Polygon Price Prediction: MATIC Misses Out on Crypto Rally
Polygon price has missed out on the rally observed in the crypto market over the past three sessions. Altcoins often follow the trajectory set by the leading cryptocurrency – Bitcoin.
After dropping to the support zone of $60,000 on Saturday, BTC has since rebounded to its current level of $67,551.77. Since the weekend, it has surged by about 12.46%. In comparison, Ethereum and Cardano have risen by 10.79% and 9.48% respectively. Polygon has missed out on the trend by rising by 3.95% during the same timeframe.
Polygon price forecast
MATIC has been trading within a tight range for close to a week now after plunging earlier in the month. The lower and upper borders of the horizontal channel are 1.8200 and 1.9524 respectively.
At the time of writing, Polygon price was down by 0.16% at 1.8924. On a four-hour chart, it is trading along the 25 and 50-day exponential moving averages; which have converged at 1.9000. Besides, it has an RSI of 46.
At its current level, the outlook is rather neutral. In the short term, Polygon price will likely remain within the horizontal channel. If additional buyers are enough to yield a breakout, the psychological level of 2.0000 will be the level to watch. On the flip side, a move below the channel’s lower border will probably place the support at 1.7544.