Polygon (MATIC) This time it is altcoins in focus as analysts provide analysis on crypto tokens. Based on this analysis, there is a feeling that things could start happening soon. Discover MATIC.
Polygon could soon see a significant rally
in video Shared on the Cheeky Crypto YouTube channel, cryptocurrency analyst JB said MATIC Rejected after Bitcoin withdrawal. However, this move is unexpected as he believes that an upward move is possible if the cryptocurrency token falls into a certain retracement zone. According to his predictions, MATIC could rise between $0.87 and $1.36.
JB also took into account other things that could suggest an upturn is imminent. He initially mentioned stochastic levels that suggested overbought conditions. However, it has been greatly modified. representative There could be another uptrend for MATIC. On the other hand, cryptocurrency analysts were also wary of factors that could lead to a downtrend.
One of them is the volume seen in various cryptocurrencies. JB said the prices of these cryptocurrency tokens have weakened as trading volumes are not currently high. This could potentially hinder prospects for an upward move. Another thing is the possibility of MATIC losing its crossover above the 200 EMA. Because this means a dump is imminent.
There is something JB emphasized at the beginning of the video. 5 wave pattern These were formed at different time frames on the MATIC chart. Analysts seemed uncertain about whether a fifth wave was just forming. He pointed out that a break above $94.5 suggests the final wave is still to come. It could be the A, B, C pattern.
Polygon price makes its way above $0.85 | Source: MATICUSD on Tradingview.com
Up to $100 still available at MATIC
Still analyzing MATIC’s price pattern on the charts, JB notes that he still optimistic In front of cryptocurrency tokens imminent bull market. He previously stated his target for MATIC at $100 in the next bull market, and he still stands by that outlook. In fact, JB pointed out that a new structure forming on the chart suggests the cryptocurrency token could rise even higher than that.
As part of this prediction, he sees MATIC as a “powerhouse” and one of the standout altcoins in a bull market. One of the factors he believes will contribute to MATIC’s dominance is MATIC’s potential approval. Ethereum spot ETF application pending. He believes cryptocurrency tokens could be big beneficiaries given their role in the Ethereum ecosystem.
At the time of writing, MATIC is said to be trading at around $0.85, down more than 1%. data From CoinMarketCap.
Featured image from Admiral Markets, chart from Tradingview.com
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