The native token of the Polygon network, MATIC, has recently shown promising performance in the altcoin market. Despite facing rejection at the $0.9 zone and not being able to surpass the $1 mark, a crypto analyst believes that the tides might be changing for MATIC. In this article, we will analyze a bullish projection put forward by prominent crypto analyst Ali Martinez and explore the factors contributing to this optimistic outlook.
Ali Martinez’s bullish projection for MATIC’s price is centered around a symmetrical triangle pattern forming on the Polygon weekly price chart. The analyst highlights that the triangular formation intersects with the 50% Fibonacci retracement level at approximately $0.96. Martinez suggests that if a daily or weekly candlestick closes above this critical level, it could be the spark for a bullish breakout in MATIC. The analyst predicts that such a breakout could lead to a surge in price towards $1.82, representing a remarkable 100% rally from the current value.
As of the time of writing, MATIC is valued at $0.905165, experiencing a slight 2% price decline over the past 24 hours. However, despite this setback, MATIC remains the 15th-largest cryptocurrency in terms of market capitalization, with approximately $8.42 billion. This demonstrates the coin’s significant presence and potential in the crypto market.
Martinez’s projection is further supported by on-chain data analysis from the analytics platform IntoTheBlock. According to the platform, approximately 42,000 addresses have purchased 5.8 billion MATIC tokens within the price range of $0.80 and $0.86. This creates a “key” support zone for the cryptocurrency. The chart provided by Martinez indicates that there is minimal on-chain resistance above the current price of MATIC, suggesting that the coin is primed for a bull run as long as this support level holds.
Considering the bullish projection and the on-chain support zone, investors in MATIC may have reason to be optimistic about the future price performance of the token. A potential breakout above $0.96 could act as a catalyst for a significant rally, potentially pushing the price up to $1.82. However, it is important for investors to conduct their own research and exercise caution, as cryptocurrency markets are known for their volatility.
The native token of the Polygon network, MATIC, has shown potential for a bullish breakout according to prominent crypto analyst Ali Martinez. The symmetrical triangle pattern on the Polygon weekly price chart, intersecting with the 50% Fibonacci retracement level, forms the basis of Martinez’s projection. Additionally, the on-chain data analysis reveals a strong support zone for MATIC, suggesting that a bull run may be on the horizon. While these projections are promising, it is crucial for investors to approach the market with caution and make informed decisions based on their own research.
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