Price Analysis

Polygon(MATIC) Price Primed to Undergo A Short-Lived Rally to Hit $0.5! What’s Next?

Written by: Sahana Vibhute

Written by right arrow

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.

  • author facebook
  • author twitter
  • linkedin

Jul 4, 2022

news-image
Article Highlights
  • MATIC price is on the verge to regain the bullish momentum as it is about to rise above the trend line in the short-term

  • Conversely, the long term analysis flashes bearish signals that may compel the price to plunge below $0.3 levels

Polygon (MATIC) price since the early trading hours has gained significant bullish momentum and is rising high aiming to reach $0.48 levels at the earliest. The technicals suggest the price is poised to surge towards the north but the fear of the bulls getting exhausted also haunts the rally. Therefore, the current rebound may be only a short-term bounce and hence resembles a bull trap being spread out. 

MATIC Price Analysis for Short-Term

  • The MATIC price during the weekend has slid below the trend line, indicating the resurgence of the bearish trend
  • However, since the early trading hours, the bulls regain control and uplifted the price by nearly 4%
  • The asset is expected to slice through the uptrend line, but the bears here are attempting to restrict the price
  • On the other hand, the RSI is swinging within an ascending parallel channel that signifies the upswing to be imminent
  • After undergoing immense upward pressure, the asset is expected to break above and secure the levels at $0.48.
  • Once these levels are sealed, the asset may find itself within an ascending triangle that may enable the price to break above $0.5

Also Read: Cardano’s Vasil Hard Fork Testnet Goes Live! Will it Impact the ADA Price?

MATIC(Price) for the Long-Term

  • The long-term chart signifies a significant bearish trend while the bottoms are expected to test in the next couple of days
  • MATIC price since the beginning of July trade has dropped notably, similar to that of May and hence the bottoms may be fast approaching
  • The current descending triangle has been carried ever since the beginning of 2022 and hence it is extremely important to break through these levels
  • Therefore, the current drop is expected to drag the price towards the June lows, also beyond these levels in the worst case
  • However, the drop is expected to induce a catapult action that may enable the price to regain the lost levels ahead

Also Read: Top Reasons Why Bitcoin (BTC) Price Might Hit $22K This Week!

Show More

Was this writing helpful?

dislikeimage No myImage Yes

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.

Related Articles

Back to top button