Our last week’s Polygon MATIC price prediction has played out exactly as predicted. The price retested the $1 psychological level but failed to reclaim it. Consequently, the short-term traders started to take profits, and the Polygon crypto price plummeted.
Most of the cryptocurrencies are facing noticeable corrections due to a sudden pullback in Bitcoin price. The rejection of BTC from the $25k level has shaken investor confidence as the bottom buyers are locking heavy profits. You can buy MATIC and other cryptocurrencies by signing up on Binance.
At the time of writing, the Polygon MATIC price is trading at $0.90. The coin has been 1.45% up since yesterday. As per DeFI Llama, the Polygon TVL has increased by $500 million within a week. Currently, the platform TVL is $2.19 billion. This makes it the 4th biggest network in terms of TVL.
According to Polygon MATIC news today, the project has announced a gaming partnership with Catheon Gaming. This collaboration would strive to bring quality entertainment and gaming to the blockchain by elevating the user experience.
Technical analysis of MATIC USD price chart suggests that the bulls might be losing some steam. The price has attempted to break above $1 thrice but failed every time. As a result, the price has now broken below the rising wedge. Such breakdowns tend to be very bearish most of the time. If price gains acceptance below the trendline, things could turn very ugly for the bulls.
The short-term Polygon MATIC price prediction would become very bearish in such a scenario. This would also put a retest of $0.61 level. This level would be very critical due to the confluences of the demand zone, fair value gap, and Fib golden pocket.
Another factor affecting Polygon price is the Bitcoin price action, as the prices are strongly correlated. If the ongoing recovery in BTC continues, the altcoins are also likely to follow. On the other hand, another BTC slump might trigger a massive sell-off in the market.
This post was last modified on Aug 18, 2022, 17:45 BST 17:45