Crypto Analyst Predicts 100% Price Surge For MATIC – Here’s What Needs To Happen
2023年12月10日 - 5:42PM
NEWSBTC
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. Keep your eyes on #Polygon! A daily or weekly
candlestick close above $0.96 could be the spark for a bullish
$MATIC breakout. If this key level is breached, we might witness
#MATIC surging toward $1.82! pic.twitter.com/M9bz3myRVi — Ali
(@ali_charts) December 9, 2023 Related Reading: Why Is XRP Price Up
Today? Ripple’s Massive Buyback May Have The Answer 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 Related Reading: Bitcoin Bull Signal
Returns: Exchange Supply Hits Lowest Level Since 2017 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 price hovers around the $0.9 mark on the
daily timeframe | Source: MATICUSDT chart on TradingView Featured
image from iStock, chart from TradingView
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