Polygon has been trending upwards for more than a week now. The cryptocurrency had garnered a lot of attention during the 2021 bull run. MATIC has a history of being bullish despite a bearish trend in the market. The current price action shows a similar trend. Polygon has been portraying bullish momentum even when the market was bearish at large. At the time of press, Polygon stands at a price level of $1.02. The price has moved up by 2% in the past twenty-four hours while the weekly gain is at 37%. The daily trading volume has dropped by 26% of the seventeenth largest cryptocurrency.
MATIC technical analysis
The bulls may have taken a back seat as the market outlook for Polygon has turned neutral. Ten of the total twenty-six technical indicators are giving out an indication of buy. Nine of the rest are standing at a neutral position with five indicators at a sell position.
Polygon has broken out of the descending channel it had been operating in because of the recent bullish momentum in the market. However, a trader’s analysis predicts the cryptocurrency will soon undergo market corrections. In the short timeframes, Polygon may be moving downwards. But the long-term price prediction for Polygon continues to be bullish. The trader expects MATIC to continuing reaching upwards after the corrections. The first price target for the cryptocurrency lies at $1.60 followed by $2.50.
Polygon price prediction
MATIC is believed to possess a lot of potential. The future projections for the cryptocurrency are optimistic. According to the estimates of Wallet Investor, the one-year forecast is at $3.2 while the five-year projection shows a price level of $12.9. Digital Coin Price is also bullish on the cryptocurrency, although not as much. Their estimates suggest Polygon will end the year with a price level of $1.46 and reach towards $3.56 in five years’ time.
