• Polygon (MATIC) price faces a potential dip to $0.94 if bears breach the major support area.
• A strong bounce at the beginning of this year has been reversed due to market declines.
• The launch of zkEVM mainnet beta on 27 March is likely to trigger new buying momentum for MATIC/USD.
Polygon Price Forecast
Polygon’s (MATIC) price has been on an extended downward trajectory since the sell-off that hit the broader crypto market in late 2022, but saw a strong bounce in the first two months of 2021 before reversing course again due to market declines. If the $1.15 support level is breached, MATIC could potentially dump to lows of $0.94, however there is hope that bulls will be able to reclaim this level and push prices up further with some help from upcoming developments on the horizon.
Technical Picture for MATIC
MATIC currently trades below its 50 simple moving average and 4-hour RSI is slightly sloped below 50 after bouncing off bearish line – suggesting that bears may be more in control at present than bulls. However, the MACD indicator recently flipped bullish and there remains potential for a break out above resistance at $1.18 if buyers can regain control of short term sentiment.
Potential Impact of Bitcoin Movement
The outlook for Bitcoin suggests that bears are not ready to give up territory around $22,500 and any downward flip could affect MATIC movement significantly – potentially resulting in further losses across the market as a result.
zkEVM Mainnet Beta Launch
The Polygon community is also eagerly awaiting the launch of zkEVM mainnet beta scheduled for 27 March, which could trigger new buying momentum for MATIC/USD pushing prices higher towards a possible main hurdle near $1.29 and 200 MA flat lining near this level .
Overall, Polygon’s (MATIC) price currently faces a potential dip to lows of $0.94 if bears breach key support levels and Bitcoin continues its downward trajectory – however some positive news comes in form of upcoming developments such as zkEVM mainnet beta launch which could see renewed buying interest driving prices higher again soon enough