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Once again, our last Polygon MATIC price prediction is turning out to be true. Polygon crypto price has accelerated downwards after the rising wedge breakdown. The measured target of this breakdown is the bottom of the wedge, which lies at $0.72—and already trading 25% below its last week’s high.
Cryptocurrencies are in turmoil once again as the Bitcoin price broke the uptrend on the daily timeframe. Most altcoins are 20%-25% from their recent highs. Polygon MATIC price is trading at $0.785. The price is down by 4.2% from yesterday. Analysts suggest that the markets might correct more before heading back upwards.
According to Polygon MATIC news, the project has announced the Polygon Accelerator along with Encode Club. The eight-week online accelerator would take the best early-stage projects worldwide while also helping them to evolve into proper start-ups.
As per DeFi Llama, Polygon is the 4th biggest blockchain in terms of TVL. Currently, there is $2.09 Billion worth of funds locked across different protocols on the network. However, statistics show that the TVL has plummeted by 50% since April 2022 due to the lowered prices of digital assets. You can buy MATIC by signing up on the top crypto exchange Binance.
A rising wedge breakdown is quite evident on the MATIC USD price chart. Such breakdowns tend to be very dangerous as the bears always target the bottom of the wedge. Therefore, a conservative bottom estimate would be the $0.72 price level. However, the price could also hit the $0.61 level due to multiple confluences.
The above bearish Polygon MATIC price prediction is also dependent on the BTC price action. If Bitcoin gets a strong bounce before $20k, then altcoins are also likely to follow. On the other hand, a daily closure below $20k would trigger a bloodbath in the whole market. This would put bears in the driving seat to target new lows on the price charts.
This post was last modified on Aug 22, 2022, 14:36 BST 14:36