Polygon MATIC Price Prediction: Should You Buy The Pullback?

Summary:

The Polygon MATIC price prediction was on its way to flipping bullish but the price has started to pull back.

The Polygon MATIC price prediction was on its way to flipping bullish, but the price has started to pull back. Just two weeks ago, MATIC coin tagged the low of $0.32 as Bitcoin price slid below $20,000. Nevertheless, the next across-the-board relief rally in crypto took MATIC to $0.63. This was almost a 100% price increase from the $0.32 low.

After rejection from the $21,700 level, Bitcoin price is struggling to remain above $20,000 once again. This bearish move has triggered another sell-off in the altcoins, including Polygon MATIC, which is now trading at $0.50. If Polygon price loses the $0.50 level, the price might retest the $0.45 level, which would decide its next move. Therefore, the ongoing pullback could be a decent buying opportunity.

According to official Polygon MATIC news, Polygon ID is live now. This new feature is powered by ZK cryptography. It would increase the potential of DAO governance. With ID, users would be in complete control of their data. They won’t need to disclose any private info in order to use a particular online service. In this way, Polygon ID basically flips the traditional trust model of the internet.

Polygon MATIC Price Prediction

Technical analysis of Polygon crypto shows that there was too much demand around the $0.32 level. The price skyrocketed as soon as the Bitcoin price regained $20,000, hitting the high of $0.63. Nevertheless, the bottom buyers started to take profits as the coin started to face some resistance from the diagonal line (white line in the chart). urrently, Polygon price is 82.6% below its all-time high of $2.92. s long as the price stays below $1, our Polygon Matic price prediction would remain bearish.

If MATIC avoids a daily closure below $0.50, then bulls may target $0.60-$0.74 level for a swing trade. A daily close below the $0.50 level would invalidate this price prediction. In such an event, our price analysis would need to be revisited in the light of latest price action.