The crypto space appears to have to undergo a deep uncertainty well as the volatility has been witnessed on both sides. Bitcoin price keeps fluctuating heavily and hence the other traditional cryptos, mainly the top 20 tend to follow the trend. Polygon, the asset which made huge noise offsets kept the upward trajectory intact despite the intense volatility. And hence MATIC price appears to be pretty bullish yet not completely safe from the bears.
MATIC price ever since faced an extreme sell-off in May, raised from the rock-bottom levels around $0.6 and maintained a decent trend towards the north. However, the asset is currently entering a crucial phase where-in the possibilities of a ranging either towards north or south are equally high.
Polygon (MATIC) Price Analysis
The asset was deeply impacted by the recent crash and utilizing every resource to keep up the bullish momentum. And hence the previous day’s trade was pretty bullish which prevented the price to hit the lower support levels. And currently trending exactly in between both the strong resistance and support levels, trending within a flat-top triangle and approaching the apex.
The MATIC price now showcases equal chances of ranging on either of the sides with the same momentum. Yet, the short-term forecast of the Polygon price showcases a pretty much clearer picture of the asset. In the hourly chart, the asset may plunge notably before making a notable move towards the north.
In the short term, the MATIC price appears to have trended with the cup & handle pattern, where-in the asset has completed with the cup pattern. And hence in the upcoming hours, the asset may undergo a notable pullback as its hovering along with the neckline. However, after a notable pullback, a flip may be pre-programmed which may escort the price beyond $3.
Collectively, the MATIC price has both the chances of breaking out above $2.7 with a potential to go 60% long. And also it may break down towards $2.05 levels incurring a 30% loss. Even if the Polygon price plunges, yet it may be short-lived as the lower support levels appear to be pretty strong that may ignite a flip if comes in contact.