Polygon (MATIC) has been trending downwards ever since the market crashed. MATIC coin has been struggling with bearish momentum and the bulls could not sustain the coin. At the time of writing, Polygon stands at a price level of $1.12. The price has gone up by 5% in the past twenty-four hours while the daily trading volume has declined by the same proportion. Matic coin is the sixteenth largest cryptocurrency in the market.
Polygon (MATIC) Technical Analysis
The market sentiment for cryptocurrency is bearish. Out of the twenty-four technical indicators, ten are standing at a sell position while ten are standing at a neutral position with six indicators giving out a buy signal. The oscillators are neutral while the moving averages are bearish.
Matic coin has been brutally bearish. The cryptocurrency fell towards $1 – testing the support level. The support level of $1 appears to have held for now and some bullish momentum has been restored as the coin is moving upwards. A trader’s analysis suggests that Polygon will sustain its upward movement and move towards breaking the strong resistance level which lies at the price level of $1.89.
Polygon (MATIC) price prediction
Polygon raise to fame amidst the bull run of 2021 as the cryptocurrency showed a phenomenal performance. The project is considered as the debut of Indian developers into the cryptocurrency sphere despite the Indian government’s ban on cryptocurrencies. Polygon network is for the scaling of Ethereum and the network aims to increase connectivity and multi-chain blockchain infrastructure.
Wallet Investors’ estimates suggest astounding growth of the network. The one-year projection places the cryptocurrency at a price level of $7.24 while the 5-year forecast suggests a price level of $30.59.