Crypto Analyst Predicts 100% Price Surge For MATIC


MATIC, the native token of the Polygon network, has been on an exciting run in the past few weeks, like several other altcoins in the market. Despite the positive price performance, the cryptocurrency has not been able to return above the $1 mark, seemingly facing rejection at the $0.9 zone.

However, it appears that the tides might be changing for MATIC following a crypto analyst’s projection

Will MATIC Price Skyrocket 100% If This Happens?

Prominent crypto analyst Ali Martinez has put forward their bullish projection for the MATIC price in the near future. In a post on the X platform, the analyst revealed that the altcoin could be set for a bullish breakout that could catapult its price to double its current value.

Martinez’s prediction revolves around the symmetrical triangle pattern forming on the Polygon weekly price chart. Interestingly, the MATIC triangular formation is around the $0.96 price point, intersecting with the 50% Fibonacci retracement level.

This pattern forms a basis of Martinez’s projection, as the analyst believes “a daily or weekly candlestick close above $0.96 could be the spark for a bullish MATIC breakout.” According to the analyst, a break through this critical price level could send the altcoin to $1.82.

This projection represents an approximately 100% rally from the current price point. As of this writing, the Polygon token is valued at $0.905165, reflecting a nearly 2% price decline in the past 24 hours. Nevertheless, MATIC ranks as the 15th-largest cryptocurrency, with a market capitalization of roughly $8.42 billion.

On-Chain Data Reveals Minimal Resistance Ahead

A particular on-chain data revelation adds even more strength to Martinez’s $1.82 projection for MATIC price. In an earlier post on X, Martinez revealed that the Polygon token might be set to go on a bullish run.

This theory is based on price data from the analytics platform IntoTheBlock. According to the blockchain platform, about 42,000 addresses purchased 5.8 billion tokens between $0.80 and $0.86, making the price range a “key” support zone.

42,000 addresses purchased 5.8 MATIC billion tokens between $0.80 and $0.86 | Source: Ali_charts/X

As displayed in the chart above, the small size of the dots indicates the low density of investors and no major on-chain resistance above the current MATIC price. “Given the minimal resistance ahead, Polygon seems primed for a bull run as long as this level holds,” according to the analyst.

MATIC

MATIC price hovers around the $0.9 mark on the daily timeframe | Source: MATICUSDT chart on TradingView

Featured image from iStock, chart from TradingView





Source link: https://www.newsbtc.com/matic/crypto-analyst-predicts-100-price-surge-for-matic-heres-what-needs-to-happen/

Sponsors

spot_img

Latest

UN’s Playing for the Planet report says many gamers show environmental awareness

Connect with top gaming leaders in Los Angeles at GamesBeat Summit 2023 this May 22-23. Register here. The United Nations said its that a...

Terence Crawford launches X-rated rant at member of Errol Spence’s camp during final press conference

Terence Crawford raged at a member of Errol Spence's camp as he launched into an X-rated rant during Thursday's final press conference. The unbeaten...

Reddit is down. What we know.

Yes, Reddit is down.You've probably already noticed Reddit.com won't load. But if your first instinct was to check Reddit to confirm that Reddit...

Basketball Pickups: That's T.J. McConnell's music

McConnell had one of the best games of his career on Saturday, benefitting from the absence of star point guard Tyrese Haliburton. Source link:...

Brad Garlinghouse: The Ripple CEO Fighting for XRP’s Future

When Ripple CEO Brad Garlinghouse first joined Ripple Labs in 2015, he probably didn’t expect to become a central figure in one of...