MATIC Price Prediction: Polygon looks to rally 25% after minor pullback

MATIC price has been trading below the 50% Fibonacci retracement level at $1.32 for more than a week.
Polygon consolidates in a tight range, preparing for a retest of $1.32.
A breakdown of the support barrier at $1.005 will invalidate the bullish thesis.

MATIC price underwent a massive correction between June 20 and June 22, creating a new range low. Since then, Polygon has tried to recover the losses but is stuck consolidating.

Considering the weak structure of Bitcoin and its likelihood of a pullback, MATIC might follow suit.

MATIC price eyes a higher high

MATIC price set up a swing high at $1.166 and underwent a minor retracement. However, the current upswing is attempting to push through this resistance level, but Polygon will either form equal highs and retrace or sweep $1.166 and pull back.

The reason behind this short-term bearishness arises due to the weak structure that Bitcoin is showing at $35,500. Due to the correlation of altcoins with BTC, MATIC will likely follow in BTC’s footsteps.

Therefore, the said correction is likely to find support at $1.034 or $1.005, where investors can expect a full-blown reversal to kick-start.

The upswing that emerges here will target $1.239, roughly 20% away from $1.034. Following the breach of this barrier, MATIC will take a jab at the 50% Fibonacci retracement level at $1.32, a 25% climb.

MATIC/USDT 4-hour chart

If the pullback mentioned above fails to restrict at $1.034 or $1.005, it will signify the sellers’ strength. A decisive 4-hour candlestick close below $1.005 will invalidate the bullish thesis.

Such a move will likely push MATIC price down 7% to retest the range low at $0.926.

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.