Some Believe MATIC Could Test $1 In the Coming Days or Weeks

2022 has been a bad year for cryptos, but Polygon’s (MATIC) price reversed course to the upside after testing $0.794 as its interim support on Tuesday, May 10. Thus, the price of MATIC rose by 25% to put the price at $0.99. This comes the day after the price dropped by 17% to reach its lowest level since July 2021.

A previous retest of the $0.787-level in July 2021 and the 0.786 Fib line (near $0,61) of the Fibonacci retracement graph drawn from the $0.002-swing low to 2.86-swing high- lead to MATIC raising to its record high of $3 by the end of 2021.

This could lead people to believe that something similar, a sharp upside retracement, might happen to the price of MATIC in the upcoming days or weeks if history were to repeat itself.

Michael van de Poppe, a full-time day/swing trader in cryptocurrencies, agrees with this and yesterday Tweeted that he “would not be surprised if MATIC is going to test $1 in the coming days/weeks if BTC reclaims $30K.

There might be light at the end of the tunnel for MATIC as Polygon CEO, Ryan Watt, recently announced that they are partnering with Meta to create a nonfungible token (NFT) platform for Facebook and Instagram. The hype around this project could surely help MATIC form a stronger price floor.

On the other hand, MATIC risks a bearish continuation if it does not reclaim its 50-week exponential moving average near $1.37 as support.

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