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Crypto Analyst Predicts 100% Price Surge For MATIC - Here’s What Needs To Happen
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Crypto Analyst Predicts 100% Price Surge For MATIC – Here’s What Needs To Happen

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
XRP Price

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MATIC, the native token of the Polygon network, has been on an exciting run in the past few weeks, like several other altcoins in the market. Despite the positive price performance, the cryptocurrency has not been able to return above the $1 mark, seemingly facing rejection at the $0.9 zone.

However, it appears that the tides might be changing for MATIC following a crypto analyst’s projection. 

Will MATIC Price Skyrocket 100% If This Happens?

Prominent crypto analyst Ali Martinez has put forward their bullish projection for the MATIC price in the near future. In a post on the X platform, the analyst revealed that the altcoin could be set for a bullish breakout that could catapult its price to double its current value.

Martinez’s prediction revolves around the symmetrical triangle pattern forming on the Polygon weekly price chart. Interestingly, the MATIC triangular formation is around the $0.96 price point, intersecting with the 50% Fibonacci retracement level.

Keep your eyes on #Polygon! A daily or weekly candlestick close above $0.96 could be the spark for a bullish $MATIC breakout.

If this key level is breached, we might witness #MATIC surging toward $1.82! pic.twitter.com/M9bz3myRVi

— Ali (@ali_charts) December 9, 2023

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This pattern forms a basis of Martinez’s projection, as the analyst believes “a daily or weekly candlestick close above $0.96 could be the spark for a bullish MATIC breakout.” According to the analyst, a break through this critical price level could send the altcoin to $1.82.

This projection represents an approximately 100% rally from the current price point. As of this writing, the Polygon token is valued at $0.905165, reflecting a nearly 2% price decline in the past 24 hours. Nevertheless, MATIC ranks as the 15th-largest cryptocurrency, with a market capitalization of roughly $8.42 billion.

On-Chain Data Reveals Minimal Resistance Ahead

A particular on-chain data revelation adds even more strength to Martinez’s $1.82 projection for MATIC price. In an earlier post on X, Martinez revealed that the Polygon token might be set to go on a bullish run.

This theory is based on price data from the analytics platform IntoTheBlock. According to the blockchain platform, about 42,000 addresses purchased 5.8 billion tokens between $0.80 and $0.86, making the price range a “key” support zone.

MATIC

42,000 addresses purchased 5.8 MATIC billion tokens between $0.80 and $0.86 | Source: Ali_charts/X

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As displayed in the chart above, the small size of the dots indicates the low density of investors and no major on-chain resistance above the current MATIC price. “Given the minimal resistance ahead, Polygon seems primed for a bull run as long as this level holds,” according to the analyst.

MATIC

MATIC price hovers around the $0.9 mark on the daily timeframe | Source: MATICUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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