As Polygon (MATIC) Continues to Struggle, Could Price Fall Below $1?

2023-3-23 13:00

The Polygon (MATIC) price reaction to the $1.25-$1.32 resistance area could determine the future trend.

The Polygon network is a scaling solution for the Ethereum blockchain, specializing in smart contracts. Its native token is MATIC. UniLend, a decentralized finance platform, announced its launch on the Polygon ZK rollup (Zero-Knowlege). Its previous testnet has more than 10,000 users.

Polygon (MATIC) Lingers in Long-Term Range

The MATIC price has traded above the $0.80 horizontal support area since August 2022. Even though it has bounced above it several times, the price failed to break out above the range high of $1.40.

The MATIC token created a long lower wick during the week of March 6-13, possibly beginning an upward movement toward the range high of $1.40. This is also supported by the weekly RSI, which is trading above 50.

However, if the rally loses momentum, the Polygon price could fall to the $0.80 range low.

MATIC/USDT Weekly Chart. Source: TradingView Is Polygon (MATIC) Completing Relief Rally?

The daily time frame technical analysis indicates that the MATIC price is in wave B of an A-B-C corrective structure. After this is complete, another drop will follow.

This is because the price completed a five-wave upward movement (black) before breaking down from the ascending support line. As a result, the increase is likely done.

If the count is correct, the MATIC price will increase to the 0.5-0.618 Fib retracement resistance (white) levels at $1.25-$1.32. Afterward, another drop will follow. Due to the fact that the daily RSI was rejected by 50 (red icon), it is possible that the price has now begun the C wave which will take it toward the $0.81 support area, which also coincides with the previously outlined range low.

On the other hand, a decisive close above $1.32 will invalidate this bearish forecast. In that case, the MATIC price could increase to the long-term resistance at $1.40 and possibly break out, moving toward $1.92.

MATIC/USDT Daily Chart. Source: TradingView

To conclude, the most likely MATIC price forecast is a fall toward $0.81. However, a close above $1.33 would invalidate this and could initiate an increase to $1.40 and possibly $1.92.

For BeInCrypto’s latest crypto market analysis, click here.

The post As Polygon (MATIC) Continues to Struggle, Could Price Fall Below $1? appeared first on BeInCrypto.

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