Polygon Price Prediction: MATIC records a new ATH at $2

TL;DR Breakdown

• Polygon price prediction highlights MATIC’s upward price movement amid the bleeding market.
• At present Polygon is experiencing colossal buying pressure that has pushed it to a new ATH at $2.6.
• A decisive close above the 151.01% Fibonacci extension level at around $2.6 could see the crypto asset skyrocket to higher regions.
• If Polygon retraces, it is likely to settle around the $1.6 to $1.9 price region.

At the time of writing, the general mood in the crypto market is bearish as the number one crypto asset, Bitcoin, continues to record negative price movements. However, amid the ongoing market bleeding, there is one small cryptocurrency emerging going against the grain.

Polygon Price Prediction: General price overview

At the time of writing, Polygon is exchanging hands at around $2.6 after recording a weekly gain of about 140 percent. This makes Polygon the best-performing crypto-asset today. Developed as a scaling solution for Ethereum, Polygon is quickly attracting interest among crypto enthusiasts with its recent gains in the bearish market. The crypto coin was created as a 2^nd layer solution for Etheruem’s blockchain network, designed to offer greater scalability and multi-chain capabilities.

According to data availed by DappRadar, the crypto-asset gained over 75,000 active users in the past few days. As Ethereum continues to be overwhelmed by issues relating to congestion and gas fees, Polygon appears to be emerging as an attractive substitute. At present, Polygon offers its users faster transaction speeds and lower gas fees, directing more DApps traffic to its platform.

Polygon price movement in the past 24 hours

Over the last 24-hours, Polygon has registered a 30 percent uptick, a move that has sliced it through a new ATH at $2.6. If the bullish momentum continues, the crypto coin is likely to move towards the $3 mark. However, Polygon is likely to kickstart a price retracement action that is projected to see the crypto coin pullback towards the $1.9 price region. This will mark a 10 percent decline from the current price. Usually, whenever a crypto coin starts the week with an early upsurge, a sudden price decline follows to push it to register local lows. In the case of Polygon, the $1.5 is the likely local low.

While a price dip to $1.5 is exaggerated, crypto investors should be on the lookout for the crypto asset retesting its 78 percent Fibonacci retracement level that currently stands at around $1.7. Even after Polygon retracts, its price movement will remain bullish and try to retest the $2 region shortly after finishing its downtrend. If Polygon manages to bypass the $2 mark for the second time, the Layer 2 scaling solution token will embark on a massive bull run that is likely to see it move past its 141 percent and 161 percent Fibo extension level at $2.4 and $2.6, respectively.

Polygon 4-hour chart

According to the 4-hour chart, the MRI technical indicator supports the brief price retracement action by flashing a yellow down arrow on the coin’s price chart. What the MRI indicator is trying to communicate is Polygon is likely to experience a price dip if the upward price movement proceeds. This will show on the chart in the form of a red candlestick that will signify the start of a price reversal.

Therefore, traders need to be on the lookout for Polygon’s price movement in the next 2 days. Either way, Polygon’s price action appears to be ready for a minor down surge before embarking on a major bull run.  

Conclusion

If Polygon plunges towards the 61 percent retracement level, currently at around $1.5, the bullish narrative will be in shambles. Any price movement past this level risks sending the crypto coin back to oblivion.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/polygon-price-prediction-2021-05-18/