Hovering at the key level, Polygon (MATIC) price could see the big rally

Since the beginning of 2023, the price of Polygon (MATIC), the leading scaling solution for Ethereum (ETH), has increased by more than 28%. Recently, the Polygon network went through a critical hard fork, an improvement that the community has been waiting for. The hard fork was implemented in an effort to moderate the rise in natural gas prices and deal with chain reorgs to reduce time to bottom line.

Polygon Value Activity (MATIC).

As a result of this recent technical advancement, the iconic cryptocurrency has seen a significant increase in value. During the last few days, there has been a noticeable rise in the price of MATICS above the $1.25 zone. However, the release of US PCE data from the Bureau of Economic Analysis – which emphasized rising inflation – caused the price of MATIC to fall on Friday along with other major assets such as Bitcoin (BTC), Ethereum (ETH ) and the crypto market. a whole.

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MATIC price is currently trading above a critical level and a move in either direction can be expected depending on its bounce from the area. If a favorable bounce occurs, noted crypto analyst Michael van de Poppe predicts that MATIC will easily gain 20-25%, which equates to a price target of $1.56.

Bearish Outlook of MATIC

However, the bullish thesis for the altcoin may become worthless if the price falls below the indicated level, and according to Poppe, MATIC may try to retest the $1 mark. Polygon is currently down 57.47% from its all-time high of $2.92 last seen in 2021 and has a market cap of around $11 billion at the time of writing.

However, as things stand, Polygon (MATIC) price is currently trading at $1.24 representing a 3.40% decrease over the past 24 hours, as opposed to a 17.13% decline over the past seven days.

Polygon (MATIC) value

Additionally, it should be noted that MATIC’s technical analysis (TA) indicators on CoinGape’s price tracker suggest a sell position as summarized by the moving averages, suggesting ‘sell’ at 10 and ‘buy’ at level 6.

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Pratik has been a crypto evangelist since 2016 and has been through almost everything crypto has to offer. Whether it’s the ICO boom, the bear markets of 2018, Bitcoin halving by now – it’s seen it all.

The content presented may include the personal opinion of the author and is subject to terms of purchase. Do your market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.

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