• The Polygon (MATIC) price is currently at risk of declining to $0.94 if bears take control of the market sentiment.
• A bounce back in the first two months has been affected by recent market declines, potentially leading to a breakdown in MATIC prices.
• The upcoming launch of zkEVM mainnet beta could trigger new buying momentum for the cryptocurrency, however it faces resistance around the 200 MA near $1.27.
Polygon Price Prediction: MATIC Risks Dip to $1 as Bears Pin Bitcoin Under $22.5K
Overview
Polygon price has seen an extended downward trajectory since late 2022 as part of broader crypto market sell-off, but there is potential for a resurgence with the upcoming launch of zkEVM mainnet beta on 27th March 2021. However, it faces resistance around the 200 MA near $1.27 and risks further decline to lows of $0.94 if bears breach major support area and Bitcoin continues to remain under pressure below $22,500 level.
Support & Resistance Levels
Currently MATIC is trading below the 50 SMA and 4-hour RSI is slightly sloped below 50 after bouncing off bearish line. It needs to reclaim support at $1.15 in order to break out and reach resistance at $1.18 or possibly even higher towards its main hurdle around $1.29 where 200 MA is flat lining near this level offering immediate resistance line against further upside movements from bulls‘ side .
Bearish Picture
The downward flip for Bitcoin could impact MATIC movement leading its price towards lows of $1 if bears take over short term market sentiment again . Furthermore , MACD indicator recently flipped bullish but Polygon’s performance still looks subdued against other cryptocurrencies .
Conclusion
Polygon (MATIC) needs to break above key resistance levels in order to make fresh gains while avoiding further losses down towards lows of 1$. Launch of zkEVM mainnet beta may lead to boosting up its prices significantly but until then it still remains vulnerable under bearish sentiments prevailing across markets currently .
