Polygon (MATIC) has recently caught the attention of crypto analysts, raising the question of whether this altcoin is poised for an upward move. In this article, we will delve into a comprehensive analysis of MATIC, highlighting both the potential bullish and bearish factors that could impact its future price movements.
Analyst JB points out that MATIC has experienced a decline following Bitcoin’s pullback. However, he believes that this decline to a specific retracement area could actually set the stage for an upward move. JB suggests that MATIC has the potential to rise to a price range of $0.87 to $1.36, based on his analysis.
One of the indicators JB considers is the stochastic level, which initially suggested an overbought condition. However, it has since corrected sharply, indicating the possibility of another push to the upside for MATIC. This provides further evidence to support the theory of an imminent upward move.
Despite the positive indicators, JB notes that the current volumes across various cryptocurrencies, including MATIC, are not impressive. The low volumes have weakened the prices of these crypto tokens, potentially hindering any projection of an upward move. This raises concerns about the sustainability of a bullish trend for MATIC.
Another factor that JB warns may lead to a downside move for MATIC is the crossing below the 200 EMA. Losing this crucial level could signal a potential dump in price, which would be unfavorable for the altcoin. Traders and investors should monitor this key moving average as an important milestone for MATIC’s price trajectory.
JB emphasizes the formation of a 5-wave pattern on different timeframes in the MATIC chart. However, he remains uncertain whether the fifth wave is still in the process of forming. To confirm this, JB suggests that a push above $94.5 is needed, as it would indicate that the last wave has yet to come. It is also possible that the pattern may be an A, B, and C formation, complicating the price prediction for MATIC.
Despite the uncertainties, JB maintains a bullish stance on MATIC, particularly in anticipation of the upcoming bull market. He previously predicted a target price of $100 for MATIC in the next bull run, and he stands by this projection. In fact, he suggests that the crypto token could potentially surpass this target, emphasizing a new structure forming on the charts.
JB believes that MATIC has the potential to be a “powerhouse” during the bull run and emerge as one of the leading altcoins. He attributes this potential dominance to the possible approval of Ethereum Spot ETF applications. Considering MATIC’s role in the Ethereum ecosystem, the altcoin could be a significant beneficiary if these applications are approved.
While MATIC currently trades around $0.85, it is essential to conduct thorough research and analysis before making any investment decisions. The analysis provided by JB offers valuable insights into the potential upward move for MATIC, but investors should exercise caution and stay informed about market trends. As always, investing carries risks, and seeking professional advice is recommended to make well-informed investment choices.
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