MATIC Price Prediction: Polygon looks to advance 38%

MATIC price is consolidating between $1.276 and $1.160 after recovering 34% from its crash.
A breakdown of the upper or the lower range will decide Polygon’s direction.
If the buyers manage to push past the resistance barrier at $1.276, a 38% upswing seems likely.

MATIC price suffered a fatal fall between June 20 and June 22, but the recovery has been equally swift. After managing to undo most of its losses, Polygon is range-bound between two crucial levels that determine its targets for the short term.

MATIC price eyes higher high

MATIC price crashed 35% between June 20 and June 22 as it dipped to $0.928. Despite this brutal sell-off, Polygon quickly rallied 34% to create a temporary swing high at $1.25.

MATIC price is currently trading around $1.164 and is contained between the resistance level at $1.276 and the support barrier at $1.160.

Therefore, breaching either of the said zones will create an opportunity to scale to new highs or lows.

Considering the recent upswing, it is likely MATIC price will retrace to the demand barrier at $1.16 or even sweep below it before heading higher. In some cases, Polygon might create equal lows at $0.928.

If the buyers show strength, the MATIC price will target the June 20 swing high at $1.438, 25% away from the current position. Conquering this area will open up the path for Polygon to retest the 50% Fibonacci retracement level at $1.593, a 38% rally from $1.164.

MATIC/USDT 6-hour chart

On the flip side, if the buyers fail to slice through $1.276 and shatter the support level at $1.160, MATIC price will likely retrace toward the recently set up swing low at $0.928.

However, a breakdown of $0.928 will invalidate the bullish thesis and trigger a sell-off to the range low at $0.745.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram