The price of Polygon (MATIC) seems to have its vigor back, potentially breaching $1 in the coming days. Polygon’s price has been on a wild ride this year, with gains of 108%.
The MATIC price is close to shooting past an important level that bulls are eyeing for testing. MATIC has been moving extremely bullish, and the price may rise above $1. This would set a huge foundation for an even larger uptrend, potentially doubling MATIC’s value to around $2.
MATIC is set to make as much as 100% gains in the next couple of months. The coin’s price is hovering close to a key level this week, with Sunday’s rally allowing it to sit just below $1. This will be crucial for traders as they watch their investments go up or down in the next few sessions.
MATIC Price Analysis
If the bulls succeed in breaking the 200-day SMA, the $1.1 mark will be a crucial stage. Once that is broken means the end of crypto winter, and an upswing in bull markets can be expected.
MATIC prices have a lot of work ahead if they want to make it past the 200-day SMA and avoid getting rejected at monthly resistance levels of $1.14.
The markets are unpredictable, but if the bulls manage to steer clear of that and end the week at a range above $1.14, there’s hope for them.
The looming uptrend is a huge bearish event, especially with the Fed rate decision still a month away.
If all goes well, a 108% gain is in play.
Polygon Bears Pushing Back Price To $0.44
MATIC is currently down by 1.40%, trading at $0.9525 as of this writing, and it seems now the bears are regaining traction. There is a high probability that the next crypto winter cycle may be just around the corner. The rejection is near the $0.80 support level, below the 55-day SMA.
The price of MATIC is at risk, and bears might regain power. If this happens, it could fall below $0.44 with a 55% loss. When the crypto winter started rolling, MATIC was among the first ones to crash hard and lost 88% or more in value from its peak of $2.9 in December 2021.
The crypto market experienced a dramatic recovery in March and April, with MATIC jumping 200% over two months reaching $1.
If MATIC can jump over the resistance set at $1.35 and $1.8, we might see prices reach up towards $2 in the coming days.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)