Our Polygon MATIC price prediction depends on the reveal of July CPI numbers. The crypto market has been experiencing very high volatility since the start of the week. However, many investors are sitting on the sidelines awaiting CPI print. Polygon crypto is 0.06% down since yesterday.
At the time of writing, Polygon is trading at $0.89. Earlier this week, the price failed to break close above $1 once again. MATIC has shown a tremendous recovery since hitting the low of $0.31 in June. Since then, the price has surged by almost 300%. The volatile BTC price action has become a major hurdle in further upwards movement. You may buy MATIC on the top crypto exchanges like Binance, Kucoin, Houbi and BYBIT.
DeFi Llama says the current TVL on Polygon stands at $1.69 Billion. However, there has been a significant decline in the TVL since the start of 2022. The blockchain of the top Ethereum scaling solution has lost $3.5 billion in TVL within the last seven months. This decrease in TVL has also affected the Polygon MATIC price, which is trading 69.5% below its all-time high.
According to Polygon MATIC news today, the project is partnering with Neowiz to launch a blockchain gaming platform. This would also include bringing the popular gaming IP of Neowiz to Web3 for the first time.
Performing technical analysis on the MATIC USD price chart, it appears that the bulls still have some gas left in the tank. The coin is still maintaining an uptrend, and hence another retest of $1 is likely. However, a lot depends on the outcome of the July CPI print. If inflation numbers are high again, the price might retest the 200-day moving average at $0.81.
However, if there is an indication of an inflation decrease, markets might surge until next month’s FOMC meeting. This could make our Polygon MATIC price prediction of $1.05 a reality in August. To avoid any downside risk, it is advisable to exit any long trade in case of a daily closure below the 200-day moving average.
This post was last modified on %s = human-readable time difference 14:58