Polygon is Predicted to Reach $1.01 By Feb 08, 2024

Disclaimer: This is not investment advice. The information provided is for general purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.

• Polygon is down -3.30% today against the US Dollar
• MATIC/BTC decreased by -3.21% today
• MATIC/ETH decreased by -3.44% today
• Polygon is currently trading 21.71% below our prediction on Feb 08, 2024
• Polygon dropped -8.58% in the last month and is down -33.03% since 1 year ago

MATIC price is expected to rise by 26.78% in the next 5 days according to our Polygon price prediction

Polygon price today is trading at $ 0.792043 after losing -3.30% in the last 24 hours. The coin underperformed the cryptocurrency market, as the total crypto market cap decreased by -1.89% in the same time period. MATIC performed poorly against BTC today and recorded a -3.21% loss against the world’s largest cryptocurrency.

According to our Polygon price prediction, MATIC is expected to reach a price of $ 1.01 by Feb 08, 2024. This would represent a 26.78% price increase for MATIC in the next 5 days.

MATIC Price Prediction Chart

Buy/Sell Polygon

What has been going on with Polygon in the last 30 days

Polygon has been displaying a negative trend recently, as the coin lost -8.58% in the last 30-days. The medium-term trend for Polygon has been bullish, with MATIC increasing by 16.10% in the last 3 months. The long-term picture for Polygon has been negative, as MATIC is currently displaying a -33.03% 1-year price change. On this day last year, MATIC was trading at $ 1.18.

Polygon reached its all-time high price on Dec 27, 2021, when the price of MATIC peaked at $ 2.91. The current MATIC cycle high is $ 1.56, while the cycle low is at $ 0.322074. MATIC has been displaying low volatility recently – the 1-month volatility of the coin is at 6.32. Polygon recorded 14 green days in the last 30 days.

Polygon technical analysis for today – Feb 03, 2024

The sentiment in the Polygon markets is currently Bearish, and the Fear & Greed index is reading Greed. The most important support levels to watch are $ 0.789777, $ 0.781007 and $ 0.764927, while $ 0.814628, $ 0.830708 and $ 0.839478 are the key resistance levels.

Bearish sentiment for Polygon

11 indicators are currently signaling a bullish prediction for Polygon, while 20 indicators are showing a bearish forecast. With 65% of indicators favoring a negative prediction. This results in an overall Bearish sentiment for Polygon.

Crypto market is currently experiencing Greed

Currently, the Fear & Greed index is at 63 (Greed), which signals that investors have a positive outlook on the market. The Fear & Greed index is a measure of sentiment among cryptocurrency investors. A “Greed” reading suggests that investors are currently optimistic about the cryptocurrency market, but can also be an indication that the market is overvalued. A “Fear” reading, on the other hand, signals that investors are currently hesitant about the cryptocurrency market, which potentially represents a buying opportunity.

Polygon moving averages & oscillators

Let’s take a look at what some of the most important technical indicators are signaling. We’ll be going through key moving averages and oscillators that will allow us to get a better idea of how Polygon is positioned in the market right now.

The Relative Strength Index (RSI 14) is a widely used indicator that helps inform investors whether an asset is currently overbought or oversold. The RSI 14 for Polygon is at 51.00, suggesting that MATIC is currently neutral.

The 50-day Simple Moving Average (SMA 50) takes into account the closing price of Polygon over the last 50 days. Currently, Polygon is trading below the SMA 50 trendline, which is a bearish signal.

Meanwhile, the 200-day Simple Moving Average (SMA 200) is a long-term trendline that’s calculated by taking an average of the MATIC closing price for the last 200 days. MATIC is now trading below the SMA 200, signaling that the market is currently bearish.

The bottom line about this Polygon prediction

After considering the above factors, we can conclude that the current forecast for Polygon price prediction is Bearish. MATIC would have to increase by 26.78% to hit our $ 1.01 target within the next five days. Moving forward, it will be important to monitor the MATIC market sentiment, the key support and resistance levels, and other metrics. However, we have to keep in mind that the cryptocurrency markets are unpredictable, and even the largest crypto assets display a lot of price volatility. For long-term Polygon price predictions click here.

Disclaimer: This is not investment advice. The information provided is for general purposes only. No information, materials, services and other content provided on this page constitute a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decision.