Hovering at the main level, the polygon price (MATIC) could see a big rally

Since the beginning of 2023, the price of Polygon (MATIC), the leading scaling solution for Ethereum (ETH), has increased by more than 28%. Recently, the Polygon network underwent a crucial hard fork, an improvement that the community had been waiting for. The hard fork was implemented in an attempt to mitigate rising gas prices and address chain reorgs to reduce time to completion.

Polygon (MATIC) Price Activity

As a result of this recent technical breakthrough, the top cryptocurrency has witnessed a significant rise in value. During the past few days, there has been a noticeable rise in the MATICS price above the $1.25 zone. However, the release of US PCE data by the Bureau of Economic Analysis – which emphasized rising inflation – caused the price of MATIC to drop on Friday, along with other significant assets like Bitcoin (BTC), Ethereum (ETH) and the cryptocurrency market as a whole.

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The MATIC price is currently trading above a crucial threshold, and a move in either direction could be anticipated depending on its bounce in the region. If a favorable bounce occurs, crypto analyst Michael van de Poppe predicts that MATIC will easily gain 20-25%, which equates to a $1.56 price target.

MATIC bearish outlook

But, the bullish thesis for the altcoin could become futile if the price drops below the indicated level and, according to Poppe, MATIC might try to retest the $1 mark again. Polygon is currently 57.47% below its record price of $2.92 last seen in 2021 and has a market capitalization of around $11 billion at the time of writing.

However, at press time, the price of Polygon (MATIC) is currently trading at $1.24, which is down 3.40% over the past 24 hours as opposed to a 17.13% drop over the past seven days.

Furthermore, it should be noted that MATIC’s technical analysis (TA) indicators on the CoinGape price tracker recommend a sell position as summarized by the moving averages, suggesting a “sell” at 10 and a “buy” at the 6 level.

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Pratik has been a crypto evangelist since 2016 and has been through almost everything crypto has to offer. Be it the ICO boom, the bear markets of 2018, Bitcoin halving so far – it has seen it all.

The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication bears no responsibility for your personal financial loss.

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