Polygon’s (MATIC) price prediction is heavily influenced by the CPI numbers of July.
- Polygon’s price rose 125% from July 1. Analysts noticed a rally in 68% that catapulted to an 85% increase in profit.
- MATIC price is now at the $1.25 mark, with targets that overlap. Retracement remains possible at $0.64.
- A break below the $0.54 mark hints at an invalidation of MATIC’s uptrend movement.
The volatility in crypto markets has clearly been evident since early this week. Investors are waiting to see the CPI print, on the other side. MATIC seems to have fallen by 0.06% from yesterday.
Polygon Prices Jump by 5.04%
CoinMarketCap says that Polygon currently trades at $0.9361. This is a price increase of 5.04 percent as of the writing. Early this week, MATIC’s price didn’t make it to $1 again but it still has shown an impressive recovery since it slumped at a low of $0.31 as seen in June. MATIC has seen a 300% increase in price since that time.
The extreme volatility of Bitcoin has prevented Polygon from increasing in most areas. As of press time, Polygon’s TVL is at $1.69 billion but it has experienced a gradual decline in terms of TVL seen in the early months of 2022.
Ethereum also saw a $3.5 Billion in TVL decrease in seven months. This negatively impacted MATIC prices, currently at 69.5%. That’s a lot lower than its ATH.
Polygon Gunning for $1
The MATIC technical analysis shows that the bulls have still some power as the coin continues to pump the price higher in a steady uptrend.
A retest at $1 would be possible, but this will depend on how the July CPI print comes out. If inflation increases, then the MATIC price could retest the 200 day EMA at $0.81.
However, in the event that inflation falls, the market might improve quickly, which would increase the probability of MATIC prices peaking at $1.05.
On July 27, the first time that the recent Polygon price pump was spotted, it was on July 27. A mild pullback is evident, which allows the bears to place orders and join the bulls.
A second breach of $0.61 may be enough to trigger a bullish trend shooting for $1, provided that the technical analysis proves accurate. However, it would still be a MATIC price rally.
MATIC market capital at $7.6 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured image taken from The Economic Times Chart at TradingView.com