MATIC Price Prediction: Polygon looks to double in market value
- MATIC price is hovering above a crucial support level at $0.996, expecting a break above.
- A 13% retracement to $0.855 seems likely if the selling pressure increases.
- A 100% upswing to $1.727 is on the cards for Polygon.
MATIC price is currently grappling with a crucial resistance level, a breakdown of which could send it flying to a demand barrier that could trigger a reversal in the short-term downtrend.
MATIC price eyes a higher high
MATIC price sliced through the $0.956 resistance level but retraced back to it, where it currently trades. While an upswing from this barrier is likely, investors should note that a slight increase in selling pressure could push Polygon below this barrier. If this were to happen, MATIC price could slide 14% to tag the $0.855 support level.
Investors can expect a resurgence of buying pressure around this level, pushing Polygon to slice through $0.956.
This move will indicate the increase in bullish momentum and the chances of a climb higher. If the buying pressure continues to persist, it could propel Polygon to $1.235. Clearing this barrier will open up a path of least resistance up to $1.727.
Such an ascent would constitute a 100% upswing from $0.855.
MATIC/USDT 4-hour chart
On the other hand, increased selling pressure around the $0.855 support level could deal a fatal blow that could delay or even prevent an ascent in MATIC price.
A breakdown of the said level has a high chance of invalidating the bullish outlook explained above. If this were to occur, Polygon might also slide 20% to tag $0.676.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
