Digital asset analyst with X deal with Crypto Patel has just lately shared a bullish prediction on MATIC worth motion within the coming weeks. This forecast comes amidst MATIC’s poor efficiency within the final seven days, throughout which it misplaced 6.68% of its market worth, primarily based on knowledge from CoinMarketCap.
The Polygon native token had been one of many best-performing belongings in 2024 rising by over 76.38% between January to March. Nevertheless, the altcoin has now recorded a 22.83% decline over the past two weeks, drawing a lot concern over its future worth motion.
$1.20 Worth Stage Vital For MATIC Worth Surge, Analyst Says
In a put up on X on March 23, Crypto Patel offered a bullish case for MATIC regardless of the token’s present downtrend, naming the forecast the “MATIC BULL RUN ROADMAP.”
Firstly, the analyst acknowledged {that a} MATIC bullish pennant was being shaped. For context, the bullish pennant represents a worth sample that usually follows a string of upward motion in worth (the flagpole) adopted by a interval of consolidation (pennant).
$MATIC BULL RUN ROADMAP 🚀
1⃣ #MATIC Forming Bullish Pennant In HTF
2⃣ 2021 Bull Run: Did 100x in Final bull Market After Bull Flag Breakout
3⃣ If MATIC/USDT Break $1.20 Stage in HTF then Prepared for $10-$15 Goal
4⃣ I’m Bullish in #POLYGON for Lengthy Run
5⃣ If Market Crash then… pic.twitter.com/FJEvGiHd4U— Crypto Patel (@CryptoPatel) March 23, 2024
A bullish pennant is characterised by converging trendlines, which signifies the continuation of the earlier uptrend as soon as the value breaks out of consolidation. Importantly, Crypto Patel emphasised that MATIC’s bullish pennant was being shaped on a better time-frame (HTF), such because the weekly chart.
Following historic developments, the entire formation of the bullish pennant might lead to Polygon native asset experiencing a 100x worth improve within the extremely anticipated crypto bull run, as noticed in 2021.
Nevertheless, with a give attention to short-term targets, Crypto Patel has acknowledged that MATIC reaching the $1.20 worth zone on the HTF might set off a surge to a spread of $10-$15, representing a possible 1500% acquire on the asset’s present worth. Albeit, within the creation of an surprising crash, the crypto analyst expects MATIC might be considerably affected however ought to discover help across the $0.60-$0.70 worth zone.
MATIC Worth Overview
On the time of writing, MATIC trades round $0.9817 with a 1.30% acquire within the final 24 hours. In the meantime, the token’s every day buying and selling quantity has declined by 31.82% and is valued at $291.65 million. With a market cap worth of $9.7 billion, MATIC is ranked the sixteenth largest cryptocurrency and one of many world’s most distinguished digital belongings.
MATIC buying and selling at $0.9771 on the every day chart | Supply: MATICUSDT chart on Tradingview.com
Featured picture from Freepik, chart from Tradingview
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