Polygon (MATIC) is a leading Ethereum scaling solution, offering a platform to create and connect various kinds of blockchain applications. However, the MATIC price has been facing challenges lately, dropping more than 70% of its value from its record high of $2.92 in December 2021. In this article, we will examine the current price movements, weekly performance, future prospects, and news summary of Polygon (MATIC).
Table of Contents
MATIC Price Prediction
MATIC price is $0.827544. The MATIC market cap is $7.68 billion, ranking it as the 15th largest cryptocurrency by market capitalization. The 24-hour trading volume is $298.44 million, indicating a moderate level of market activity.
Surviving on 6HTF 200EMA, currently it has broken strong trendline support on 6HTF, if it couldn’t hold 200EMA, it’ll fall quite sharp.
The MATIC price has been trading below a falling resistance trend line since its peak in December 2021, forming lower highs and lower lows. The price recently rebounded from the long-term horizontal support area near $0.80, which has been acting as a strong demand zone since June 2022.
However, the price could not break above the 50-day moving average (MA), which is currently acting as a dynamic resistance level. The daily Relative Strength Index (RSI) is below 50, indicating a bearish momentum. The daily MACD is also below the zero line, confirming the downtrend.
Weekly Performance
The weekly chart shows that the MATIC price has been in a correction mode since its record high, losing more than 70% of its value. The price has been trading inside a falling wedge pattern, which is a bullish reversal pattern that indicates a possible breakout to the upside. The weekly RSI is near the oversold territory, suggesting that the selling pressure is weakening. The weekly MACD is also showing signs of a bullish crossover, indicating a possible trend reversal.
The MATIC price is currently testing the upper boundary of the falling wedge pattern, which coincides with the 0.786 Fibonacci retracement level of the entire upward move from $0.003 to $2.92. A weekly close above this level could signal a breakout and a start of a new uptrend. The next resistance levels are $1.20, $1.60, and $2.00, which correspond to the 0.618, 0.5, and 0.382 Fibonacci retracement levels, respectively.
On the other hand, if the price fails to break out and falls below the lower boundary of the falling wedge pattern, the next support levels are $0.60, $0.40, and $0.20, which correspond to the 0.886, 1, and 1.272 Fibonacci extension levels, respectively.
Future Prospects
The future prospects for Polygon (MATIC) depend largely on the development and adoption of its platform, as well as the overall market sentiment and trends. Polygon has been working on several initiatives to improve its scalability, interoperability, security, and user experience. Some of the recent developments include:
- The launch of Polygon Portal, a cross-chain bridge that connects Polygon to Ethereum and other blockchains, enabling seamless asset transfers and composability.
- The integration of Chainlink data feeds on Polygon zkEVM, a zero-knowledge proof-based scaling solution that offers full compatibility with Ethereum Virtual Machine (EVM).
- The announcement of Polygon 2.0, a major upgrade that will introduce a new token model, a new governance system, and a new network architecture.
Polygon has also been attracting a lot of attention and support from various projects, platforms, and investors in the crypto space. Some of the notable partnerships and collaborations include:
- Retik Finance, a decentralized finance (DeFi) platform that aims to disrupt the traditional lending and borrowing market, raised $1 million within just 9 days, and experts call it Polygon (MATIC) killer.
- The Sandbox, a virtual gaming world powered by non-fungible tokens (NFTs), introduced a new NFT royalties redistribution system, and partnered with Everlodge, a blockchain-based property platform, to launch on Polygon.
- Meme Moguls, a meme-based NFT platform that offers game-changing utilities, announced that it is ready to compete with Polygon (MATIC) and Cardano (ADA) in the crypto space.
Conclusion
Polygon (MATIC) is one of the most promising Ethereum scaling solutions, offering a platform for building and connecting various types of blockchain applications. However, the MATIC price has been in a downtrend since its all-time high in December 2021, dropping more than 70% of its value.
The price is currently testing the upper boundary of a falling wedge pattern, which could indicate a potential breakout and a start of a new uptrend. The future prospects for Polygon (MATIC) depend largely on the development and adoption of its platform, as well as the overall market sentiment and trends. Polygon has been working on several initiatives to improve its scalability, interoperability, security, and user experience, and has also been attracting a lot of attention and support from various projects, platforms, and investors in the crypto space.
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