Recent Pullback in Polygon (MATIC) Price Puts Bulls on Alert

Crypto traders are paying closer attention to MATIC after a value drop pushed the token’s price into an area of significant support. In the past week, MATIC’s price dropped from $1.1840 to trade at $0.9683 as of the time of writing.

MATIC Daily Chart on TradingView

At the current price, MATIC has shed over 18% of its value from the local high and broken below strong support at $1.0269. The next significant support is at $0.9184, coinciding with a strong trendline on the weekly chart. The bulls could lose their hold on MATIC if the price breaks below this level. However, there are other considerable factors in predicting the next phase of MATIC’s price evolution.

The $1 price region is a psychological level for MATIC and currently coincides with the weekly trendline support and the 50% Fibonacci retracement from the latest rally. This confluence of technical events is a confidence booster for the bulls who expect the price to reverse soon. A reversal at this level would also see the price respect the channel between $0.9424 and $1.2535, which MATIC has traded in for the past six weeks.

Considering the multiple technical supports, experts predict the MATIC price could target the upper limit of the $0.9424 – $1.2535 channel in the event of a reversal. Breaking above this level would open the way for higher targets that could push MATIC toward the yearly high of $1.5678, achieved on February 18, 2023.

MATIC is one of the most valued cryptocurrencies in current existence. It ranks 9th on CoinmarketCap, based on market capitalization. The blockchain behind MATIC, Polygon, is a layer 2 protocol on Ethereum that connects Ethereum-based projects and is renowned for its scalability.

Based on growing adoption, experts predict that MATIC’s price could reach a potential high of $1.8351 by the end of 2023. Indicating a 90% growth from its current price.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.

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