Polygon Matic Price Prediction: Why We Might Be in a Trend Reversal

Polygon Matic’s price is up by four per cent in today’s trading session. This is a continuation of the past six days that have seen the cryptocurrency rise by 40 per cent to trade at its current price of $0.71.

The current price gains also come amidst a chaotic cryptocurrency crash that has become the major highlight of Polygon Matic for the past few weeks. For instance, this month, Polygon Matic is down by 31 per cent. The crypto is also down by 70 per cent year-to-date.

Polygon Matic Price Prediction

On May 5, Polygon Matic began an aggressive downward move that resulted in a 56 per cent price decline. However, the past six days have started to show some signs of resurgence, with the crypto rising by 40 per cent.

As seen in the chart below, the current price gains have come amidst a strong bearish trend that has lasted for months. Both the Williams Alligator and the RSI indicators also shows that, despite these gains, the trend is still very bearish. However, the current push to the upside may be a result of price reversal. This would mean a new bullish trend has begun.

Therefore, my Polygon Matic price prediction expects the prices to continue with the bullish move with a likelihood of breaking the $1 price level. Furthermore, I expect the current upward trend, whether a bearish flag or a trend reversal, to have enough momentum to push the prices past the dollar. My bullish analysis is also based on the recent recovery of the crypto market, which is showing signs of resurgence in the past few days.

However, my trade analysis will be invalidated if prices close today’s trading session below the $0.67 price level. It will also mean a likelihood that the current upward push was a bearish flag. Should that happen, expect the resumption of the bearish trend. You should also expect the prices to trade below the recently set price lows of $0.52.

Polygon Daily Chart