Polygon (MATIC) Price Faces Crucial Turning Point That Could Trigger 50% Rally, Analyst Says
16 Dezember 2023 - 11:00PM
NEWSBTC
Polygon (MATIC) is the altcoin in focus this time around as an
analyst provides an analysis of the crypto token. Based on this
analysis, there is a feeling that things could soon begin to look
up for MATIC. Polygon Could See Significant Rally Soon In a video
shared on the Cheeky Crypto YouTube Channel, crypto analyst JB
noted that MATIC has declined following Bitcoin’s pullback.
However, this move is unexpected as he believes that the crypto
token’s decline to the particular retracement area sets it up
nicely for an upward move. Based on his projection, MATIC could
rise to between $0.87 and $1.36. Related Reading: Bitwise Reveals
Two Major Triggers That Will Send Bitcoin Price To $80,000 JB also
factored in other things that could suggest that an upward move is
imminent. He alluded to the stochastic level, which had initially
suggested an overbought condition. However, it has sharply
corrected indicating that there could be another push to the upside
for MATIC. On the other hand, the crypto analyst was also wary of
factors that could spell a move to the downside. One of them
happens to be the volumes that are seen across various
cryptocurrencies. JB stated the current volumes aren’t great, and
this has weakened the prices of these crypto tokens. This could
potentially hinder any projection of an upward move. Another is the
possibility of MATIC losing the cross above the 200 EMA, as this
suggests that a dump is imminent. Earlier in the video, JB
had also emphasized the 5-wave pattern that was forming on
different timeframes on the MATIC chart. The analyst seemed
uncertain about whether or not the fifth wave was just forming. He
noted that a push above $94.5 would suggest that the last wave is
still to come. There is also the possibility that it could just be
an A, B, and C pattern. Polygon price makes its way above
$0.85 | Source: MATICUSD on Tradingview.com MATIC To $100 Still
Possible Still analyzing MATIC’s price pattern on the charts, JB
mentioned that he was still bullish on the crypto token ahead of
the imminent bull market. He had previously mentioned a target of
$100 for MATIC in the next bull run, and he is still standing by
the projection. In fact, JB noted that a new structure forming on
the charts suggests that the crypto token could rise higher than
that. Related Reading: Analyst Predicts XRP Price Will Rise
800% To $5.5 – The Timeframe Will Shock You As part of this
prediction, he sees MATIC being a “powerhouse” in the bull run and
being one of the standout altcoins. One of the factors that he
believes will contribute to MATIC’s dominance is the potential
approval of the pending Ethereum Spot ETF applications. He believes
that the crypto token could be a huge beneficiary, considering its
role in the Ethereum ecosystem. At the time of writing, MATIC
is trading at around $0.85, down over 1%, according to data from
CoinMarketCap. Featured image from Admiral Markets, chart from
Tradingview.com
Polygon (COIN:MATICUSD)
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