• Polygon (MATIC) price faces a potential dump to lows of $0.94 if bears breach a major support area.
• MATIC is currently below the 50 simple moving average and 4-hour RSI is below 50.
• The Polygon community is awaiting the launch of the zkEVM mainnet beta, an event likely to trigger new buying momentum for the cryptocurrency towards its scheduled rollout on 27 March.
Polygon Price Prediction: MATIC Could Dip To $1
Polygon (MATIC) price faces a potential dip down to lows of $0.94 if bears breach its major support area. At present, MATIC is trading below its 50 simple moving average and 4-hour RSI is below 50 suggesting bearish sentiment in the short term market sentiment.
zkEVM Mainnet Beta Launch
The Polygon community is eagerly awaiting the launch of its zkEVM mainnet beta on 27th March, which could potentially trigger new buying momentum for the cryptocurrency. If bulls can break out at $1.15, they may be able to reclaim $1.18 as support and push MATIC/USD up towards $1.25 or higher with a possible resistance line at around $1.29 due to the 200 MA flatlining near this level.
Technical Indicators Suggest Bearish Sentiment
The 4-hour chart of Polygon has printed four successive green candles indicating that bulls are looking to retest resistance at around $1.18 but so far have been unsuccessful in doing so due to bearish sentiment in the market caused by Bitcoin’s inability to break through key levels of support around $22,500 and higher prices being met with heavy selling pressure from traders looking to take profits off their positions or even close them completely in anticipation of a further sell off across all crypto markets in general.
MACD Flipping Bullish
The MACD indicator recently flipped bullish however it remains uncertain whether this means that bearish sentiment will be reversed in favor of bulls taking control over short term price action or not as it could just be another ‘dead cat bounce’ before prices plunge lower once again resembling what happened throughout January 2021 when similar patterns arose only for Bears return shortly after pushing prices back down again into negative territory much like they are now since February 21st 2021 when most cryptocurrencies saw their prices drop significantly once more after having enjoyed two months worth of gains prior too then losing almost all those gains within one day!
In conclusion, it appears that there are still some underlying bearish sentiments within the market which could mean we see further dips for Polygon (MATIC) if Bitcoin fails to break above key levels of support such as seen around $22,500 where buyers have seemingly been unable penetrate thus far causing any attempts at higher prices being met with immediate selling pressure from traders who might think that any gains made will soon dissipate away again causing them losses instead if they hold onto their positions too long without exiting quickly enough when needed!