Evidently, the crypto market has been extremely volatile seen early this week. On the other hand, investors are still on pause waiting for the CPI print. Apparently, MATIC has dropped by 0.06% since yesterday.
Polygon Price Jump By 5.04%
According to CoinMarketCap, Polygon trades at $0.9361 or registering a price jump of 5.04% as of this writing. Early this week, MATIC’s price didn’t make it to $1 again but it still has shown an impressive recovery since it slumped at a low of $0.31 as seen in June. MATIC price has since then soared by as much as 300%.
In most parts, Polygon was barred somewhat from escalating further by the tremendous volatility experienced by Bitcoin. As of press time, Polygon’s TVL is at $1.69 billion but it has experienced a gradual decline in terms of TVL seen in the early months of 2022.
In the same way, Ethereum has also shaved off as much as $3.5 billion in TVL seen in the past seven months which has negatively impacted MATIC price which is currently trading at 69.5% which is way below its ATH.
Polygon Gunning For $1
According to the MATIC technical analysis, the bulls still have some power left as the coin is still pumping the price up on a constant uptrend.
With that being said, a retest at $1 is a possibility but it will all depend on the result of the July CPI print. So, if the inflation numbers spike, the MATIC price might possibly retest the 200-day EMA right at $0.81.
On the other hand, if the inflation plummets, then the market could improve rapidly which could improve the prediction for MATIC price peaking at $1.05.
The recent price pump of Polygon was first spotted on July 27. There is seen to be a mild pullback which gives the bears a green light to close orders and jump in with the bulls.
So, if the technical analysis proves to be accurate, a second breach seen at $0.61 could potentially punch a bullish movement shooting for $1. Either way, this would still mean a price rally for MATIC.
Source : newsbtc