Digital asset analyst with X deal with Crypto Patel has lately shared a bullish prediction on MATIC value motion within the coming weeks. This forecast comes amidst MATIC’s poor efficiency within the final seven days, throughout which it misplaced 6.68% of its market worth, based mostly on knowledge from CoinMarketCap.
The Polygon native token had been one of many best-performing belongings in 2024 rising by over 76.38% between January to March. Nonetheless, the altcoin has now recorded a 22.83% decline over the past two weeks, drawing a lot concern over its future value motion.
$1.20 Value Degree Essential For MATIC Value Surge, Analyst Says
In a put up on X on March 23, Crypto Patel offered a bullish case for MATIC regardless of the token’s present downtrend, naming the forecast the “MATIC BULL RUN ROADMAP.”
Firstly, the analyst said {that a} MATIC bullish pennant was being shaped. For context, the bullish pennant represents a value sample that sometimes follows a string of upward motion in value (the flagpole) adopted by a interval of consolidation (pennant).
$MATIC BULL RUN ROADMAP 🚀
1⃣ #MATIC Forming Bullish Pennant In HTF
2⃣ 2021 Bull Run: Did 100x in Final bull Market After Bull Flag Breakout
3⃣ If MATIC/USDT Break $1.20 Degree in HTF then Prepared for $10-$15 Goal
4⃣ I’m Bullish in #POLYGON for Lengthy Run
5⃣ If Market Crash then… pic.twitter.com/FJEvGiHd4U— Crypto Patel (@CryptoPatel) March 23, 2024
A bullish pennant is characterised by converging trendlines, which signifies the continuation of the earlier uptrend as soon as the worth breaks out of consolidation. Importantly, Crypto Patel emphasised that MATIC’s bullish pennant was being shaped on a better timeframe (HTF), such because the weekly chart.
Following historic tendencies, the entire formation of the bullish pennant might end in Polygon native asset experiencing a 100x value improve within the extremely anticipated crypto bull run, as noticed in 2021.
Nonetheless, with a give attention to short-term targets, Crypto Patel has said that MATIC reaching the $1.20 value zone on the HTF might set off a surge to a spread of $10-$15, representing a possible 1500% acquire on the asset’s present value. Albeit, within the creation of an surprising crash, the crypto analyst expects MATIC may very well be considerably affected however ought to discover assist across the $0.60-$0.70 value zone.
MATIC Value Overview
On the time of writing, MATIC trades round $0.9817 with a 1.30% acquire within the final 24 hours. In the meantime, the token’s each day buying and selling quantity has declined by 31.82% and is valued at $291.65 million. With a market cap worth of $9.7 billion, MATIC is ranked the sixteenth largest cryptocurrency and one of many world’s most outstanding digital belongings.
MATIC buying and selling at $0.9771 on the each day chart | Supply: MATICUSDT chart on Tradingview.com
Featured picture from Freepik, chart from Tradingview
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