Polygon (MATIC) this time the altcoin is in focus, as an analyst provides analysis of the crypto token. Based on this analysis, there is a feeling that this could happen soon search for MATIC.
Polygon could see a significant rally soon
In a video shared on the Cheeky Crypto YouTube channel, crypto analyst JB noted that MATIC has done so fell after Bitcoin’s pullback. However, this move is unexpected as he believes that the crypto token’s decline into the specific retracement area sets it up well for an upward move. Based on his projection, MATIC could rise to between $0.87 and $1.36.
JB also took into account other things that could indicate an upward move is imminent. He was referring to the stochastic level, which initially indicated an overbought condition. However, it has been sharply corrected indicating that there could still be a positive impulse for MATIC. On the other hand, the crypto analyst was also wary of factors that could signal a downward move.
One of these is the volumes seen in different cryptocurrencies. JB stated that the current volumes are not great, and this has weakened the prices of these crypto tokens. This could potentially hinder any projection of upward movement. Another possibility is that MATIC loses the cross above the 200 EMA as this indicates that a dump is imminent.
Earlier in the video, JB had also emphasized the 5-wave pattern which formed at different time frames on the MATIC chart. The analyst seemed unsure as to whether the fifth wave was just forming. He noted that a rise above $94.5 would indicate that the final wave is yet to come. It’s also possible that it’s just an A, B, and C pattern.
Polygon price makes its way above $0.85 | Source: MATICUSD on Tradingview.com
MATIC up to $100 still possible
JB still analyzed MATIC’s price pattern on the charts and said this was the case still bullish on the crypto token before the impending bull market. He previously mentioned a $100 target for MATIC in the next bull run, and he still stands by the forecast. JB even noted that a new structure forming on the charts suggests the crypto token could rise higher than that.
As part of this prediction, he sees MATIC as a “powerhouse” in the bull run and one of the standout altcoins. One of the factors he believes will contribute to MATIC’s dominance is the potential adoption of the ongoing Ethereum Spot ETF applications. He believes the crypto token could be a big beneficiary given its role in the Ethereum ecosystem.
At the time of writing, MATIC is trading around $0.85, down over 1% facts from CoinMarketCap.
Featured image of Admiral Markets, chart from Tradingview.com
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