming months.

The analyst had, however, predicted that MATIC’s price will close 2023 trading at about $1.75. Furthermore, the analyst noted Polygon has inked notable partnerships with promising business development.

Polygon (MATIC) Market Outlook 

While Altcoin Sherpa thinks the worst in the cryptocurrency market is behind, the analyst recently noted that the possibility of one more capitulation is high. Having dropped approximately 66 percent in the past year, a further decline could result in a negative ROI.

At current prices of about $0.79, MATIC has a return on investment (ROI) of approximately 17,452 percent, according to our latest crypto price oracles.

Notably, the Ethereum scaling solution has a fully diluted market cap of approximately $7,941,207,367, thus a market dominance of about 0.85 percent. According to on-chain data provided by ethplorer.io, Polygon (MATIC) enjoys a global holder base of about 575,591 who recorded a 24-hour volume of approximately $260 million.

The Web3 development infrastructure is backed by 100 active validators and over 13k delegators on its proof-of-stake (PoS). Worth noting, out of 10 billion MATIC in total supply, about 4 billion have been staked to secure the network through farming and transaction confirmation.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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