The price performance of MATIC, the native cryptocurrency of the Polygon network, has been underwhelming compared to other top digital currencies over the past year. While many coins hit new record highs, MATIC failed to keep pace, leaving investors in significant losses. Yet, there’s a glimmer of hope for those holding MATIC, as one market expert anticipates a bullish price surge for Polygon.
Polygon Will Rally Once Again
A cryptocurrency expert named Bixley shared an optimistic outlook for Polygon’s price in a recent analysis published on TradingView. According to Bixley, the MATIC token is presently following an uptrend line, slightly above its current trading value of around $0.7.
Trendlines are significant indicators in cryptocurrency analysis. When they get breached, it can signal a potential price breakout. If a trendline does not break, though, the price action may turn unfavorable for the coin. Regarding Polygon, analysts are hopeful that this trendline will be violated imminently, leading to an anticipated price surge.
A crypto expert looked at Polygon’s price history next to Ethereum‘s during Ethereum’s early growth phase. If this pattern holds true, then MATIC‘s price could experience a significant surge moving forward, potentially reaching new heights if it manages to break its current trendline.
When the price surges past the identified targets, Bixley anticipates various price escalation stages. According to the graph, the initial anticipated rise occurs at the $1.2 mark, representing a 70% price hike from the present levels.
An analyst in the crypto field predicts that the price will keep climbing, with a goal of $5.4. This would represent a more than six-fold increase for the asset. Furthermore, if MATIC manages to reach its maximum target at $55, there would be an astounding 7,800% price surge.
MATIC Death Cross Worries Investors
In reaction to Bixley’s assessment, yet another cryptocurrency expert responded by highlighting a concerning pattern. This expert presented an image displaying the development of a “death cross” on the weekly graph for MATIC. Such a configuration could potentially lead to significant price decreases.
According to their analysis, this formation indicates that Polygon’s price may actually decrease significantly rather than increase as Bixley anticipates. The chart suggests a potential 70% decline from the current price, which would result in MATIC being priced below $0.2.
If Bixley’s analysis doesn’t pan out and this one holds instead, Polygon investors could face further investment losses during this period. But given the anticipation of a resuming bull market and cryptocurrencies following Bitcoin‘s lead, it’s more probable that we’ll see an update rather than experience such a major crash.
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2024-04-22 20:11