• Polygon (MATIC) is currently trading below the 50 SMA and 4-hour RSI is below 50. A breakdown to lows of $1.00 is likely if bears take further control of short-term market sentiment.
• The outlook for Bitcoin suggests that bears are not ready to give up territory around $22,500, a scenario that could trigger fresh losses across the market and affect MATIC’s price.
• The Polygon community is awaiting the launch of the zkEVM mainnet beta, an event likely to trigger new buying momentum for the cryptocurrency towards the scheduled rollout on 27 March.
Polygon Price Prediction: MATIC Risks Dip To $1 As Bears Pin Bitcoin Under $22.5k
Technical Picture For MATIC Above Key Support
Polygon price has seen an extended downward trajectory since the sell-off that hit the broader crypto market in late 2022. A strong bounce in the first two months of the year has however hit tough terrain with price declines across the market contributing to MATIC reversing course. MATIC continues to hover above $1.00, but looks constrained below a recent supported turned resistance zone around $1.15. If this support holds, a new breakout could see bulls reclaim $1.18 as support and potentially push MATIC/USD to $1.25 or possibly even higher depending on technical indicators such as MACD and RSI readings at those levels..
Potential Impact Of A BTC Dump On Polygon Price
A downward flip for Bitcoin could impact MATIC movement significantly due to its high correlation with BTC prices over long time periods. If bears breach major supports around $22,500 then it could lead to a dump in BTC prices which would in turn impact other cryptocurrencies including Polygon (MATIC). In such cases, Polygon’s price may be subject to significant losses and could even dip down close to its all time lows at around $0.94 if bearish pressure persists over short term markets sentiment..
Launch Of The zkEVM Mainnet Beta
The Polygon community is eagerly awaiting the launch of its zkEVM mainnet beta which is scheduled for rollout on 27 March 2021 as this may trigger new buying momentum for cryptocurrency holders leading up to this date and contribute significantly towards an upward surge in prices near term . This event will also provide insight into how well PoS transactions are executed using ZK EVM contracts which will play an important role in determining future prospects for Polygon prices going forward..
Conclusion
Polygon (MATIC) looks set for a potential drop down towards lows of $0.94 if bears breach a major support area near current levels and Bitcoin dumps under key supports near $22,500 level over short term markets sentiment . However , any positive news surrounding launch of zkEVM mainnet beta or other technical indicators can help prevent such losses from occurring by triggering upwards surge in prices near term .