Polygon, with its native token MATIC, is among the top 10 cryptocurrencies by market cap. According to Coinmarketcap.com, the project is currently valued at around $7.5 billion. This means that MATIC is rated higher than well-known cryptocurrencies such as Litecoin, Polkadot, Solana or the well-known meme token Shiba Inu.
From $3 to 30 cents – a sharp drop for MATIC/USD
However, MATIC also had a lot to lose in this bear market. At its peak, MATIC/USD fell from a record high of $2.92 on December 27 last year to below $0.35 on June 19, 2022. A whopping 88 percent price drop.
MATIC/USD is currently trading back above the lows despite the bitcoin price recently marking a new yearly low. Buying MATIC currently costs around 0.86 cents per token. Within the last 5 months, the price has already exploded by 145 percent. But it can still be a good entry point. Because measured against the all-time high, buyers of the cryptocurrency are currently getting a discount of 70 percent.
Will Matic partner with YouTube soon?
But now is a really good time to buy MATIC on the crypto exchange. Can we expect another rally soon? Or is another major correction imminent? A look at breaking news, technical chart analysis, and analyst price predictions gives an indication of where MATIC/USD could be headed in the short, medium, and long term.
Rumors about a possible collaboration between the video platform YouTube and Polygon are doing the rounds these days. The speculation was initially fueled by a tweet from YouTube. The company posted a Purple Heart emoji.
Interestingly, the same emoji was also found on Polygon’s Twitter page. Then came a video from Polygon, which further fueled the rumors and caused a lot of buzz on Twitter. Some Twitter users are already celebrating the collaboration between YouTube and YouTube.
If the partnership actually materializes, that would certainly be great news. After all, YouTube is the largest provider in its industry. However, nothing has been confirmed yet and it’s unclear what this type of collaboration might look like. Companies with non-fungible tokens (NFTs) could potentially play a role in this. Polygon wants to expand into this segment and YouTube has shown interest in the NFT space in the past.
Polygon 💜 Maker
🗣 At the request of the public!
🤩 We keep our NFT Virtual Art Gallery open for everyone to tune in and see the creators’ amazing artworks.
turn it on now 👇
– Polygon – MATIC 💜 (@0xPolygon) November 24, 2022
Bearish Chart Pattern: Big Correction for Matic?
However, the MATIC/USD course is currently showing little reaction to the speculation. A slight decline of 2 percent was also recorded within the last week.
What can investors now expect from the MATIC course in the short term? A look at the daily chart reveals an interesting pattern. Thus, from its June low, the MATIC has started forming an ascending parallel channel that can be interpreted as a bear flag. According to technical analysis, this is a bearish pattern with more chances of a correction below the support area.
Few attempts to break the rising resistance currently lying around $1.3 have been unsuccessful. Conversely, MATIC/USD is now struggling against the key $0.86 support area. If support holds again, MATIC/USD could rally again significantly in the coming days and make another attack on the resistance level. However, this would require a 50 percent price increase.
Bullish double bottom possible at $0.35
On the other hand, if the $0.86 support breaks down, expect a larger corrective move. Strong support is then found again at just $0.6. That would mean a 30 percent drop over the next few days. If MATIC/USD breaks below this support, a drop to $0.35 is not out of the question, where the altcoin could test last year’s low.
Here, the bulls should regain strength in the short term to form a bullish double bottom. For this scenario, MATIC should not break below the yearly low and in the next phase would have to breach the midday high around $1.3 and confirm it as new support.
The technical target would take MATIC/USD to $2.3, which would mark its highest year-to-date levels. This bullish scenario would mean upside potential of around 170 percent from the current price. Measured from the bottom, investors can expect gains of around 560 percent.
5,600 percent return on trading?
Experienced traders on crypto exchanges can make even more profits from such price movements when trading with leverage. With 10x leverage, a return of 5,600 percent would be best. However, this is still just a theoretical scenario and trading is risky and should only be used by experienced analysts.
Analysts’ medium to long-term price forecasts are mostly optimistic for MATIC. Digital Coin Price expects the price to surge back above the $2 mark next year. In 2024 and 2025, MATIC could already hit the $3 and $4 mark, climbing to a new all-time high. In the long term, analysts are forecasting prices above $10. Prices are also expected to surpass the $16 mark by 2031. That would be a price jump of over 1,750 percent at the current rate.
digital coin price
Forecast: Matic at $35 in ten years?
However, the Coin Price Prediction Forecast is more cautious. Accordingly, Matic is likely to reach prices above $2 again in 2028. According to this assessment, the price of more than $ 3 is not visible even in the 2030s.
The outlook for wallet investors is extremely pessimistic for Matic. Here, a price drop of more than 94 percent is expected within 12 months, which roughly corresponds to a total loss. Analysts do not see a trend reversal in the long term either.
The financial blog Changelly.com paints a very different picture. They expect a new record price of over $3 for Matic by 2025. A price jump above $10 is already expected in 2028. By the early 2030s, the Parabolic Speed MATIC is expected to cost up to $35.
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