$MATIC Price Prediction: Bears Push Price Below $1 – Time to Buy?
• Polygon (MATIC) price faces a potential dip to $0.94 if bears breach the current support area.
• Bitcoin’s outlook suggests bears are not ready to give up territory around $22,500, which could catalyse fresh losses for MATIC.
• If the current support at $1.15 holds, bulls could reclaim $1.18 and possibly push MATIC/USD to $1.25 or higher.
Polygon Price Prediction
Polygon (MATIC) price is currently facing potential for a dip to lows of $0.94 if bears breach the major support area. The crypto market sell-off in late 2022 has contributed to MATIC reversing course, with a potential breakdown to lows of $1 likely if bearish sentiment continues in the short term market sentiment.
Major Support Area
MATIC is hovering just above the major support area at $1.15 and any new breakout could see bulls reclaiming this level as support before pushing up towards the resistance line at $1.29, where it will face major resistance from the 200 MA near that level.
Bitcoin Outlook
The outlook for Bitcoin also suggests that bears are not ready to give up their hold on prices below $22,500, which could have far reaching implications on altcoins like MATIC and cause further losses across the broader crypto market overall should BTC continue its downward trajectory in coming days and weeks ahead.
zkEVM Mainnet Beta Launch
The Polygon community is awaiting the launch of zkEVM mainnet beta on 27 March 2021, an event which is likely to trigger buying momentum for MATIC that could push prices higher than anticipated prior to its rollout date next month.
Technical Indicators
On assessing technical indicators such as 4-hour RSI and MACD, it appears that MATIC/USD has been trading below 50 SMA while 4-hour RSI is slightly sloped below 50 after bouncing off bearish line – suggesting bearishness may persist in coming days unless bullish signals return soon enough in order to catalyse an upside reversal with strong buy pressure driving prices upwards once again in due course of time..