Polygon Crypto Historical Price Data

The price action of Polygon is feeling nostalgic as we revisit price levels only seen before last April and July of 2021. So far Polygon has had an 82.4% correction from the all-time high of $2.93 set on the 29th December 2021.

Since then Polygon has been in a macro-down trend and has continuously put through lower lows and lower highs. Seeing price levels this low could potentially be a very good long-term investment opportunity.

Was the 12th of May Terra Luna Crash the market cycle bottom for Polygon, or are we yet to see lower price levels?

Cryptoassets are a highly volatile unregulated investment product.

Polygon (MATIC) Price Prediction

I expect a new impulse wave to begin for Polygon over the next few weeks. This means more bullish price activity and potentially breaking out to the upside to new technical targets.

Currently Polygon is trading within a descending channel as we can see demonstrated by the image below. The technical break out target for this if we see a pump to the upside is roughly $0.73. This would be a 10.5% increase from today’s trading price of $0.66.

The reason I think this might occur is because we may have found a bottom following the Terra Luna Crash. The market sentiment is also becoming less fearful as retail investors gain hope that maybe not all is lost yet.

Polygon Descending Channel TradingView Image

Polygon Descending Channel Pattern – 4hr chart

The bearish scenario is that we get a rejection at the top of the descending channel and create another swing-low to the support trendline. This would mean Polygon would fall back to $0.54. I would be confident to think that this would also present a good buying opportunity or entry on a long-trade position.

I am also very bullish short-term because Ethereum is going to have the triple halving protocol update soon. This means a reduction of the issuance of Ethereum in circulation. Experts say that the triple halving event has the same level of efficacy as three individual Bitcoin halvings.

This could create a strong rally for the price of Ethereum. As Polygon is a scalability solution for the infrastructure development of Ethereum, we could also see synergy between the two coins (Ethereum and Polygon).

Typically there is a positive correlation between the two projects and if Ethereum pumps Polygon also tends to. The triple halving could present a strong opportunity for Polygon holders and potential new investors.

Historically Polygon only usually trades under $0.73 for a few days before taking a strong bounce to the upside. This time, we have consolidated in the descending channel pattern for 21 days as the extreme fear sets in.

Polygon Short-Term Price Targets

Should Polygon break out to the upside of the descending channel I would expect the start of a new uptrend. But firstly we would want to see the resistance of $0.73 broken with strong volume and a back test of resistance.

Below highlights the Fibonacci levels Polygon would likely head towards upon a break out to the upside. I also speculate that we would see a new swing high of around $1.16. In order for this to happen we would need an Altcoin Season or Bitcoin to have a bullish reversal back to $38-40k.

Polygon Fibonacci Resistance Levels

Polygon Fibb levels – daily chart

  • 0.236 Fib – $0.79.
  • 0.382 Fib – $0.97.
  • 0.5 Fib – $1.12.
  • 0.618 Fib – $1.27.

Should the market flip bullish I would expect to see Polygon trading close to $1 by the late summer of 2022.

Polygon Price Prediction 2024-2025

I am a very big believer that most wealth is generated within bear markets. For instance, sentiments of extreme fear offer the greatest prosperity and reward. Polygon currently has a market capital of $5.3b and has $3.3b total value locked into the ecosystem.

Polygon currently ranks #17 on Coinmarketcap and had a previous market capital all-time high of $20.41b. For a blue-chip project like this that surges the operability of Ethereum I think there is tremendous potential for long-term growth.

Polygon’s value should continue to grow due to the efforts of the network’s developers and community investors that support it.

Polygon Future Price Targets

Using the Fibonacci extension tool we can factor in sensible targets. By 2024-2025 in the next Crypto bull run I would expect price targets of around $3.64-$4.51. I personally believe investment appetite for Polygon will always remain strong.

Investing at current price levels would offer a return on investment of over 500%. Polygon might be boring for now, but this is usually this is another bullish indicator. For instance, the worst time to invest in a project is usually when everybody is talking about it.

The current prices we see today offer strong potential accumulation opportunity. The hyper-bullish long-term target for Polygon is $11.12 reflected by the 4.236 Fibonacci levels.

DeFi Coin (DEFC) - Undervalued Project

Our Rating

  • Listed on Bitmart, Pancakeswap
  • Native Token of New DEX - defiswap.io
  • Up to 75% APY Staking
  • Whitepaper and DeFi Tutorials - deficoins.io