The MATIC price has taken a break in the last couple of days as the crypto rally fades. This morning, Polygon has pulled back to trend line support below the 100-day moving average. However, so far, so good as the price bounced nicely and is currently 8% off the lows.
Polygon(MATIC) has enjoyed an orderly climb in the last three weeks. Unlike some other digital assets such as Cardano and Solana, which have exploded higher, Polygon has made harder work of it. However, this may be a positive as the price is a lot less stretched than some others.
As a result of the recent price performance, the Polygon network has increased its market cap by more than $4.5 billion to almost $9 billion, ranking MATIC as the 17th most valuable cryptocurrency behind Terra (LUNA). However, Polygon will almost certainly change place on cpinmarket.com’s list soon. In which direction remains at the mercy of its recent uptrend.
Polygon Price Forecast
The daily chart shows that the MATIC price has been forging a path higher for the last two weeks, resulting in a trend line emerging at $1.2350. This sits just below the 100 DMA at $1.2866, creating a confluent band of support below the market.
And as long as MATIC remains in the uptrend, the outlook stays broadly positive. An obvious target for the bulls becomes the June high around $1.470, which, if cleared, opens the door to Mays $2.4828 peak.
However, below $2350, the outlook turns from bullish to bearish. And a close below the supportive trend targets the 50 DMA at $1.0739, followed by the 200-day at $81.69.
MATIC Price Chart (Daily)
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