Polygon (MATIC), one of many large-cap cryptocurrencies, has been scrambling with a significant worth drop currently. However, a crypto analyst has rolled out an optimistic prediction for the Polygon worth. The analyst expects MATIC to surge past $1.25 within the subsequent bull run, indicating a aid for the crypto’s supporters.
Will Polygon Touch $1.50 Soon?
According to a publish on X by Michaël van de Poppe, the CEO and Founder of MN Trading Consultancy, Polygon is poised for a reversal quickly with a goal vary of $1.25 to $1.50. The analyst famous that the MATIC token has been sustaining greater timeframe assist ranges presently.
In addition, he acknowledged that there was a major absorption of liquidity currently, indicating a possible bullish flip. However, Poppe additionally famous that the Polygon worth has been underperforming lately. On the opposite, he added that regardless of the sluggish efficiency, he predicts an upswing to comply with quickly.
Based on the Polygon worth evaluation by Poppe, a 90% surge will be anticipated for MATIC, contemplating the present worth development orbiting round $0.79. Moreover, Polygon would bounce again to the highs attained in February final yr, marking a notable milestone.
Earlier, in late December 2023, Poppe anticipated Polygon to the touch $1.30 after coming into the $0.89 to $0.96 area. However, the MATIC worth has plunged 20% since. Whilst, it’s estimated that the most recent prediction might come true provided that Polygon surges previous $0.89, aligning with the December evaluation.
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Polygon Price Loses 20% In A Month
Polygon has recorded a month-to-month lack of over 20% in its worth and is presently extending additional losses. Furthermore, the Polygon price prolonged beneath the $0.79 mark at present, marking one other downside. At press time, the MATIC worth was down by 1.70% to $0.787 on Monday, January 29, 2024.
Meanwhile, the Polygon market cap stood at $7.55 billion, indicating a 1.84% decline. In distinction, the crypto’s commerce quantity gained 8.37% to $270.31 million. During the day, MATIC soared to a peak of $0.8097 however ultimately slumped to a low of $0.7824. In addition, the crypto has misplaced 32% in worth within the final 12 months.
According to TradingView stats, Polygon’s RSI worth stands at 46.5730, indicating a impartial sentiment. On the opposite hand, the 50-day and 100-day EMAs of 0.8188 and 0.7937, respectively, counsel a bearish development because the MATIC worth is buying and selling beneath the EMA ranges. However, a short-term bullish sentiment will be recognized since Polygon is valued pretty above the 10-day EMA of 0.7768.
Also Read: Polygon Matic Price: Will Polygon Matic Keep Dropping in 2024?
The introduced content material could embody the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.
