Crypto Analyst Forecasts MATIC Price Recovery With This 16% Swing
07 Januar 2024 - 4:00PM
NEWSBTC
MATIC was one of the altcoins affected by the recent market
downturn triggered by the controversial Matrixport report on the
Bitcoin spot ETF this week. This negative sentiment pushed the
cryptocurrency’s price from trading at nearly $1 to below $0.85 in
a single move. However, the tide seems to be turning in favor of
the bulls, as the MATIC coin has jumped more than 1.2% in the past
day. In fact, a popular crypto analyst on the X (formerly Twitter)
platform has sounded a buy alarm for Polygon’s native token. Can
MATIC’s Price Return To $0.96? In a recent post on X, crypto
analyst Ali Martinez has put forward a bullish projection for the
price of MATIC over the coming days. According to the crypto
pundit, the cryptocurrency looks set to recover all its lost gains
in a potential upward price movement. Related Reading: Revised
Forecast: Bloomberg Analyst Cuts Probability Of Bitcoin Spot ETF
Rejection To 5% The reasoning behind this bullish prediction for
the Polygon token revolves around the TD (Tom DeMark) Sequential
indicator. For context, the Tom DeMark Sequential indicator is used
to identify the exact time of trend exhaustion and price reversal.
#Polygon | The TD Sequential presents a buy signal on $MATIC 4-hour
chart. A spike in buying pressure around the current levels could
see #MATIC rebound, potentially toward $0.88, and even as high as
$0.96. pic.twitter.com/lj96zgPh7k — Ali (@ali_charts) January 6,
2024 Martinez noted in his analysis that the TD indicator is
currently flashing a buy sign on MATIC’s 4-hour price chart.
However, the crypto analyst highlighted that a bullish future for
MATIC hinges on a spike in buying pressure around the current price
levels. This could potentially see the Polygon token climb toward
$0.88 and as high as $0.96, Martinez said. Ultimately, this bullish
prediction depicts an almost 16% surge from the current price
point. It is worth noting that the Relative Strength Index
(RSI) on the 4-hour timeframe, which tracks the bullish and bearish
momentum of a token, is currently at 38.2. When the RSI is below
50, it may suggest that the token is witnessing some bearish
momentum. MATIC Price Overview As of this writing, the price of
MATIC stands at $0.828969, reflecting a mere 1.2% increase in the
past 24 hours. Polygon’s sluggish performance in the past day
emphasizes the altcoin’s struggles over the last seven days.
Related Reading: Bitcoin Spot ETF: VanEck’s Head Of Research Says
BlackRock Has $2 Billion In Investments Lined Up According to data
from CoinGecko, the MATIC price has declined by more than 14% in
the past week. And this recent market downturn saw the
cryptocurrency lose virtually all of the profits it accrued in
December. Nevertheless, MATIC ranks as the 14th-largest
cryptocurrency in the sector, with a market capitalization of about
$7.8 billion. MATIC price succumbs to bearish pressure on the daily
timeframe | Source: MATICUSDT chart on TradingView Featured image
from iStock, chart from TradingView
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