Polygon Network, after a reverse parabolic price move, visited the lower liquidity zone again after quite a long time. The price is currently hovering around July 2021 crash levels and therefore a similar recovery is expected in the coming days.
However, in doing so, the MATIC price would have to cross some pivotal levels to secure the acquired positions.
The MATIC price consolidated below $1.12 at the start of the month and was close to hitting the $1.2 resistance. However, the sudden crash fueled by Terra’s UST dragged the MATIC price below $0.8 with almost every asset in the crypto space.
The price bounced off the same support zone repeatedly, forming a double bottom pattern. And therefore, the possibility of establishing a strong uptrend is extremely high.
According to the daily chart put together by an analyst, the MATIC price is approaching the liquidity zone between $0.67 and $0.80, where a reversal is highly expected. If the asset triggers a reversal from these levels, it can hit the upper resistance at $1.45 by intersecting the 1.2 FIB levels.
However, at this point, reaching beyond $1.7 can be quite an easy task that can push the price up to almost $2.
Conversely, if in case the price fails to rebound, it could dive deep into a bearish pit crossing the immediate support below $0.65.
The price could continue to dip below $0.5 and possibly reach levels around $0.37 in the worst cases. However, as Polygon price looks set to rally, there is less chance of a drastic drop.
