Polygon price prediction: MATIC risks dip to $1 as bears pin Bitcoin under $22.5k

  • Polygon price faces a potential dump to lows of $0.94 if bears breach a major support area.
  • MATIC is currently below the 50 simple moving average and 4-hour RSI is below 50.
  • A downward flip for Bitcoin could impact MATIC movement.

Polygon price has seen an extended downward trajectory since the sell-off that hit the broader crypto market in late 2022.

A strong bounce in the first two months of the year has however hit tough terrain with price declines across the market contributing to MATIC reversing course, with a potential breakdown to lows of $1.00 likely if bears take further control of short term market sentiment. 

In particular, the outlook for Bitcoin suggests bears are not ready to give up territory around $22,500, a scenario that could see BTC dump and catalyse fresh losses across the market.

Polygon price forecast: Technical picture for MATIC above key support

MATIC continues to hover above $1.00, but looks constrained below the recent supported turned resistance zone around $1.15.

A slight upside early Tuesday indeed looks to have hit a supply zone near this price range, although with the 4-hour chart printing four successive green candles, the chances of bulls retesting resistance at $1.18 are there.

Notably, the Polygon community is awaiting the launch of the zkEVM mainnet beta, an event likely to trigger new buying momentum for the cryptocurrency towards the scheduled rollout on 27 March.

 

Polygon price on the 4-hour chart. Source: TradingView

If the $1.15 support holds, a new breakout could see bulls reclaim $1.18 as support. A pump above this level could push MATIC/USD to $1.25 and possibly the main hurdle around $1.29. However, the 200 MA is flat lining near $1.27 to offer the immediate resistance line.

Polygon price bearish picture

As highlighted above, MATIC price is currently trading below the 50 SMA and the 4-hour RSI is slightly sloped below 50 after bouncing off the bearish line.

On a further technical outlook, the MACD indicator recently flipped bullish, but Polygon’s price is facing major resistance near the 23.6% Fib retracement level of the move from the $1.30 swing high to the $1.10 low. 

If a breakdown happens, and bears gain the upper hand, MATIC could dump to support at 1.07 and then under $1.00 to $0.94.

All Dutch and English crypto news!

Crypto users react to Sam Bankman-Fried’s 25-year sentence

Many on social media suggested that 25 years was “too light” given the former FTX CEO’s crimes, speculating that he would end up serving less...

Price analysis 3/28: BTC, ETH, BNB, SOL, XRP, ADA, DOGE, AVAX, SHIB, TON

Bitcoin is looking positive, but the up move is likely to face stiff resistance above $72,000. Price Analysis Own this piece of crypto history Collect this article as...

MetaWin Launches New Base and Arbitrum Layer 2-Powered Swap System, Boasting 2-Second Payment Speeds and Half a Cent Gas Fees

London, United Kingdom, March 28th, 2024, Chainwire MetaWin, the trailblazing platform for on-chain prize competitions, is delighted to announce the incorporation of the Base and Arbitrum...

US Treasurys tokenized on public blockchains top $1B

United States tokenized securities are predominantly held by Franklin Templeton and BlackRock funds. News Own this piece of crypto history Collect this article as NFT Join us on social...

Beste exchanges

Koop je crypto bij Bitvavo