• The Polygon price has been on a downward trajectory since the late 2022 market sell-off.
• If bears breach a major support area, MATIC could dip to $0.94.
• The launch of the zkEVM mainnet beta is likely to trigger new buying momentum for the cryptocurrency towards the scheduled rollout on 27 March.
Polygon Price Analysis
Polygon price has seen an extended downward trajectory since the sell-off that hit the broader crypto market in late 2022. A strong bounce in the first two months of the year has however hit tough terrain with price declines across the market contributing to MATIC reversing course.
Potential Dump to $1
A potential breakdown to lows of $1.00 is likely if bears take further control of short term market sentiment. In particular, the outlook for Bitcoin suggests bears are not ready to give up territory around $22,500, a scenario that could see BTC dump and catalyse fresh losses across the market.
Support and Resistance Levels
MATIC continues to hover above $1.00, but looks constrained below the recent supported turned resistance zone around $1.15. A slight upside early Tuesday indeed looks to have hit a supply zone near this price range, although with the 4-hour chart printing four successive green candles, bulls may retest resistance at $1.18.
The Polygon community is awaiting the launch of zkEVM mainnet beta which is likely to trigger new buying momentum for MATIC towards its scheduled rollout on 27 March. If support holds at $1.15 then bulls could reclaim it as support and push MATIC/USD higher towards its immediate resistance line near 200 MA at $1.27.
The 4-hour RSI is slightly sloped below 50 after bouncing off bearish line while MACD indicator recently flipped bullish but Polygon’s prices continue trading below 50 SMA.