Polygon worth prediction: MATIC dangers dip to $1 as bears pin Bitcoin beneath $22.5k

• Polygon worth faces a possible dump to lows of $0.94 if bears breach a significant help space.
• MATIC is at present beneath the 50 easy transferring common and 4-hour RSI is beneath 50.
• A downward flip for Bitcoin may affect MATIC motion.

Polygon worth has seen an prolonged downward trajectory for the reason that sell-off that hit the broader crypto market in late 2022.

A powerful bounce within the first two months of the yr has nonetheless hit robust terrain with worth declines throughout the market contributing to MATIC reversing course, with a possible breakdown to lows of $1.00 seemingly if bears take additional management of brief time period market sentiment. 

Particularly, the outlook for Bitcoin suggests bears are usually not prepared to surrender territory round $22,500, a situation that might see BTC dump and catalyse contemporary losses throughout the market.

Polygon worth forecast: Technical image for MATIC above key help

MATIC continues to hover above $1.00, however appears to be like constrained beneath the latest supported turned resistance zone round $1.15.

A slight upside early Tuesday certainly appears to be like to have hit a provide zone close to this worth vary, though with the 4-hour chart printing 4 successive inexperienced candles, the probabilities of bulls retesting resistance at $1.18 are there.

Notably, the Polygon neighborhood is awaiting the launch of the zkEVM mainnet beta, an occasion prone to set off new shopping for momentum for the cryptocurrency in direction of the scheduled rollout on 27 March.

Polygon worth on the 4-hour chart. Supply: TradingView

If the $1.15 help holds, a brand new breakout may see bulls reclaim $1.18 as help. A pump above this degree may push MATIC/USD to $1.25 and presumably the primary hurdle round $1.29. Nonetheless, the 200 MA is flat lining close to $1.27 to supply the rapid resistance line.

Polygon worth bearish image

As highlighted above, MATIC worth is at present buying and selling beneath the 50 SMA and the 4-hour RSI is barely sloped beneath 50 after bouncing off the bearish line.

On an extra technical outlook, the MACD indicator just lately flipped bullish, however Polygon’s worth is dealing with main resistance close to the 23.6% Fib retracement degree of the transfer from the $1.30 swing excessive to the $1.10 low. 

If a breakdown occurs, and bears achieve the higher hand, MATIC may dump to help at 1.07 after which beneath $1.00 to $0.94.

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