Polygon (MATIC) Analysis
Polygon (MATIC) is currently under the spotlight as an analyst provides a comprehensive analysis of the crypto token. The assessment suggests that a turning point is imminent, potentially triggering a significant 50% rally in MATIC prices.
Potential Rally for MATIC
In a recent video shared on the Cheeky Crypto YouTube Channel, crypto analyst JB highlighted MATIC’s decline following Bitcoin’s pullback. Despite this downturn, JB anticipates a favorable setup for MATIC in a retracement area, paving the way for a potential upward move. The analyst projects MATIC’s price to rise within the range of $0.87 and $1.36.
JB considered various indicators pointing towards an imminent upward move, including the stochastic level, which, after suggesting an overbought condition, has corrected sharply, hinting at a potential push to the upside for MATIC. However, JB also expressed caution, highlighting factors that could lead to a downside move.
- Current volumes across various cryptocurrencies are not favorable, weakening the prices of these tokens.
- A potential downturn could occur if MATIC loses the cross above the 200 EMA, indicating an impending dump.
Chart Patterns and Bullish Outlook
JB emphasized the 5-wave pattern forming on different timeframes on the MATIC chart. While uncertain about the formation of the fifth wave, he suggested that a push above $94.5 would indicate the last wave is still to come. Additionally, JB maintained his bullish stance on MATIC, reiterating a target of $100 for MATIC in the next bull run.
The analyst also pointed out a new structure forming on the charts, hinting that MATIC could potentially surpass the $100 target. JB envisions MATIC as a “powerhouse” in the upcoming bull run, anticipating it to be one of the standout altcoins.
Factors Contributing to MATIC’s Dominance
JB believes that the potential approval of pending Ethereum Spot ETF applications could significantly benefit MATIC, considering its integral role in the Ethereum ecosystem.
As of the latest data from CoinMarketCap, MATIC is trading at around $0.85, showing a decrease of over 1%.