Polygon (MATIC) Price Expected to Rebound After the Recent Slump

Crypto Analyst Optimistic About Polygon (MATIC)
  • The early surge has pushed the MATIC price up by 16 percent.
  • Buyers may be able to re-enter the upswing at this point.

Since October 29, the price of Polygon (Matic) has been declining, and it is now near the middle of the trading range. Polygon is likely to bounce back from its recent slump, which is spread across the entire crypto market.

The price of MATIC has dropped by about 21% since October 29 and is now $1.50. As of today’s closure, the downward trend has returned at $1.05. During the decline that began on October 29, Polygon could not retest the midway at $1.42.

Fresh Uptrend Expected

The early surge has pushed the MATIC price up by 16 percent, and the market seems to be poised for a brief pullback before a fresh uptrend begins.

The relative strength index (RSI) is the primary reason for this optimistic tendency. A trend line linking the six lower highs of this indicator establishes an upward-sloping resistance barrier. This technical hint indicates that the market is poised for an upward breakthrough. If this occurs, the MATIC price will soar through the range high at $1.80 and the resistance level at $2.06 before settling at $1.80. This would represent a 25% boost in price.

MATIC/USDT: Source: TradingView

While the price of MATIC continues to rise, a breach of the midpoint at $1.42 implies that Polygon is entering a period of bargain hunting. Failure to immediately recover above $1.42 implies that the downswing may extend to the immediate demand zone of $1.15 to $1.24, as previously stated.

Buyers may be able to re-enter the upswing at this point. The bullish assumption was proven false with this move, and the market fell to the bottom range at $1.05. According to CoinMarketCap, the Polygon price today is $1.50 USD with a 24-hour trading volume of $1,093,461,065 USD. Polygon is down 6.53% in the last 24 hours.

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