Polygon Price Prediction 2021 – Will MATIC Hit $3 Soon?

Polygon Price Prediction 2021 - Will MATIC Hit $3 Soon?
  • Bullish MATIC price prediction ranges from $1.20 to $2.84.
  • The MATIC price might also reach $3.
  • MATIC bearish market price prediction for 2021 is $0.90.

In MATIC price prediction 2021, we use statistics, price patterns, ADX, and much other information about MATIC to analyze the future movement of the cryptocurrency. 

Polygon is a protocol and framework for creating and linking Ethereum-compatible blockchain platforms. Categorizing scalable Ethereum solutions to support a multi-chain Ethereum ecosystem.

Polygon’s native token MATIC, is an Ethereum token that powers the Polygon Network. Polygon intends to use Layer 2 sidechains, which are blockchains that run alongside the Ethereum main chain, to provide faster and cheaper transactions on Ethereum. Polygon is a full-fledged multi-chain system that combines the best of Ethereum and sovereign blockchains.

Current Market Status of Polygon (MATIC)

According to Coingecko, the price of MATIC is $0.944 with a 24-hour trading volume of $520,058,551 at the time of writing. However, MATIC dropped to 1.94% in the last 24 hours.

Moreover, MATIC has a circulating supply of 6,330,554,997 MATIC. Currently, MATIC trades in cryptocurrency exchanges such as Binance, CoinTiger, OKEx, Huobi Global and FTX. 

Polygon (MATIC) Price Prediction 2021

Polygon (MATIC) holds the 18th position on CoinGecko right now. MATIC price prediction 2021 explained below with a daily time frame.

MATIC/USDT Triangle Pattern (Source: Tradingview)

A symmetrical triangle is made up of a falling upper trendline and a rising lower trendline. As the price approaches the apex, it will undoubtedly violate the upper trendline, resulting in a breakout and uptrend on rising prices, or it will breach the lower trendline, resulting in a breakdown and downtrend on falling prices.

After drawing two converging trendlines on a chart, a triangle can be seen. The symmetrical triangle differs from the other triangle patterns in that it is a neutral pattern that does not lean in any direction. While the triangle itself is neutral, it still favours the existing trend’s direction, and traders look for breakouts in that direction.

Currently, MATIC is waving at $0.99. After this, MATIC may continue to fall or rise according to the breakout. With this pattern, MATIC will violate the upper trendline reaching $2.50 soon. If the trend reverses, then the price of MATIC may fall to $0.67.

Polygon (MATIC) Support and Resistance Level

The below chart shows the support and resistance level of Polygon (MATIC).

MATIC/USDT Support and Resistance Level (Source: Trading view)

From the above chart, it is observed that the following are the resistance and support level of MATIC.

  • Resistance Level 1 – $1.20
  • Resistance Level 2 – $1.70
  • Resistance Level 3 – $2.22
  • Resistance Level 4 – $ 2.84
  • Support Level 1 – $0.90
  • Support Level 2 – $0.67
  • Support Level 3 – $0.45

The chart depicts the bearish performance of MATIC over the previous month. However, this trend will break out and reach resistance level at $1.20. On the contrary, if the trend reversed then MATIC might fall to $0.90 presenting a bearish signal.

Polygon (MATIC) Average Directional Index (ADX)

Let us now look at MATIC’s Average Directional Index (ADX). In particular, the ADX assists traders in determining the strength of a trend rather than its direction. It can also be used to determine whether the market is changing or if a new trend is beginning. It is, however, linked to the Directional Movement Index (DMI).

Moreover, the oscillator has a range of 0 to 100. In addition, a high value represents a strong trend, while a low value represents a weak trend. Furthermore, it is frequently combined with directional indicators.

MATIC/USDT ADX (Source:TradingView)

The above chart represents the ADX of MATIC with the range at 23.88, so it indicates a weak trend.

Conclusion

The MATIC is one of the cryptos which is great for long-term investment. In addition, short-term MATIC price prediction will be bearish, until the breakout. But, it has a good chance of reaching $2.50 this year. However, this will only happen if many previous psychological barriers are broken.

Furthermore, with the advancements and upgrades on the MATIC ecosystem, the performance of MATIC would rise reaching $2.50 very soon. But, it might also reach $3 if the investors believe that MATIC is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It is not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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