The Polygon (MATIC) price forecast depends heavily on the CPI numbers for July.
- Price up 125% since July 1st; Analysts saw a rally of 68% against gains in terms of gains.
- Targets at the $1.25 mark have been overlapped by MATIC price; Retracement at $0.64 is still a possibility.
- A break below $0.54 indicates that the uptrend movement of MATIC is invalid.
Obviously, the crypto market has been extremely volatile as of the beginning of this week. On the other hand, investors are still waiting for the CPI print. Clearly, MATIC is down by 0.06% since yesterday.
Polygon value increase by 5.04%
According to CoinMarketCap, Polygon trades at $0.9361 or registers a price jump of 5.04% as of this writing. Earlier this week, MATIC price did not reach $1 again, but it still showed impressive correction as it fell to the low of $0.31 seen in June. Since then the price of MATIC has gone up by 300%.
For the most part, the tremendous volatility experienced by bitcoin has prevented Polygon from moving forward somewhat. At press time, Polygon’s TVL is worth $1.69 billion, but it has gradually declined in terms of TVL seen in the early months of 2022.
Similarly, Ethereum has also cut TVL by up to $3.5 billion over the past seven months, which has negatively impacted the price of MATIC, which is currently trading at 69.5% which is well below its ATH .
$1 . For Polygon Gunning
According to MATIC technical analysis, the bulls still have some power left as the coin continues to drive the price upwards.
That being said, a retest at $1 is a possibility, but it will all depend on the result of the July CPI print. Therefore, if the inflation numbers rise, MATIC price could possibly retest the 200-day EMA at $0.81.
On the other hand, if inflation turns down, the market could correct a bullish correction which could improve MATIC’s prediction of a price peak of $1.05.
Polygon’s recent price pump was first seen on July 27. A slight pullback is observed which gives a green light for the bears to close the order and jump in with the bulls.
Therefore, if the technical analysis proves accurate, a second breach seen at $0.61 could potentially punch up a bullish movement shoot for $1. Either way, it will still mean a price rally for MATIC.
MATIC total market cap at $7.6 billion on the daily chart | Source: TradingView.com Featured image from The Economic Times, Chart from TradingView.com