Polygon price (MATIC) was replaced from the list of the top 10 cryptocurrencies by Solana. According to CoinMarketCap, the altcoin is now ranked 11th in terms of market capitalization. Over the past 24 hours, its trading volume dropped by 1.56% to $433 million.
While the Fed’s policy tightening and subsequent risk aversion continues to weigh on the broader crypto industry, polygon price appears to be enjoying a rather bullish sentiment. This is largely founded on the launching of the hyped zkEVM Ethereum scaling solution. The launch date is expected to be “soon”.
Polygon price prediction
MATIC/USD was in the green on Tuesday although it remained within the over one-week range. Prior to the range-bound trading, the altcoin had been on a steady rebound since the beginning of 2023. In fact, during the year’s initial two weeks, it only recorded losses on two sessions. During that time frame, it rallied from 0.7476 to a two-month high of 1.0555.
Even with the rather subtle movements, polygon price continued to trade above the 25 and 50-day exponential moving averages as seen on its daily chart. At its current level, I perceive the crypto to be at its point of make or break.
In the short term, the range between 0.9545 and 1.0555 will be worth watching. However, with the February Fed meeting being in the horizon, polygon price could go either way post the meeting.
On the one hand, a decline past the 50-day EMA around 0.9000 may thwart the bulls’ efforts to yield a breakout. If that happens, the bears will have an opportunity to retest the crucial zone of 0.8000.
Even so, I am cautiously bullish on the altcoin and expect it to continue trading above 0.9000 in coming weeks. Subsequently, the bulls will have an opportunity to rally further to 1.1220 and beyond towards the next target at 1.2000.