Polygon (MATIC) has started to show signs of recovery after a steep correction over the last week or so. The decline in price is part of a broader slump in the wider market, but MATIC appears to be consolidating for its next leg up. Here are the main facts:
MATIC has managed to hold the $0.8 support despite massive selling pressure.
The coin can reclaim the important psychological price of $1 in the days ahead.
This could trigger a bullish uptrend that could deliver at least 25% in gains.
Data Source: Tradingview
Polygon (MATIC) – price prediction
After hitting a new 2022 high of $1.73, MATIC has lost a lot of its upward momentum. The coin has tumbled over the last two weeks, losing several key supports in the process. The biggest worry for bulls though came after the token fell below the crucial psychological price of $1.
But despite this selling pressure, MATIC appears to have found strong support at $0.8. The coin has held this level even as the broader market sells off. This is a good sign, in fact, we are seeing some consolidation around $0.8 right now. If this continues, MATIC is likely going to reclaim the $1 price.
After that, bulls may take over and push the price action higher by at least 25% from the $1 price. Besides, momentum indicators, including the RSI show a bullish divergence that could push the price further upwards.
How to take advantage of this setup?
MATIC has already dipped massively from its 2022 highs. If you ever wanted to own this altcoin, this is the cheapest it has been for a while. It’s therefore a good time to buy, especially for long-term investors.
As for the short-term play, a good approach would be to wait for the altcoin to reclaim $1. Once this happens, you can buy in and exit at around $1.3.