Polygon MATIC Price Prediction: MATIC Aims Further Upside

Summary:

Our Polygon MATIC price prediction is still bullish for the near term as the price has managed to remain in an uptrend.

Our Polygon MATIC price prediction is still bullish for the near term as the price has remained uptrend. Most altcoins have made lower lows as the Bitcoin price gains acceptance below $20,000. Nevertheless, MATIC coin price has shown some strength by making a higher high. At the time of writing, it is trading at $0.47, which is 84% below its December 2021 ATH of $2.92.

Polygon crypto is still 48% up from its 19^th June low of $0.316. This makes its recovery very one of the biggest in the whole market. On the other hand, most altcoins have plummeted to fresh lows due to the unprecedented slump in cryptocurrencies. The recent rate hikes and the prevailing risk-off sentiment has contributed the most to this effect.

As per DeFi Llama, the total locked value on the Polygon network is down to $1.55 billion. The same figure was $10.53 billion in June 2021. This decrease in TVL is due to the decreased price of all the locked assets during the same period.

According to Polygon MATIC news, Karel Janecek has partnered with Somnium Space to officially run his Czech Presidential campaign in the Metaverse. Somnium Space is a metaverse powered by a Polygon network. In other news, Polygon Tokyo Hack has ended, and the winners have been announced.

Polygon MATIC Price Prediction

The technical analysis of Polygon MATIC coin shows that the price forms a symmetrical wedge. On Monday morning, the price bounced off from the bottom of the wedge, once again keeping its uptrend intact. Nevertheless, the native asset of the top Ethereum L2 is still not out of the woods, as Bitcoin price is trading below $20,000.

If the price breaks upwards from the wedge, our previous Polygon MATIC price prediction of $0.73 would still be valid. However, in event of fresh Bitcoin lows, this analysis would need to be updated accordingly. It might also be helpful to place a stop loss below $0.42 for any long trade.