Polygon (MATIC) Poised for a Meteoric 85% Rise, Says Analyst

• Polygon (MATIC) is expected to surge by up to 85% from its current price of $0.817, according to analyst Michaël van de Poppe.

• Technical indicators show bullish potential for MATIC, but there’s a possibility of a temporary dip in price due to profit booking.

Renowned crypto strategist Michaël van de Poppe has made a compelling prediction regarding Polygon (MATIC). With a growing following of over 692,000 followers on the social media platform X, Van de Poppe suggests that Polygon has the potential to experience a substantial bullish trend, potentially surging by as much as 85% from its current trading price of $0.80.

Request 05 – $MATIC

Higher timeframe support levels have been holding and liquidity has been taken.

I’m expecting another upwards push, although $MATIC has also been underperforming.

Next rally could be to $1.25-1.50 region. pic.twitter.com/Ir0YDbWNS3

— Michaël van de Poppe (@CryptoMichNL) January 28, 2024

Van de Poppe’s analysis revolves around the strength of the support levels on higher timeframes and liquidity stability within the MATIC market. Despite MATIC’s recent underperformance, these support levels have proven resilient, providing a promising foundation for potential price growth.

While acknowledging MATIC’s recent underperformance, Van de Poppe remains optimistic, anticipating another significant upward push in its price. His prediction targets a price range of $1.25 to $1.50 for the next rally, which could signal a substantial increase in value for Polygon (MATIC) investors.

Recent Price Momentum:

Over the past few days, Polygon (MATIC) has exhibited remarkable strength, surging by 10-12% to surpass the $0.80 mark. This surge, however, has not been without its challenges, as the token faces bearish pressure. Yet, the Relative Strength Index (RSI) remains promising, indicating the potential for an enduring upward trajectory, with a price target of $0.90 looming on the horizon.

Taking a closer look at the technical indicators, the overall outlook for MATIC appears bullish. The Relative Strength Index (RSI) is rising, signaling an increase in momentum. Furthermore, the Moving Average Convergence Divergence (MACD) has crossed above its signal line, while the Awesome Oscillator (AO) displays green histogram bars inching towards the positive territory. These indicators collectively favor the upside and indicate a favorable environment for buyers.

As MATIC continues its upward journey, it faces key resistance levels. The 100-day Simple Moving Average (SMA) at $0.8101 and the subsequent 50-day SMA at $0.8511 are significant hurdles to overcome. A successful breach of these levels would bring the supply zone into focus, ranging from $0.8828 to $0.9274. A pivotal moment would be a break and close above the midline at $0.9047, confirming the continuation of the intermediate bullish trend.

In an optimistic scenario, Polygon (MATIC) could flip the supply zone into a bullish breakout. This would be confirmed by a break and close above the $0.9702 resistance level, indicating a substantial 20% surge above current levels. The psychological $1.0000 level would then become the next target for this cryptocurrency.

Polygon Labs’ Upcoming Upgrade:

In addition to the price analysis, it’s essential to consider the fundamental factors at play. Polygon Labs has announced its plans for the second version of its network, introducing the “AggLayer” in February. This upgrade holds significant importance as it aims to tackle fragmented liquidity and scalability issues.

The AggLayer is designed to unify liquidity on the Polygon network, allowing developers to connect various blockchains using zero knowledge proofs while leveraging Ethereum for settlement. This step forward aligns with Polygon’s mission to enhance its network’s overall performance and functionality, which could have a lasting impact on MATIC’s long-term value.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.