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Price Analysis

Polygon Bulls up 85X, Traders Expect MATIC/USDT Rally to $18 in 2021

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The crypto market crashed, and most tokens are under immense pressure – true.

However, there a few exceptions. Standing out from the crowd is Polygon, previously the Matic Network.

MATIC is up 85X Year-to-Date

Here are some of its interesting statistics: The MATIC price is up 85X year-to-date and a cool 4X in the last month of trading.

A glance at the coin’s price action reveals strong demand and a near perpendicular expansion of prices.

So strong is the MATIC/USDT uptrend is that losses of May 19 didn’t seem to dent determined bulls from a top-down point of view. At present, bears and bulls are “fighting” out, and the result is a Doji bar, noticeably above the upper BB.

From this, it would be interesting how price action pans out over the weekend and whether the revival in the crypto market, specifically the quest for better services and low-cost transactions, would buoy bulls, driving demand.

At present, MATIC/USDT bulls are, irrespective of the overall market sentiment, firm.

Part of this is thanks to Polygon’s updated vision mission. The project now aims to provide an easy, secure on-ramp for projects keen on leveraging Ethereum’s base layer but concurrently enjoy high throughput and negligibly low transaction fees.

As things stand, the crypto community desperately needs a low-cost, decentralized, high throughput, and active platform for their dApps.

MATIC Price Cool-off

For what Polygon promises to the crypto world and the 85X pump in the last year of trading alone, one trader remains cautious, expecting a protracted contraction. DUO9, on Trading View, is urging users to take profits and be on guard.

DUO9--Polygon Price

In his assessment, he thinks the MATIC/USDT price may correct deeper. Accordingly, at spot rates, the best course of action is to take profit and wait for the best entry positions after the cool-off.

On the bright side, gains above $2.5—May 2021 highs–may see another wave of higher highs to new targets.

The same thoughts are held by BFranklin1706_ who on Trading View said a correction after superb price gains of the last trading year is healthy. Accordingly, a pullback is what the MATIC/USDT market needs before ripping higher.

BFranklin1706--Polygon Price

In the medium term, and reading from how he lays out his MATIC/USDT price chart, he expects the market to consolidate before buyers take charge.

And this is what happened this week when MATIC prices dipped, dropping 34 percent week-to-date. Will this be the floor for another wave higher?

MATIC/USDT Can Reach $18 in 2021

As brutal as the crypto and MATIC price action has been on the last trading day, buyers stand a chance in the next few months.

From the daily chart, one trader, KhaniTechnical, projects the MATIC price to reach as high as $18 in 2021.

KhaniTechnical--Polygon Price

The only time this forecast will be null is if MATIC/USDT slumps below $0.40. With leading surges of 2021, Matic buyers have a big lead and would define price action in the days ahead.

Disclaimer: Opinions expressed are not investment advice. Do your research.

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