Price Analysis

Polygon (MATIC) Heading towards Liquidity Zone, Will the Price Now Head Above $1.1?

Written by: Sahana Vibhute

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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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May 11, 2022

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Polygon Network after an inverse parabolic price movement visited the lower liquidity zone yet again after a pretty long time. The price is currently hovering around the July 2021 crash levels and hence a similar recovery is expected in the next couple of days.

However, in doing so, the MATIC price is expected to slice through certain pivotal levels to secure the gained positions. 

The MATIC price consolidated below $1.12 at the beginning of the month and was on the verge to reach the $1.2 resistance. However, the sudden crash fueled by Terra’s UST dragged the MATIC price below $0.8 along with almost all the assets within the crypto space.

The price has rebounded from the same support zone a couple of times, forming a double bottom pattern. And hence the possibility of laying down a strong bullish uptrend is extremely high. 

MATIC Price

As per the daily chart put up by an analyst, the MATIC price is approaching the liquidity zone between $0.67 to $0.80, where-in a flip is much expected. If the asset ignites a flip from these levels, it may range high towards the upper resistance at $1.45 slicing through the 1.2 FIB levels.

However, at this stage, reaching out beyond $1.7 may be a pretty easy job that may uplift the price close to $2. 

Conversely, if in case the price fails to rebound, may dive deep into a bearish well slicing through the lower immediate support at $0.65.

The price could continue plunging hard below $0.5, and eventually, reach the levels around $0.37 in the worst cases. However, as the Polygon price appears poised to recover while fewer chances of a drastic plunge emerge.

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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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