Polygon Maintains Solid Footing As MATIC Balloons By 300% Since June

Christian Encila

2 years ago

2 mins read

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Polygon (MATIC) price prediction relies heavily on the CPI numbers for July.

Polygon price soared by 125% since July 1; Analysts spotted a rally of 68% catapulting to an 85% boost in terms of profit.
MATIC price has overlapped targets found in the $1.25 mark; retracement is still a possibility at $0.64.
A break below the $0.54 mark hints at an invalidation of MATIC’s uptrend movement.

Evidently, the crypto market has been extremely volatile seen early this week. On the other hand, investors are still on pause waiting for the CPI print. Apparently, MATIC has dropped by 0.06% since yesterday.

Polygon Price Jump By 5.04%

According to CoinMarketCap, Polygon trades at $0.9361 or registering a price jump of 5.04% as of this 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 price has since then soared by as much as 300%.

In most parts, Polygon was barred somewhat from escalating further by the tremendous volatility experienced by Bitcoin. 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.

In the same way, Ethereum has also shaved off as much as $3.5 billion in TVL seen in the past seven months which has negatively impacted MATIC price which is currently trading at 69.5% which is way below its ATH.

Polygon Gunning For $1

According to the MATIC technical analysis, the bulls still have some power left as the coin is still pumping the price up on a constant uptrend.

With that being said, a retest at $1 is a possibility but it will all depend on the result of the July CPI print. So, if the inflation numbers spike, the MATIC price might possibly retest the 200-day EMA right at $0.81.

On the other hand, if the inflation plummets, then the market could improve rapidly which could improve the prediction for MATIC price peaking at $1.05.

The recent price pump of Polygon was first spotted on July 27. There is seen to be a mild pullback which gives the bears a green light to close orders and jump in with the bulls.

So, if the technical analysis proves to be accurate, a second breach seen at $0.61 could potentially punch a bullish movement shooting for $1. Either way, this would still mean a price rally for MATIC.

MATIC total market cap at $7.6 billion on the daily chart | Source: TradingView.com

Featured image from The Economic Times, Chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.