MATIC Share Price Forecast: What Does Polygon Expect in the Current Bear Market?
Cryptocurrencies such as Bitcoin and Polygon have a close correlation with stocks. In most cases, they rise when leading indexes like the Dow Jones and Nasdaq 100 Indexes decline. Moreover, Polygon falls after the short-lived bounce triggered by the launch of Polygon ID last week. At that time, the coin’s price jumped by almost 100%. Polygon ID is one of the few products that the network offers in its ecosystem.
The price of Polygon (MATIC) has plummeted in the current cryptocurrency sell-off. MATIC has fallen about 30% since Sunday and is currently trading at $0.44, its lowest level since June 22 of this year. Its market capitalization has also fallen by about a third this week, and it is currently the 19th cryptocurrency in the world.
Read more about the current crash of the price of Polygon’s native token MATIC, and read other important news from the crypto sectors, as well as the most important finance news in the world with our companion app Born2Invest.
Why is Polygon crashing?
The price of Polygon’s native token has fallen in recent days as investor fear continues to grow. According to CNN, the Fear & Greed Index has fallen to 23, having just left that extreme level a few days ago.
Market volatility has also increased, as the CBOE Volatility Index has risen by more than 10%. At the same time, U.S. indexes are down more than 1%. Overall, equity investors lost more than $9 trillion in the first half of the year.
Cryptocurrencies such as Bitcoin and Polygon have a close correlation with stocks. In most cases, they rise when leading indexes like the Dow Jones and Nasdaq 100 Indexes decline.
Moreover, Polygon falls after the short-lived bounce triggered by the launch of Polygon ID last week. At that time, the coin’s price jumped by almost 100%. Polygon ID is one of the few products that the network offers in its ecosystem.
It is a private and standalone identity solution based on zero-knowledge cryptography. It enables the expression of identity attributes that can be used to generate zkSNARK proof and interact privately with smart contracts, dApps, and other Web3 services.
The price of MATIC jumped after the introduction of Polygon ID. This is in line with the price movements of other coins after major events in their ecosystems.
MATIC Price Forecast
The last price forecast for Polygon was extremely accurate. At that time, the coin had formed an inverted head and shoulders pattern. By measuring the distance between the head and shoulder points, I could predict that the MATIC price would rise to $0.63, which it did.
Now, the 25 and 50-day moving average lines have formed a bearish crossover pattern, while the Relative Strength Index (RSI) has dropped below the oversold level. Moreover, the price has fallen below the important support at $0.4490, which was the neckline in the head and shoulders pattern.
Therefore, MATIC is likely to fall further as the bears target the important support at $0.39 – which corresponds to the right shoulder of the pattern.
(Featured image by Kelly Sikkema via Unsplash)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Ephion Health Raises €300,000 and Plans the Launch to Germany, France, and the UK
To date, Ephion has agreements with five hospitals for the implementation of its Ephion Mobility technology in neuromuscular diseases: the...
The First Application to Grow Medical Cannabis Was Received in Poland
Cultivation of cannabis for medical purposes is possible only under certain controlled conditions - in research institutes under the supervision...
This Was One of the Narrowest Based Stock Market Rallies We’ve Ever Seen
The stock market rallied this week but many lag. Gold was up then tanked following the jobs report. Oil rebounded...
A Look at Barron’s Bond Yields – 1934 to 2023
This inflation hurt the bondholders for both IG and BG bonds, those who lent dollars worth more, much more than...
Why Is Everyone So Afraid of ChatGPT?
ChatGPT is clearly the most popular AI tool today, not least in the marketing industry, and copywriting is a sector...
Featured7 days ago
How the Fintech Sector Helps with Financial Inclusion
Featured2 weeks ago
Two Spanish Startups Selected by the Amazon Sustainability Accelerator
Crypto5 days ago
Ethereum: Will the Shanghai Upgrade Make it Easier to Detect Criminals?
Crypto2 weeks ago
Coinbase Signs License Agreement to Provide Liquidity and Custody Services with Bitpanda