Our Polygon MATIC price prediction is still bullish as the price crawls back upwards after breaking down the bull flag. At the time of writing, Polygon crypto is trading at $0.88, gaining 9.1% within the last 24H. On Wednesday, crypto markets turned green immediately after the FED announced a 75 basis point rate hike. The market’s response suggested that the announced rate hike was already priced-in.
Polygon price has shown tremendous recovery since the price tagged the lows of $0.31 in June. The price surged to $0.98 in July but pulled back immediately after the prevailing uncertainty before the FOMC meeting. Although the price has shown immense recovery within the past 24 hrs, the price is yet to break above the trendline.
According to Polygon MATIC news, the project has announced the first EVM-equivalent ZK L2. The zkEVM inherits the security of Ethereum while ensuring low fees and high throughput. By EVM equivalence, all the smart contracts and dev tools built on Ethereum would be compatible with zkEVM. As per DeFi Llama, the platform TVL has significantly decreased since the start of the year and has reduced to $1.86 billion.
Technical analysis of the Polygon price chart shows that the price pulled back after hitting the $0.98 level. The price dipped to $0.72 on Tuesday as many bottom buyers took some profits. This happened because the price broke below the bull flag. If the price breaks above $0.89, another leg up is expected for Polygon MATIC. This would mark a higher high on the 4H timeframe signalling strength.
If the price reclaims $0.89, then the price could soar to $1.10 very soon. However, this Polygon MATIC price prediction also depends on the stability in the Bitcoin price. At $1.10, the price might run into some resistance as this level coincides with a demand zone.
This post was last modified on Jul 28, 2022, 13:43 BST 13:43