MATIC Price Prediction: Polygon contemplates 18% rebound
- MATIC price has sliced through the range low at $0.926, indicating a potential retest of $0.832.
- A quick recovery above $0.926 could propel Polygon to $1.060.
- However, a breakdown of the $0.833 support level will invalidate the bullish thesis.
MATIC price has been on a massive downswing, indicating the presence of bears. The recent correction exacerbated the sell-off, leading to a breakdown of the range low.
Polygon is likely to recover quickly and set off on a journey that slices through critical resistance levels.
MATIC price eyes a higher high
MATIC price has not seen a notable higher high over the past 56 days, suggesting the grim nature of the cryptocurrency market. From July 7 to July 14, Polygon has crashed 26% to where it currently trades at $0.894.
This sell-off shattered the range low as a deviation but considering the bullish setup seen in Bitcoin price, investors can expect MATIC price to follow suit and post a quick recovery above $0.894.
If this were to happen, market participants could see Polygon rally to $1 and even retest $1.060, which constitutes an 18% uptrend.
A decisive 6-hour candlestick close above $1.060 will confirm the persistent bullish momentum and potentially result in a rally that propels MATIC price to $1.178.
MATIC/USDT 6-hour chart
On the other hand, a rejection at $0.894 will indicate weak buying pressure. Such a move would likely trigger a 10% pullback to $0.833.
A breakdown of this barrier will invalidate the bullish thesis and might push MATIC price down to a critical support level at $0.777.
This area of demand was crucial in setting off an exponential uptrend during early May. Therefore, investors can expect Polygon to see some strength around this level.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
