Polygon’s Price Outlook: Analyst Foresees MATIC Surge
Polygon (MATIC), a major cryptocurrency, recently experienced a notable price drop, sparking concerns.
However, a crypto analyst, Michaël van de Poppe, offers an optimistic outlook, predicting a surge beyond $1.25 in the upcoming bullish phase.
Poppe sees signs of a potential reversal in Polygon, targeting a range of $1.25 to $1.50, emphasizing the current maintenance of higher timeframe support levels for MATIC. Despite recent underperformance, Poppe notes a positive shift with an absorption of liquidity, anticipating a 90% surge in MATIC, bringing it back to February’s highs.
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
In December 2023, Poppe initially projected Polygon to hit $1.30, but with a 20% decline since then, the latest forecast depends on Polygon surpassing $0.89.
READ MORE: Bitcoin Recovery: Analyst Indicates Possible Bottom Reached
Polygon’s monthly loss exceeds 20%, dipping below $0.79 on January 29, 2024, with a 1.70% decline to $0.787. Market cap decreased by 1.84% to $7.55 billion, while trade volume increased 8.37% to $270.31 million. MATIC reached $0.8097 but dropped to $0.7824, reflecting a 32% loss in the last 12 months.
Technical indicators show a neutral sentiment (RSI at 46.5730), with bearish trends in the 50-day and 100-day EMAs, yet short-term bullish sentiment above the 10-day EMA of 0.7768.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
