Polygon Matic price has set a new three-day price high with its current 4 per cent gain in today’s trading session and wiped out price losses made in the past two consecutive trading sessions. The crypto has also resumed a long-term bullish trend which started on May 27.
Despite today’s price gains, the past few weeks and months have been very tough for the crypto in the market. This month, Polygon Matic is already down by 4 per cent. In addition, the month is extending May price losses that saw Polygon Matic dropping by 35 per cent.
In 2022, Polygon Matic prices have dropped by 75 per cent. Since hitting its all-time price high of $2.92 on December 27, 2021, the crypto has also dropped by 79 per cent. Part of the reason for the recent price drop has been due to the global cryptocurrency industry being in a bear market. In May, the price drop was largely contributed by the industry-wide market crash resulting from Terra Luna’s fall and UST.
Today, Polygon Matic is up by 4 per cent. The prices are also looking highly likely to continue pushing upwards throughout the session. Looking at the 4-hour chart below, we can see today’s trading session opened aggressively bullish. Since then, the prices have trended upwards, trading at $0.63.
The current price action also signals a high momentum bull push, which is a sign of the price’s likelihood to close even higher. Therefore, my Polygon Matic price prediction expects the prices to continue with the current bullish trend. As a result, there is a high likelihood that we will see the price hitting the $0.7 price level.
If there is enough momentum, I also expect the prices to trade above the $0.70 price level in the next few trading seasons. However, if the prices trade below the $0.60 psychological level, then my bullish analysis will be invalidated. It will also mean a likely push to the downside.
This post was last modified on Jun 09, 2022, 12:58 BST 12:58