Price Analysis

Will Polygon (MATIC) Bulls Recapture the $2 Level Anytime Soon?

Written by: Nidhi Kolhapur

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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Apr 24, 2022

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Over the last 24 hours, the global crypto market has shifted to a state of uncertainty. The new signs point to a shift in sentiment, which could affect the performance of Bitcoin and other top-tier coins.

Despite the fact that the market was beneficial for Bitcoin in the previous 24 hours, it has since changed its tune and lost a large amount of value.

The market may face some difficulties in the next hours, as it may experience a wave of sell-offs.

Are MATIC bulls Exhausted Already?

On Saturday, the MATIC price continued to move lower towards the critical support level. Since late January, the price has been stuck in a short-term trading range of $1.30 and $1.75.

Although the MATIC price is in a difficult situation, its most recent next directional move has tilted in favour of bulls.

As the price managed to rally into $1.50 overnight, MATIC price bulls have partially confirmed this Monday’s thesis of an upsurge towards the $1.70 zone.

Unfortunately, the bears countered the increase with a vengeance, and the Polygon price quickly sank down to its present level of $1.40.

The MATIC price now indicates that the bulls are in a risky scenario, so the $1.70 target should be lowered to maximize profits and avoid a loss.

An additional upswing towards the price goal of $1.58 is possible, but the bears could reappear with equal or greater power than during the current sell-off.

A close above $1.70 invalidates the bearish premise. This bearish scenario will be invalidated if the MATIC price breaks through the $1.70 mark.

The price of MATIC could increase by 40%, bringing it back to $2. At the time of writing the coin is trading at $1.39.

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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