Polygon is a layer-two scaling solution that runs alongside Ethereum blockchain. Last month Polygon provided a good return to its investors, but overall, MATIC’s price has been under a downtrend.
At the time of writing this analysis, MATIC/USD is trading around $1.1, suggesting a resistance zone. $0.95 is strong support over the last six months, so we do not think MATIC price will break the support in the upcoming few weeks. However, it is risky to invest because the price is around the recent high.
Based on the technical indicators, candle sticks are forming in the upper Bollinger Band with positive MACD and RSI, which suggests a continuation of this trend. We have to analyze the weekly chart to get a long-term view.
After taking a long-term support of around $0.75, MATIC’s price has been uptrend after forming four weekly green candles. Now the candlesticks are forming in the upper Bollinger Band while other popular technical indicators such as RSI and MACD are neutral, suggesting a consolidation for the next few months. From the long-term chart, we can predict $1.7 will be a resistance that is tough to break in this uncertain market.
Based on the Polygon MATIC price prediction, we do not think it is an ideal time to invest for the long term. However, if you believe in Polygon’s future potential, you can accumulate some coins at this level. It would be better to wait for a few months to get a clear momentum before investing. We think it will come to this support around $0.75 in 2023, which could be an ideal time to accumulate the coin for the long term.
Indeed, Polygon has a wide range of use cases. Marketing and development teams are working hard to make it more user-friendly. So, MATIC must be a part of your crypto portfolio. Still, you have to keep an eye on the price action. You can buy Polygon (MATIC) for long-term if you have a broader view, like 5-10 years, because $1.1 is still a lower price based on its future potential.