Explaining the Current Long-term Bearish Trend
Polygon Matic has lost over 45 per cent of its value in 2022 alone. The cryptocurrency has also spent much of the year trading in the bearish trend. In today’s trading session, the prices look poised to continue the long-term bearish trend. This is after opening the session trading at $1.41 and losing over 2.5 per cent of its value within the trading session.
The last 24 hours offer us a glimpse of why the prices have been trading bearishly. Polygon Matic has seen its trading volume reduce by 15 per cent, bringing the total value transacted using the cryptocurrency to $598 million. Although the trading volume is still significant, a 15 per cent drop in usage of one of the largest cryptocurrencies has a ripple effect on the markets.
The past few weeks have also been very bearish for cryptocurrencies. This includes major cryptocurrencies such as Bitcoin, which has also been in a slump for the past few weeks. Therefore, the current trend of Polygon Matic may be an industry-wide issue rather than an underperformance issue in the markets.
Part of the reason my analysis is including bitcoin is due to the recent user traction Polygon Matic has been gaining. Users who are looking to invest in an environmentally-friendly cryptocurrency have been flocking to Polygon Matic. The platform, to show its commitment to protecting the environment, has also been investing heavily in green technologies. Just recently, Polygon Matic announced an investment of $20 million and indicated it would be going fully green. This push may be resulting in the recently increased traction.
Polygon Matic Price Prediction
The daily chart below shows Polygon Matic has been trading bearishly for the whole of 2022. The bearish move has resulted in a 45 per cent drop in price. Today’s trading session shows that Polygon Matic may be continuing with the bearish trend. Therefore, my Polygon Matic price prediction expects the prices to continue with the downward trend. There is a high likelihood that the prices will be trading below a dollar soon.
Polygon Matic Daily Chart
