Analyst Forecasts Bullish Breakout for Polygon
An analyst forecasts a bullish breakout for MATIC, projecting a potential surge to $1 in the near term.
Technical indicators suggest a buy order on the Polygon-USD daily chart, indicating a possible trend reversal.
Polygon’s dominant position, rich ecosystem, and anticipated upgrade to POL underpin its resilience against broader market bearishness.
Market Analyst’s Prediction
A prominent market analyst, Ali Martinez, has set his sights on Polygon (MATIC), predicting a potential bullish surge for the altcoin. Martinez, known for his astute market analyses, suggests that MATIC could soar to as high as $1 in the immediate future.
Technical Analysis
Delving into the technical indicators, Martinez highlights the TD Sequential indicator on the daily chart for Polygon-USD, signaling a buy order. This signal hints at an imminent shift in the trend, following a period of significant sell-offs that has weighed down the cryptocurrency for over a week.
As of the latest update, MATIC is trading at $0.8675, experiencing a slight decline of 3.57% over the past 24 hours. The downward trajectory in Polygon’s price has persisted over the past seven days, with a notable drop from its weekly high of $1.005 following a brief period of bullish consolidation from March 31 to April 1.
Market Potential
Martinez’s analysis suggests that if MATIC manages to maintain its position above the $0.87 mark, it could gather enough bullish momentum to surpass the $1 resistance level. Renowned for its collaborations with various blockchain projects, Polygon benefits from a thriving ecosystem that bolsters demand for MATIC.
This robust ecosystem could potentially shield Polygon from the broader bearish trends in the market. Furthermore, the anticipated upgrade of MATIC to POL represents a promising fundamental development that could further propel the token’s price in the long run.
