MATIC was one of the altcoins hit by the recent market decline caused this week by the controversial Matrixport report on the Bitcoin spot ETF. This negative sentiment caused the cryptocurrency’s price to drop from almost $1 to less than $0.85 in one move.
However, the tide seems to be turning in favor of the bulls as the MATIC coin has risen more than 1.2% in the past day. A popular crypto analyst on the X platform (formerly Twitter) even sounded a buy alarm for Polygon’s native token.
Can MATIC’s price return to $0.96?
In a recent post on According to the crypto expert, the cryptocurrency seems poised to regain all its lost gains in a potential upward price move.
The reasoning behind this bullish prediction for the Polygon token revolves around the TD (Tom DeMark) Sequential indicator. For context, the Tom DeMark Sequential indicator is used to identify the exact time of trend exhaustion and price reversal.
#Polygon | The WL Sequential presents a buy signal $MATIC 4-hour chart.
There could be a spike in buying pressure around current levels #MATIC recovery, possibly towards $0.88, and even up to $0.96. pic.twitter.com/lj96zgPh7k
— Ali (@ali_charts) January 6, 2024
Martinez noted in his analysis that the TD indicator is currently showing a buy sign on the 4-hour price chart of MATIC. However, the crypto analyst emphasized that a bullish future for MATIC depends on a peak in buying pressure around the current price level.
This could potentially push the Polygon token to $0.88 and even $0.96, Martinez said. Ultimately, this bullish forecast shows an upside of almost 16% from the current price level.
It is worth noting that the 4-hour Relative Strength Index (RSI), which tracks a token’s bullish and bearish momentum, currently stands at 38.2. When the RSI is below 50, it may indicate that the token is witnessing bearish momentum.
MATIC price overview
At the time of writing, MATIC’s price is $0.828969, reflecting an increase of only 1.2%. the past 24 hours. Polygon’s sluggish performance over the past day highlights the altcoin’s troubles over the past seven days.
According to data from CoinGecko, MATIC price has fallen by more than 14% in the past week. And with this recent market decline, the cryptocurrency lost almost all the gains it made in December.
Nevertheless, MATIC is the 14th largest cryptocurrency in the industry, with a market capitalization of approximately $7.8 billion.
MATIC price succumbs to bearish pressure on the daily timeframe | Source: MATICUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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