The native token of the Polygon network, MATIC, has been charting an exhilarating course amid a dynamic few weeks for several altcoins. Despite a bullish trend, the cryptocurrency has consistently shied away from surpassing the coveted $1 threshold, encountering resistance around the $0.9 level.
Yet, there’s an air of anticipation as the currents could be shifting for MATIC, thanks to the forecast of a noted crypto analyst. The question on everyone’s mind: could the token’s value potentially soar by 100%?
Ali Martinez, a prominent name in the world of crypto analytics, has presented an optimistic outlook for MATIC’s imminent price trajectory. Through a keen analysis on a well-known social platform, Martinez divulged that the token may be on the cusp of a significant breakout that could potentially see its price doubling.
Central to Martinez’s analysis is the symmetrical triangle pattern emerging on MATIC’s weekly price chart. This pattern notably hovers at the $0.96 pivot, a point aligning with the 50% Fibonacci retracement level. Martinez takes to social media, addressing an eager audience with the proposition, “a daily or weekly candlestick close above $0.96 could be the catalyst that propels MATIC into a bullish breakout.”
Should this vital level be eclipsed, Martinez postulates that we could see MATIC’s price skyrocket towards $1.82—a bold call that suggests an almost 100% hike from the prevailing price. Presently, the token is valued at $0.905165, slightly down by nearly 2% over the last day, yet it holds the significant position of the 15th-largest cryptocurrency by market cap, approximated at $8.42 billion.
The optimism doesn’t halt there, as on-chain data denotes yet another compelling indication. According to IntoTheBlock, an analytics firm whose data Martinez cites in an earlier post, about 42,000 addresses accumulated approximately 5.8 billion MATIC tokens in the $0.80 to $0.86 bracket. This accumulation creates what’s considered a “key” support zone.
MATIC’s plunge into the charts reveals a conspicuous narrative: with a sparsity of large-scale investors just above its current value, the cryptocurrency seems queued for a bullish escalation. Martinez reaffirms, “Given the minimal resistance ahead, Polygon seems primed for a bull run, provided that this level holds firm.”
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