Polygon (MATIC) has started showing signs of recovery after a huge correction over the past week or two. The price drop is part of a broader bearish trend in the broader market, but MATIC looks to be consolidating for its next leg. Here are the main facts:
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Despite massive selling pressure, MATIC managed to hold the $0.8 support.
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The coin may reclaim the significant psychological value of $1 in the coming days.
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This could trigger a bullish trend which could give at least 25% in profit.
Data Source: Tradingview
Polygon (MATIC) – Price Forecast
MATIC has lost much of its momentum after reaching a new 2022 high of $1.73. The coin has fallen over the past two weeks, losing several key supports in the process. However, the biggest concern for the bulls came when the coin fell below the crucial psychological price of $1.
But despite this selling pressure, MATIC seems to have found strong support at $0.8. The coin has maintained this level despite a selloff in the broader market. This is a good sign, in fact, we are seeing some consolidation right now around $0.8. If this continues, MATIC is likely to reclaim the $1 value.
After that, the bulls can push the price action higher by at least 25% from the $1 price and continue further. Furthermore, momentum indicators including the RSI are showing a bullish divergence which could push the price further upwards.
How to take advantage of this setup?
MATIC has already fallen massively from its 2022 highs. If you’ve ever wanted to own this altcoin, it’s one of the cheapest for a while. Hence, it is a good time to make a purchase, especially for long term investors.
For short-term play, a good approach would be to wait for the altcoin to receive $1. Once that happens, you can buy and exit for around $1.3.