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Home»ALTCOIN NEWS»Altcoin Rally’s MATIC Bounce: The Beginning of a 100% Surge?
ALTCOIN NEWS

Altcoin Rally’s MATIC Bounce: The Beginning of a 100% Surge?

By Crypto FlexsJune 20, 20243 Mins Read
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Altcoin Rally’s MATIC Bounce: The Beginning of a 100% Surge?
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  • MATIC has experienced a price rebound.
  • Some analysts viewed the recent price bounce as the start of a major rally.
  • Expectations stand in stark contrast to the asset’s recent price movements.

After falling significantly in price last week due to the Federal Reserve’s hawkish stance, altcoins have experienced a relief rally over the past 24 hours. Polygon’s native token, MATIC, is one of the assets seeing a price rebound.

Amid the recent price action, analysts are predicting that MATIC is on the verge of a significant price rally. Have we finally reached the $1 price point?

Is MATIC preparing for a comeback?

MATIC is showing signs of revival. Amid a broad altcoin rally, the asset has surged 9% from a multi-month low of around $0.53 to around $0.5775 at the time of this writing.

MATIC/USDT 4-hour candle chart. source: TradingView

Amid the recent rebound, analysts have been quite optimistic about asset prices. Crypto analyst “CrediBuLL Crypto” shared a chart showing that MATIC is likely to continue to bounce back to its recent $0.95 price range.

Likewise, “Cryptomist” in a recent post enthused “I am long” after seeing a descending wedge chart pattern on MATIC’s 4-hour candle chart. However, unlike CrediBuLL Crypto, Cryptomist has set a more optimistic target of $1.15.

Nonetheless, for MATIC to reach this target, the asset will need to overcome resistance at the psychological $0.6 price level.

Recent forecasts contrast sharply with the asset’s recent price movements.

rough patches

MATIC’s price action over the past two months has not inspired confidence. After hitting a yearly high near $1.3 in early March 2024, asset prices have endured sharp declines except for a sideways move in May 2024.

MATIC/USDT daily candle chartMATIC/USDT daily candle chart
MATIC/USDT daily candle chart. source: TradingView

The asset’s lackluster price action comes despite several positive developments within the Polygon ecosystem, including a recent partnership with Ronin, the blockchain behind Axie Infinity. At the same time, the network has continued to see significant activity over the past two months.

On the flipside

  • Several factors can affect the price of MATIC.
  • At its current price, MATIC is about 40% cheaper than its 2024 opening price of $0.9706.

Why This Matters

Polygon’s MATIC has been declining for over two months. However, recent price action suggests that a grace period may be nearing.

To learn more about Polygon, read:
How Fox Powers Polygon-Based Verification with L2 Transitions

Learn about KAI IDO from Kinetix:
Kinetix’s IDO Numbers Beat Expectations: Is KAI Bullish?

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