Polygon Price Prediction: MATIC Drops 14% On Weekly Basis; Ready For $1.25 Next?

MATIC price treads water on Saturday indicating a lack of enthusiasm among traders. The price shows signs of selling exhaustion as it approached a reliable support area that could be the key to a quick reversal. However, in the longer time frame, the MATIC buyers look in trouble.

  • MATIC price remains muted with modest gains.
  • The price seeks support around the multi-month support of around $1.45.
  • However, on the weekly charts, the price looks weak and could ignite further selling in the pair.

MATIC price trades near an inflection point

Source: Trading view

MATIC price remains pressured after tagging the record highs at $2.92 made on December 27. Further, the descending trend line acts as a resistance barrier for the bulls. However, once again the buyers explore the demand zone extending from $1.30 to $1.24.

In the week, the recent downtick that led to a 13% descent in MATIC price from $1.44 attempted to breach the upper limit at $1.68 but failed to push through. As a result, MATIC sellers have been on the front foot, leading to a decline in the price.

Now, intense selling pressure could further drive the price to revisit the lows of $1.24 observed during the week ended on February 21.


On the contrary, MATIC’s price has the $1.44 to $1.53 demand zone acting as a key triggering level for the upside reversal. Therefore, traders can expect a bounce-back if the price managed to retest the mentioned level. In doing so, the price could recapture the $1.69 level.

Further, a break above the bearish slopping would reverse the prevailing downtrend with an eye on the psychological $2.0 level.

As of writing, MATIC/USD exchange hands at $1.44, up 0.64% for the day.

Technical indicators:

RSI: The Relative Strength Index looks bearish below the average line. It reads at 44.

MACD: The Moving Average Convergence Divergence remains negative below the average line.

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