Based on crypto analyst Ali Martinez, Polygon (MATIC) is poised for main positive factors amidst a wider correction previously seven days. Polygon is at the moment down by 9.2% previously seven days, however the analyst identified that MATIC is printing a textbook purchase sign on the every day chart.
In a latest evaluation posted on social media platform X, Martinez famous that the TD Sequential technical evaluation presents a purchase sign in a possible worth reversal.
Crypto Analyst Spots Purchase Sign for MATIC
Martinez is understood for his concise future outlooks concerning widespread cryptocurrencies, particularly Bitcoin, Ethereum, Solana, and Dogecoin. Nevertheless, he has now made a uncommon prediction concerning Polygon (MATIC).
On the time of writing, MATIC has principally traded beneath the $1 mark since March 29. However in accordance with the analyst, latest worth motion signifies that is poised to vary very quickly. Based on the 1D chart shared on social media, MATIC appears to have shaped main assist at $0.8733 and is displaying sturdy indicators of a possible bounce to the upside.
The TD Sequential presents a purchase sign on the $MATIC every day chart! If #MATIC stays sturdy above $0.87, we might see a rebound to $0.95, or higher but, $1! pic.twitter.com/YSEoH7JbV4
— Ali (@ali_charts) April 5, 2024
The TD sequential indicator has introduced a purchase sign within the type of a crimson 9 candlestick, indicating the beginning of a brand new upward countdown. If MATIC holds above $0.87, it should affirm the purchase sign and certain spark a transfer to $0.95 to $1 and past. The final Polygon time noticed an identical sign on the indicator, it went on a reasonable improve from $0.95 to $1.08.
MATIC market cap at the moment at $8.9 billion. Chart: TradingView.com
What’s Subsequent For Polygon?
Polygon is at the moment present process basic modifications that would decide its worth trajectory for the remainder of the 12 months. Certainly one of these is a deliberate improve to Polygon 2.0 and the change from the MATIC token to the POL token because the native fuel and staking asset of the Polygon ecosystem.
A by-product of this variation may very well be a lower in buying and selling exercise for MATIC, which in flip might result in a lackluster worth motion. Nevertheless, MATIC does seem nicely positioned for additional positive factors if the technical indicator proves correct and the general crypto market returns to a powerful bullish momentum. Consequently, it might collect sufficient power from the bulls to push above $1 once more.
Curiously, the token’s worth motion has gone in the way in which of Martinez’s evaluation since he dropped it. On the time of writing, MATIC is buying and selling at $0.9048, representing a 3.6% improve from $0.8733. On a bigger timeframe, MATIC is at the moment 29% down from its yearly excessive of $1.2751 which it attained on March 13.
Featured picture from Pexels, chart from TradingView