Incoming MATIC Surge: Analyst Predicts $15 Price Target
24 März 2024 - 6:27AM
NEWSBTC
Digital asset analyst with X handle Crypto Patel has recently
shared a bullish prediction on MATIC price movement in the coming
weeks. This forecast comes amidst MATIC’s poor performance in the
last seven days, during which it lost 6.68% of its market value,
based on data from CoinMarketCap. The Polygon native token
had been one of the best-performing assets in 2024 rising by over
76.38% between January to March. However, the altcoin has now
recorded a 22.83% decline over the last two weeks, drawing much
concern over its future price movement. Related Reading:
Fantom (FTM) Jumps 180% In 4 Weeks: Just The Beginning? $1.20 Price
Level Critical For MATIC Price Surge, Analyst Says In a post on X
on March 23, Crypto Patel presented a bullish case for MATIC
despite the token’s current downtrend, naming the forecast the
“MATIC BULL RUN ROADMAP.” Firstly, the analyst stated that a MATIC
bullish pennant was being formed. For context, the bullish pennant
represents a price pattern that typically follows a string of
upward movement in price (the flagpole) followed by a period of
consolidation (pennant). $MATIC BULL RUN ROADMAP 🚀 1⃣ #MATIC
Forming Bullish Pennant In HTF 2⃣ 2021 Bull Run: Did 100x in Last
bull Market After Bull Flag Breakout 3⃣ If MATIC/USDT Break $1.20
Level in HTF then Ready for $10-$15 Target 4⃣ I am Bullish in
#POLYGON for Long Run 5⃣ If Market Crash then…
pic.twitter.com/FJEvGiHd4U — Crypto Patel (@CryptoPatel) March 23,
2024 A bullish pennant is characterized by converging trendlines,
which indicates the continuation of the previous uptrend once the
price breaks out of consolidation. Importantly, Crypto Patel
emphasized that MATIC’s bullish pennant was being formed on a
higher time frame (HTF), such as the weekly chart. Following
historical trends, the complete formation of the bullish pennant
could result in Polygon native asset experiencing a 100x price
increase in the highly anticipated crypto bull run, as observed in
2021. However, with a focus on short-term targets, Crypto Patel has
stated that MATIC reaching the $1.20 price zone on the HTF could
trigger a surge to a range of $10-$15, representing a potential
1500% gain on the asset’s current price. Albeit, in the
advent of an unexpected crash, the crypto analyst expects MATIC
could be significantly affected but should find support around the
$0.60-$0.70 price zone. Related Reading: Buy High, Sell Low:
FOMO Made This Crypto Trader Lose 6,039 SOL MATIC Price Overview At
the time of writing, MATIC trades around $0.9817 with a 1.30% gain
in the last 24 hours. Meanwhile, the token’s daily trading volume
has declined by 31.82% and is valued at $291.65 million. With a
market cap value of $9.7 billion, MATIC is ranked the 16th largest
cryptocurrency and one of the world’s most prominent digital
assets. MATIC trading at $0.9771 on the daily chart | Source:
MATICUSDT chart on Tradingview.com Featured image from Freepik,
chart from Tradingview
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