Price Analysis

Polygon(MATIC) Price Aims at 30% Upswing, Will it Hit $1.6 by the End of Day’s Trade?

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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Apr 7, 2022

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Highlights

    MATIC price is swinging within healthy ranges after facing a huge rejection at the resistance levels

    The asset points out towards a possibility bearish reversal but the bulls appear to make it out towards the much required $1.8 levels

Polygon (MATIC) price for a pretty long time has been swinging within a very consolidated and healthy range. Despite a sensible try to break out of the range between $1.2 to $1.88, the price yet again settled within the same range. Moreover, the asset is currently displaying a huge chance of placing itself in a bear market. But, will the bulls enter to stabilize the trembled conditions is a matter of concern at the moment. 

The MATIC price which showcased a gigantic rally always maintained the lower support along the uptrend line. And currently in a higher time frame, cements itself around the line and waiting for a fine flip to mark a rebound firmly. However, in the short time frame, the MATIC price appears to be in a decisive phase, where-in a small wrong move may drag the price down to $1.2

Also Read: Crypto Market Tumbles, Can Traders Expect Altcoin Season 2022 Anytime Soon?

  • At present, the price is trading in between the immediate resistance and support levels of $1.52 and $1.4 and within a symmetrical triangle
  • The asset recently faced rejection from the upper resistance and quickly plunged hard breaking the initial support levels, however, flip hard before testing the next support levels. 
  • Considering the symmetrical triangle, the price is expected to consolidate for another couple of days until it reaches the apex
  • Later a huge possibility of rebounding towards the higher resistance is likely, failing to which the lower support at $1.2 may hold the price tightly. 

Also Read: Terra(LUNA) & Solana(SOL) May Hit $120 Very Soon! Will This be a False Breakout or a Resurgence of Bull Run?

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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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