The Polygon Price Prediction (MATIC) is highly dependent on the July CPI numbers.
- Polygon price up 125% since July 1st; Analysts noted a 68% rise, which led to an 85% rise in earnings.
- MATIC price overlaps with targets at the $1.25 mark; A correction is still possible at $0.64.
- A break below the $0.54 mark would invalidate MATIC’s upside move.
It is clear that the cryptocurrency market was very volatile earlier this week. On the other hand, investors are still waiting for the CPI reading. Apparently, MATIC is down 0.06% since yesterday.
Polygon price increase by 5.04%
According to CoinMarketCap, Polygon is trading at $0.9361 or a price jump of 5.04% as of this writing. Earlier this week, MATIC price did not reach $1 again, but it is still showing a nice recovery since dropping as low as $0.31 as seen in June. Since then, the price of MATIC has gone up by up to 300%.
In most parts, Polygon has been somewhat prevented from escalating further due to the massive volatility that Bitcoin has experienced. As of press time, Polygon TVL has a price tag of $1.69 billion, but it has seen a gradual decline in terms of TVL seen in the early months of 2022.
In the same way, Ethereum has also cut as much as $3.5 billion from TVL seen in the past seven months which negatively impacted the price of MATIC which is currently trading at 69.5% which is well below ATH.
Polygon Gunning for $1
According to MATIC technical analysis, the bulls still have some strength left as the currency continues to pump the price higher in an ongoing uptrend.
With that being said, a retest at $1 is a possibility but it will all depend on the outcome of the July CPI reading. Therefore, if the inflation numbers rise, MATIC price is likely to retest the 200-day moving average at $0.81.
On the other hand, if inflation decreases, the market may improve quickly which may improve the prediction that the MATIC price will peak at $1.05.
Polygon’s latest price pump was first spotted on July 27. It is noted that there is a slight pullback that gives the bears the green light to close orders and jump with the bulls.
Therefore, if the technical analysis proves accurate, the second breakout seen at $0.61 could trigger an upward move towards $1. Either way, that still means higher prices for MATIC.
MATIC total market cap at $7.6 billion on the daily chart | Source: TradingView.com Featured image from The Economic Times, Chart from TradingView.com