Is Polygon (MATIC) Positioned for a Rebound Towards $1.50?

Is Polygon (MATIC) Positioned for a Rebound Towards $1.50?

The Current State of Polygon (MATIC) Price

The Polygon price has recently dipped below $0.79, raising concerns among investors. However, a crypto analyst remains optimistic, anticipating a potential rebound for MATIC to reach $1.50 in the upcoming bull run.

Analyst Predictions and Insights

Polygon (MATIC), being a large-cap cryptocurrency, has faced a significant price drop. Despite this, a notable prediction has been made by Michaël van de Poppe, the CEO and Founder of MN Trading Consultancy. He envisions a surge in the Polygon price beyond $1.25 during the next bull run, providing relief for supporters.

Poppe’s analysis suggests that Polygon is poised for a reversal, with a target range of $1.25 to $1.50. He points out that MATIC has been maintaining higher timeframe support levels, and there has been a notable absorption of liquidity, hinting at a potential bullish turn.

Despite recent underperformance, Poppe predicts an upcoming upswing. His analysis indicates a potential 90% surge for MATIC based on the current price trend around $0.79. If this prediction holds true, Polygon would recover to the highs reached in February of the previous year, marking a significant milestone.

Revisiting Previous Predictions

In late December 2023, Poppe initially expected Polygon to touch $1.30 after entering the $0.89 to $0.96 region. However, the MATIC price has since plunged by 20%. The latest prediction may only materialize if Polygon surpasses $0.89, aligning with the December analysis.

Recent Performance and Statistics

Over the past month, Polygon has experienced a significant loss of over 20% in its value, and the downward trend continues. The Polygon price recently dropped below the $0.79 mark, indicating another drawback. As of Monday, January 29, 2024, the MATIC price is down by 1.70% to $0.787.

Meanwhile, the Polygon market cap stands at $7.55 billion, reflecting a 1.84% decline. The crypto’s trade volume has increased by 8.37% to $270.31 million. Despite reaching a peak of $0.8097 during the day, MATIC eventually slumped to a low of $0.7824. Additionally, the crypto has lost 32% in value over the last 12 months.

Technical Analysis and Indicators

According to TradingView stats, Polygon’s RSI value stands at 46.5730, indicating a neutral sentiment. However, the 50-day and 100-day EMAs of 0.8188 and 0.7937, respectively, suggest a bearish trend as the MATIC price is trading below the EMA levels. Despite this, a short-term bullish sentiment is identified, as Polygon is valued above the 10-day EMA of 0.7768.

Leave a Reply

Your email address will not be published. Required fields are marked *