Our Polygon MATIC price prediction suggests that Polygon price could have already bottomed out. There seems to be strong support around the $1.32 level as the price has bounced off multiple times. In a fresh retest, the price dipped to the $1.29 level on Monday as the Bitcoin price touched $38.5k. However, the price recovered on the same day and is now 9.7% up from Monday’s lows. The price is also forming a descending triangle with the bottom at $1.32. A break out of this triangle could potentially generate a 60% move in either direction.
Latest Polygon MATIC News
MATIC is the native asset of the Polygon crypto network. It is a layer 2 scaling solution for the top smart contract platform Ethereum. The platform aims to offload most of the transactions off Ethereum through its high speed and lower gas fees. The Polygon ecosystem is growing at a very fast pace as several DeFi and GameFi dapps are gaining traction. According to DeFi Llama, the network boasts a TVL of $4.3 billion.
Any Polygon MATIC price prediction depends on the total value locked on the network. At the time of writing, most of the TVL is locked in AAVE, Quickswap, and Curve protocols. As per the latest Polygon Matic News, BitKeep is organizing Polygon Consensus 2022 in May. The event would give participants an insight into the ongoing development of the Polygon ecosystem.
Polygon Price Prediction
Currently, Polygon price is trading at $1.44 and still 50% below its Dec 2021 ATH of $2.92. Nevertheless, MATIC price seems to have found strong support around $1.32. The price is trading inside an ascending wedge and needs a breakout to aim further upside. A reclaim of 200 EMA that lies at $1.61 could really propel the prices above $2 within a very short time.
If the price successfully breaks out of the wedge then Polygon MATIC price prediction of $2.33 could become a reality. This target also perfectly matches the 0.618 Fib level. This Fib level forms when we connect the December 2021 high of $2.92 with the February 2022 low of $1.245.