Our Polygon MATIC price prediction seems to be hanging by a thread as price has dipped to fresh lows. The price has broken below the key support of $1.32, and the potential target of this breakdown is $0.58. Such a price level could be a nightmare for bulls that were aiming for another ATH in 2022. Therefore, bulls need to reclaim the $1.32 level this week. Any weekly close below that level may trigger another sell-off in Polygon price.
MATIC is the native asset of the Polygon crypto network, which is a Layer 2 scaling solution for Ethereum. It provides Ethereum users with a low-cost and faster alternative while not compromising on security. TVL stats from DeFi llama suggest that there is currently $3.9 billion locked on the Polygon network. This makes Polygon the 8th biggest blockchain in terms of TVL.
According to the Matic news posted on Twitter, Polygon is backing the blockchain-based betting platform SX Network. The project aims to become layer 2 for betting. HACKfund is also backing the project considering its potential.
Polygon Price Prediction
Technical Analysis of MATIC/USD price chart shows that the price has been trading inside a descending wedge since February. The top cryptocurrency had strong support at $1.32, which it broke in this week. This breakdown has intensified the bearish move and has created a panic among the bulls. The conventional target of this breakdown is as low as $0.58. The price has also made a lower low than the February low of $1.245. If bulls don’t bring their arsenal into full play soon, things can turn pretty ugly for MATIC price.
The final hope for the holders is the $1-$1.15 region. A lot of volume has been traded in this range earlier, so the price could bounce off this level. However, before considering any bullish Polygon MATIC price prediction, the coin must close above $1.32 and flip into support once again. The next big level to attain would be the 200 EMA which lies around $1.59.