Polygon Matic Price Prediction: Bear Trend Over?

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On Tues­day, the Poly­gon Matic’s price surged by 7 per cent revers­ing a long-term bear­ish trend that had seen the cryp­to lose 30 per cent of its val­ue since Novem­ber 11. Today, the bull­ish trend looks poised to extend the past two bull­ish trad­ing ses­sions, with its price already up by less than a per­cent­age point. 

The cur­rent bull­ish trend fol­lows a string of aggres­sive bear mar­kets that hap­pened as a direct result of the col­lapse of the FTX cryp­to exchange plat­form. Due to Poly­gon Matic’s sig­nif­i­cant cor­re­la­tion with the indus­try, the FTX col­lapse, which dragged most cryp­tocur­ren­cy projects, also saw Mat­ic get into a bear­ish trend. 

Investors have also grown cau­tious of the cryp­tocur­ren­cy indus­try, with the cur­rent greed and fear index show­ing most being in extreme fear region. There­fore, unlike in recent months, investors are not putting most of their mon­ey in most cryp­tocur­ren­cy projects, result­ing in the cur­rent drop in trad­ing vol­umes and slow mar­ket growth.

For instance, in the past 24 hours, Poly­gon Mat­ic has seen its trad­ing vol­ume drop by over 30 per cent. Although such a drop is nor­mal in the cryp­to indus­try, the recent data shows the trad­ing vol­ume has been con­sis­tent for the past few weeks and has part­ly con­tributed to the recent Poly­gon Mat­ic price drop.

Polygon Matic Price Prediction

Since Tues­day, the Poly­gon Mat­ic has been in an aggres­sive bull­ish trend, which has seen its val­ue rise by over 10 per cent. The chart also shows tech­ni­cal indi­ca­tors, such as the Williams Alli­ga­tors start­ing to give sig­nals of a reversal. 

There­fore, based on recent price action, there is a high like­li­hood that we might see Poly­gon Mat­ic con­tin­u­ing with the recent bull­ish trend. There is a high like­li­hood that we might see the cryp­to trad­ing above the $1 price lev­el for the first time since Novem­ber 12 in the next few trad­ing ses­sions. How­ev­er, a drop below the $0.80 price lev­el will inval­i­date my bull­ish analysis.

Polygon Daily Chart

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