A number of asset analysts at X deal with Crypto Patel just lately shared bullish predictions for MATIC worth tendencies within the coming weeks. This prediction comes amid MATIC’s poor efficiency over the previous seven days, dropping 6.68% of its market capitalization throughout that interval, in keeping with CoinMarketCap.
The Polygon native token was one of many best-performing belongings in 2024, rising by greater than 76.38% between January and March. Nevertheless, the altcoin has misplaced 22.83% up to now two weeks, elevating considerations about its future worth motion.
Analysts say the $1.20 worth degree will likely be essential for MATIC worth surge
In an X put up on March 23, Crypto Patel made a bullish case for MATIC regardless of the token’s present downtrend, naming the prediction “MATIC Bull Roadmap.”
First, analysts say a MATIC bullish pennant is forming. For context, a bullish pennant represents a worth sample that sometimes follows a collection of upward actions in worth (the flagpole), adopted by a interval of consolidation (the pennant).
$MATIC Bull Market Roadmap 🚀
1⃣ #MATIC HTF types bullish pennant
2⃣ Bulls in 2021: After the bull flag breakout, the bulls rose 100 occasions final time
3⃣ If HTF on MATIC/USDT breaks above $1.20 degree, be prepared for $10-15 goal
4⃣ I’m optimistic #polygon for long run operation
5⃣ If the market crashes then… pic.twitter.com/FJEvGiHd4U— CryptoPatel (@CryptoPatel) March 23, 2024
Bullish pennants are characterised by trendline convergence, which exhibits continuation of the earlier uptrend as soon as worth breaks out of consolidation. Importantly, Crypto Patel highlighted that MATIC’s bullish pennant fashioned on a better time-frame (HTF) such because the weekly chart.
Following historic tendencies, the total formation of the bullish pennant might trigger the Polygon native asset to expertise a 100x worth enhance within the much-anticipated cryptocurrency bull run, as has been noticed in 2021.
Nevertheless, specializing in short-term targets, Crypto Patel stated that MATIC reaching HTF’s $1.20 worth space might set off a worth surge to the $10-15 vary, which might imply a possible enhance of 1,500% from the asset’s present worth. Though within the occasion of an sudden crash, cryptocurrency analysts anticipate that MATIC might be considerably impacted, it ought to discover help close to the $0.60 to $0.70 worth space.
MATIC Value Overview
On the time of writing, MATIC is buying and selling at round $0.9817, up 1.30% up to now 24 hours. In the meantime, the token’s each day buying and selling quantity fell by 31.82%, valuing it at $291.65 million. With a market capitalization of $9.7 billion, MATIC is the sixteenth largest cryptocurrency and some of the well-known digital belongings on the planet.
MATIC buying and selling at $0.9771 on the each day chart | Supply: MATICUSDT chart on Tradingview.com
Featured pictures from Freepik, charts from Tradingview
Disclaimer: This text is for instructional functions solely. It doesn’t characterize NewsBTC’s opinion on whether or not to purchase, promote or maintain any funding, and funding naturally entails dangers. It is suggested that you simply conduct your personal analysis earlier than making any funding choices. Use of the knowledge offered on this web site is solely at your personal danger.
