Our last week’s Polygon MATIC price prediction is still valid as the price is yet to give a reversal signal. Polygon crypto price has been trading sideways after breaking down from the rising wedge. If bulls fail to hold the current levels, then the downside could be frightening.
Crypto markets are in a downtrend once again after a minor relief rally that lasted for just a few weeks. Nevertheless, MATIC crypto led this rally generating almost 230% returns within just 2 months. During this time, the price soared to $1.05 from its June low of $0.316.
At the time of writing, Polygon MATIC price is trading at $0.81. The price increased by 3.6% during Monday’s trading session. On the higher timeframe, the coin is still 72% down from its December 2022 all-time high of $2.92. You can buy MATIC by signing up on the top crypto exchange Binance.
According to Polygon MATIC news, the project has sponsored the Moralis and Filecoin Hackathon. The participants would be competing for a total prize pool of $200,000 in the event named One Two Web 3 Hackathon. As per DeFi Llama, the decrease in price is also affecting the protocol TVL, which has now dropped to $1.83 billion.
The technical analysis of the MATIC USD chart is pretty straightforward. After the breakout from the symmetrical triangle, the price retested the resistance above the $1 level. However, the instability in Bitcoin and Ethereum prices, together with the macroeconomic uncertainty, failed this move. Consequently, the price broke below the rising wedge and now targeting the bottom of the pattern.
The breakdown gives a measure price target of $0.72. A daily closure below this level would make Polygon MATIC price prediction very bearish as the price could retest the demand zone around $0.62. Bulls would need to hold that level, or a retest of the June lows would be on the cards. Another major factor affecting the price would be the Bitcoin price action.
This post was last modified on Aug 29, 2022, 20:29 BST 20:29