The Crypto Market in December
The cryptocurrency markets are showing signs of a potential healthy rise as December begins. As the trade approaches its climax, market volatility has surged. One altcoin that has previously demonstrated strength, Polygon (MATIC), appears to be gearing up for another upswing. Historical data suggests that the token has experienced significant growth after similar trade setups in the past, indicating the possibility of a similar scenario unfolding now.
Post-2022 Bear Market Recovery
Following the 2022 bear market, which saw prices plummet by more than 80%, a majority of cryptocurrencies have managed to recover more than 50%. MATIC’s price, which dropped below $0.33 during the bear market, successfully rebounded and surpassed $0.78. Despite a pullback, the price is actively working towards confirming a rebound. Additionally, the Relative Strength Index (RSI) is nearing a bullish divergence, suggesting a potential continuation of the upswing.
Analyst Insights
Renowned analyst Captain Faibnik, with a following of 71.7K, believes that the current moment could be the last opportunity to accumulate MATIC before a significant bull run. According to the analyst’s chart, MATIC’s price is currently within a symmetric triangle, approaching the apex. Historical patterns show that similar setups in the past led to breakouts at the apex, resulting in a remarkable 20,000% increase in price, forming a new all-time high (ATH) at $2.94.
Potential Bull Run and Future Projections
If historical trends repeat, the current trade setup may trigger another bull run, with the price potentially reaching levels around $8 to $8.5 in Q4 2024. Traders and investors are closely monitoring these developments as they consider the potential for substantial gains based on past performance.
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