Price Analysis

Polygon Price Analysis: What to Expect from MATIC Price in the Next 24 to 48 Hours?

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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Jul 8, 2022

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Article Highlights
  • Polygon holders are deep in soup as nearly 90% of them are in losses as the asset constantly breaks the lower support

  • The MATIC price after the fresh rejection may drop by another 5% to 7% before re-igniting a strong upswing ahead

Polygon price after ranging significantly high faced a notable rejection just below $0.6  in the early trading hours. The platform announced a couple of collaborations in the recent past and also assisted the price to surge by more than 7%. However, the asset has been undergoing a significant pullback since but may rebound any time from now. 

As said, Polygon in the past 24 hours achieved a couple of milestones that helped the price to break above the consolidated trend. The platform integrated with Robinhood and on the other hand, Reddit announced an NFT marketplace on Polygon. These factors induced a significant bullish momentum which was fueled by the bullish market sentiments. 

The dark clouds still hover over the MATIC price despite the fresh surge as the asset is still hovering within a descending trend. More than 390K addresses which are 87.75% of the total addresses are in loss which is the highest in history. However, the asset is still trading within the price zone which is a huge buying zone presently.

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Nearly 7.79K addresses have bought MATIC between the prices of $0.58 and $0.6 which has also become one of the strongest support zones. Therefore, a significant upswing may be expected as the asset has accumulated enough buying volume here that may hold the price if bears jump in action. On the other hand, if Polygon price surges beyond $0.6, then the next targets may be tested with less effort. 

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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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