Polygon (MATIC) Price Analysis and Prediction
In Polygon (MATIC) price forecast 2022, we analyze the movement of the cryptocurrency in the future using statistics, price trends, RSI, RVOL, and other data regarding MATIC.
What is $MATIC?
The Polygon Network uses Polygon (MATIC) as its primary cryptocurrency. A 2019 ERC-20 token launch took place. Layer-2 blockchain Polygon, originally known as the MATIC Network, operates on the proof-of-stake consensus algorithm.
On the Polygon Network, Polygon (MATIC) functions as both the main payment and governance token. In addition to gaining network voting rights, users pay transaction costs with MATIC tokens. The main Polygon software development kit (SDK) facilitates the development of decentralized sidechains that are compatible with and interoperable with the Ethereum blockchain.
$MATIC Technical Analysis
The psychology of consumers is crucial in determining the mood of the cryptocurrency market. In addition to it, a number of other factors, like the token's fundamentals, price history, development, and adoption, are also very important. No investor should base their investing choice only on a crypto prediction.
Customers now trust Polygon's native token MATIC, making investments and trading profitable. This suggests that traders and investors will continue to use Polygon.
In 2019, the downturn that threatened the token vanished against the backdrop of its technological advancements. They were certainly not a paradigm, but it can be claimed that the token's movement was being monitored.
The MATIC token, however, has not had a good year in 2022. The coin's initial price was $2.58, however it is now only $0.6142. The most irregular and changing behavior, especially this year, has been a characteristic of Polygon that is regularly and strongly observed.
The price has dropped by more than 75%, according to the trend line. The MATIC price just rallied back from the $0.57 level, which is the immediate support level.
The coin does not have enough strength to start an uptrend soon, as seen by the price's distance from the 50 and 200 EMA levels at the moment. However, when it trades above the Signal Line, the MACD line is displaying a modest positive momentum. The RSI is currently trading at 37, in the neutral zone, at the same time.
We firmly feel that now is not the ideal time to buy in the coin, which brings an end to the technical analysis and defines our short-term Polygon price predictions.
$MATIC Price Prediction
Currently, Polygon (MATIC) is ranked 18th on CoinGecko. Below is a breakdown of the MATIC price projection for 2022 using a weekly time frame.
A cup and handle pattern was drawn down in the Polygon (MATIC) graphic up top. A cup-shaped price movement forms a cup in a cup and handle pattern, while a following downward price drift forms the handle. A bullish trend generally possesses this pattern. The bullish pattern is anticipated to continue if the price breaks out and moves in the direction of the uptrend.
Polygon (MATIC) is trading at $0.5667 right now. If the pattern holds, the price of MATIC may rise to the resistance levels of $0.8802 and 0.656. If the trend changes, MATIC's price could drop to $0.368 and $0.282.
$MATIC Price Comparison with $BTC, $ETH
The price comparison between Bitcoin, Ethereum, and Polygon is displayed in the chart below (MATIC).
We may infer from the preceding data that ETH, BTC, and MATIC all seem to travel in the same general direction. However, MATIC's price movement has accelerated compared to the top two cryptocurrencies. This suggests that ETH and MATIC prices also rise or fall in response to changes in the price of BTC, respectively.