• Polygon (MATIC) price is currently below the 50 simple moving average and 4-hour RSI is below 50.
• Price of MATIC faces potential dump to lows of $0.94 if bears breach a major support area.
• The launch of zkEVM mainnet beta could trigger new buying momentum for the cryptocurrency towards its scheduled rollout on 27 March.
Polygon Price Overview
The Polygon (MATIC) price has seen an extended downward trajectory since late 2022. Despite a strong bounce in the first two months of this year, MATIC has reversed course due to declines across the crypto market. If bears take further control of short term market sentiment, there is potential for MATIC to dip to lows of $0.94.
Technical Picture for MATIC
MATIC currently hovers above $1.00 but is constrained below a recent supported turned resistance zone around $1.15. If bulls manage to reclaim this level as support, they could push MATIC/USD up to $1.25 and possibly even challenge the main hurdle around $1.29, which lies close to the 200 MA line near that level. On the other hand, if bears breach this support area, it could lead to a breakdown in price down towards lows of $0.94
Impact of Bitcoin on MATIC Price
The outlook for Bitcoin suggests that bears are not ready to give up territory around $22,500 – should BTC dump further then this will likely have a negative impact on MATIC’s price movement as well as other cryptocurrencies in the market generally..
Launch of zkEVM Mainnet Beta
The Polygon community is eagerly awaiting the launch of their zkEVM mainnet beta which is scheduled for roll-out on 27th March 2021 – should this event be successful then it could catalyse new buying momentum for MATIC and potentially push its price upwards towards higher levels again..
Overall, Polygon’s future depends largely on factors such as technical analysis and developments within both their own platform and more broadly across cryptocurrency markets generally – only time will tell how things play out and whether or not investors can expect gains in their holdings or losses at current levels!