Price Analysis

Is Polygon(MATIC) Price Rally Halted? Know What Analyst Has To Say!

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Matic Price May Not Hit ATH At Once

The matic price raised everyone’s eyebrows with a giant-like rally in the past week. The price smashed $2 comfortably, moreover $3 was appearing imminent. Woefully, the bearish trend initiated and dripped the price of most of the assets by 50%. Since then, the matic price rally slowed down and was awaiting for a boost. 

No doubt, the price regained its position above $2, yet it remained for a while and the price slumped back below $1.8. The price does not show the signs of hitting the ATH at once as more consolidation is underway. Moreover, currently, one can expect only a lower high as predicted by a popular analyst Altcoin Sherpa.

However, one the polygon price is done with the consolidation, the short term target may be around $3.3 to $3.7, once done $5 may be imminent.

Also Read: Polygon(MATIC) Price Unaffected With The Bitcoin Price Plunge

Have The Bulls Gone Into Hibernate Mode?

The bulls who were very active in the past week and built a strong bullish momentum, appeared to have slowed down a little. The Bitcoin price crash dragged the entire crypto space, incurred losses in millions, yet matic appeared to sustain the crash. 

Nevertheless, the crash dragged the Matic price too, yet bounced back above $2 within a few hours. But the price slides down yet again below and currently struggling hard to maintain above $1.8. 

matic price chart

The trading volume also appears to be in a structured way and hence the possibilities of the price touching lower levels are low. Therefore, in the coming couple of days, the price may maintain a sideways trend and consolidate before the next leg up.At the time of writing, the MATIC price is $1.79 with a drop of 3.51% in the past 24 hours.

Technical Specifications

  • The resistance level is at $2.17
  • The support level is at $1.55
  • The indicators for the Matic price points out at a buy signal
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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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