Polygon Matic Price Drops Despite Bullish Sentiments

Summary:
• The Polygon Matic price is down by 3 per cent in today’s trading session, continuing a weak bearish trend that has persisted this month.

The Polygon Matic price is down by 3 per cent in today’s trading session, continuing a weak bearish trend that has seen the crypto drop by 5 per cent this month.  The recent bearish trend follows the late November price surge, which saw Matic rally by 15 per cent in the last three days of the month.

Despite this drop, there is a reason to believe that Polygon Matic is in a strong position for recovery, and it is expected to benefit from Indonesia’s central bank allowing the use of its digital currency in the metaverse. This move is expected to open the door for millions of Indonesians to come on board the broader crypto market through Web 3. The adoption will open the door for millions of Indonesians to come on board the crypto market and possibly invest in Matic. 

Additionally, the CEO of Binance has announced plans to establish a recovery fund for the cryptocurrency industry, which could potentially benefit Polygon (MATIC). This recovery fund is intended to help “good industry players who might just be hurt short term” and could provide a boost to Polygon (MATIC) during times of market turbulence.

Analysts have also become more bullish with Matic, predicting a rally that could potentially see it retesting the $1.3 price level. This suggests that there is strong bullish sentiment among market analysts for Polygon (MATIC), which could further support its recovery.

Polygon Matic Price Forecast

Overall, as seen in the analysis above, Matic is likely headed for a recovery. This is confirmed by the recent price action, whereby, despite the crypto being in a bearish trend, it has only dropped by 5 per cent for the month, with most of it coming in today’s trading session. 

Therefore, I expect the current bearish trend to reverse in the next few trading sessions. There is a high likelihood that we might see the crypto trading above the $1 price level soon, and as most investors expect, we might see it rising above the $1.3 price level for the long term. However, a drop below the $0.80 price level will invalidate my analysis.

Polygon Matic Daily Chart