Polygon (MATIC) is on a sharp downward trend after a brief consolidation move. At the time of writing, the cryptocurrency stands at a price level of $0.87. The price has moved downwards by 10% in the past twenty-four hours alone while the trading volume has gone up by 5%. In the weekly timeframe, Polygon has declined by 24%.
Polygon (MATIC) technical analysis
The market outlook for cryptocurrency is bearish as the downtrend has been confirmed. Out of the total twenty-six technical indicators, fourteen are giving out a signal of sell with nine indicators standing at a neutral position and three bullish signals. The oscillators are neutral while the moving averages are strongly bearish.
Polygon crypto has been operating in a triangular formation. The cryptocurrency has been moving downwards inside the formation and is approaching the end of the formation. Although MATIC crypto is under strong bearish pressures, the trader’s analysis is bullish in the future. As Polygon approached the end of the formation, a revival of bullish momentum may be seen which will ultimately lead the cryptocurrency towards an upside break out from the formation. The price target of $3 will be activated for MATIC coin is the bulls dominate the market.
Polygon (MATIC) price prediction
Polygon (MATIC) is a scaling solution for Ethereum which has been under the spotlight during the bull run of 2021. The cryptocurrency is believed to be full of potential as with its help Ethereum can be transformed into a multi-chain network. The long-term price projections for the cryptocurrency are bullish. According to the estimates of Wallet Investor, Polygon crypto will be operating at a price level of $4 in a year’s time while the 5-year forecast places the cryptocurrency at a price of $16. Digital Coin Price projects the cryptocurrency to cross the $4 mark too but in 2028.