• The Polygon MATIC price has reversed to the upside
• Similar conditions led MATIC’s record-breaking $3.
• Michael van de Poppe wouldn’t be surprised to hear that MATIC will test $1 within the next few days and weeks.

2022 has been a bad year for cryptos, but Polygon’s (MATIC) price reversed course to the upside after testing $0.794 as its interim support on Tuesday, May 10. MATIC saw a 25% increase in price, reaching $0.99. It comes a day after MATIC’s price fell by 17% and reached its lowest point since July 2021.

An earlier retest of $0.787 in July 2021, and the 0.786 Fib Line (nearly $0.61) of Fibonacci’s Fibonacci Retracement graph, drawn from $0.002-swing high to $0.002-swing lower- led to MATIC rising to its record high at $3 by 2021.

People might believe this to be a similar scenario, that is, a sharp up-side retracement to MATIC’s price in the next days or weeks, if historical precedents were to be repeated.

Michael van de Poppe, a full-time day/swing trader in cryptocurrencies, agrees with this and yesterday Tweeted that he “would not be surprised if MATIC is going to test $1 in the coming days/weeks if BTC reclaims $30K.

MATIC may see some light at the end. Ryan Watt (Polygon CEO) recently said that Meta will be partnering up with Meta in order to establish a nonfungible platform (NFT), for Facebook (NASDAQ;) and Instagram. MATIC may be able to create a stronger price level because of the excitement surrounding it.

MATIC, on the other hand is at risk of a bearish continuation without reclaiming its 50-week exponential moving mean near $1.37 support.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. The information contained in this article shouldn’t be taken as advice. CoinQuora urges users to conduct their own research prior to investing in cryptocurrency.

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