The total cryptocurrency market capitalization dropped to $2.20 trillion from $2.27 trillion during the last 24 hours. The crypto market faced a bloodbath with some major altcoins shedding recent gains. As Bitcoin and Ethereum show heavy corrections, Polygon (MATIC) Price Rally has been halted after attempting to retake the monthly resistance level at $2.50.
Polygon (MATIC) Price Analysis
At the time of writing, MATIC price is trading at $2.10 with a 3% loss. As we can see strong support and resistance zones are mentioned on the chart. price now is near-daily resistance zone and we can expect correction here and only if it breaks 2.5$ resistance more pump to 3$ expected.
The break below the resistance level at $2.20, shows bears are further in control, as market sentiment continues to pitch negative. In this case, bears have their hands free to run price action further down towards $1.80.
MATIC Vs BTC & ETH
The future prospects for Ethereum (ETH) scaling solution Polygon, whose native token MATIC has been on a rising trend in recent months, are being examined by crypto analyst Benjamin Cowen.
Cowen compares the layer-2 protocol to the top two crypto-assets, Bitcoin (BTC) and Ethereum (ETH), in a new strategy session, to see how the altcoin might fare in the future.
While MATIC has recently performed well against the US dollar, Cowen points out that how it performs against Bitcoin is also an important statistic. If Bitcoin can get back above those levels, it would be the best-case scenario for MATIC.
“we would like to see Bitcoin get… back to $53k or so. [That] would actually be quite ideal, and would set MATIC up for an ideal situation.”
The MATIC/ETH trading pair is the next target for the Polygon analysis, which Cowen feels is the ultimate measure of the altcoin’s strength or weakness.
He says that it appears to be holding support at present levels [0.00036916 ETH, or roughly $1.62], it’s back above the bull market support zone, and the MATIC/ETH valuation is approaching the previous all-time high.
For a constant valuation of Ethereum, it would need to grow another 61%or 62% to get there. That would raise MATIC’s price to around $3.50, he said.
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