MATIC Price Forecast: Polygon pattern offers 35% upside
- MATIC price lacking conviction as price defines a wide but well-defined range.
- The downward pressure of the 50-day simple moving average (SMA) may contain bounce.
- Polygon, Ethereum’s Internet of Blockchains, enabling fast and free transactions.
MATIC price has traded in a 60% range since mid-March. The notable indecision hints that speculators are not as enthusiastic about the Polygon story as in the first part of 2021, recommending a range-based strategy until resistance or support is broken.
MATIC price waiting on a breakthrough during tense crypto environment
Polygon trades just below the 50-day simple moving average (SMA) at $0.347 and the mid-line of the range at $0.367. To increase the probability of success, speculators should look for a pullback near the lows of the range at $0.291 and use the mid-line at $0.366 as the first profit target, followed by the range highs at $0.459. If speculators are impatient, a rally from the current price will yield around a 35% gain.
MATIC/USD daily chart
Support for Polygon begins at the 50% retracement of the 2020-2021 rally at $0.277, followed by the intersection of the 100-day SMA at $0.216 and the 61.8% Fibonacci retracement at $0.214. A further collapse would find little support and confirm that the altcoin outlook has shifted negatively.
Author
Sheldon McIntyre, CMT
Independent Analyst
Sheldon has 24 years of investment experience holding various positions in companies based in the United States and Chile. His core competencies include BRIC and G-10 equity markets, swing and position trading and technical analysis.
