In the ebbs and flows of the cryptocurrency market, the altcoin MATIC has experienced its share of turbulence, recently being buffeted by a market downturn. This decline was catalyzed by the fallout from a polarizing report by Matrixport which cast doubt on the prospect of a Bitcoin spot ETF, an event which saw MATIC’s price plummet from just shy of one dollar to a lowly $0.85 in a swift downturn.
Yet, the landscape is showing signs of change, skewing positive for the fortunes of MATIC. The coin has seen a rebound, climbing over 1.2% in the last 24 hours, signaling a possible resurgence. Crypto analysts are buzzing, and amongst them, a prominent voice on the X platform has raised the buy signal for Polygon’s native token, bolstering sentiment around the asset.
The question on everyone’s minds is straightforward yet tantalizing: Can MATIC’s price ascend to the $0.96 mark?
Ali Martinez, a recognized figure in the crypto analysis sphere, has recently shared his perspective on MATIC’s trajectory. His bullish stance is predicated on the Tom DeMark (TD) Sequential indicator, a tool known for its precision in pinpointing the moment when a trend is overextended and ripe for a reversal. Martinez’s reading of the indicator suggests an incoming buy signal on the 4-hour chart for MATIC, intimating that an increase in buying pressure could catapult the token’s value toward $0.88, and possibly reach heights of $0.96. Such movement would represent a near 16% surge from its current position.
It’s important to contextualize this prediction with the current Relative Strength Index (RSI) standing on the 4-hour chart, which sits at 38.2, indicating bearish momentum. The RSI being below the neutral 50-point mark suggests that MATIC may still be grappling with negative sentiment.
In assessing the price at the time of writing, MATIC is valued at $0.828969, reflecting this modest 1.2% gain over 24 hours, a sharp contrast to its past week’s performance, which saw a steep decline of over 14%. This downturn effectively erased the encouraging profits seen in December, yet MATIC maintains its standing as the 14th-largest cryptocurrency by market cap, currently estimated at around $7.8 billion.
In the volatile realm that is the cryptocurrency market, tools like the TD Sequential indicator and meticulous analysis provide invaluable insights for investors seeking to navigate these choppy waters. While MATIC’s recent past graphs a rocky story, the chapters ahead could be penned with a return to bullish fortune, should the current buying pressure sustain and potential buyers heed the call of analysts.