Based on crypto analyst Ali Martinez, Polygon (MATIC) is poised for main positive aspects amidst a wider correction prior to now seven days. Polygon is presently down by 9.2% prior to now seven days, however the analyst identified that MATIC is printing a textbook purchase sign on the each day chart.
In a recent analysis posted on social media platform X, Martinez famous that the TD Sequential technical evaluation presents a purchase sign in a possible value reversal.
Crypto Analyst Spots Purchase Sign for MATIC
Martinez is thought for his concise future outlooks relating to widespread cryptocurrencies, particularly Bitcoin, Ethereum, Solana, and Dogecoin. Nonetheless, he has now made a uncommon prediction relating to Polygon (MATIC).
On the time of writing, MATIC has principally traded beneath the $1 mark since March 29. However in line with the analyst, current value motion signifies that is poised to alter very quickly. Based on the 1D chart shared on social media, MATIC appears to have fashioned main help at $0.8733 and is displaying robust indicators of a possible bounce to the upside.
The TD Sequential presents a purchase sign on the $MATIC each day chart! If #MATIC stays robust above $0.87, we may see a rebound to $0.95, or higher but, $1! pic.twitter.com/YSEoH7JbV4
— Ali (@ali_charts) April 5, 2024
The TD sequential indicator has introduced a purchase sign within the type of a pink 9 candlestick, indicating the beginning of a brand new upward countdown. If MATIC holds above $0.87, it’ll affirm the purchase sign and certain spark a transfer to $0.95 to $1 and past. The final Polygon time noticed the same sign on the indicator, it went on a reasonable enhance from $0.95 to $1.08.
MATIC market cap presently at $8.9 billion. Chart: TradingView.com
What’s Subsequent For Polygon?
Polygon is presently present process basic adjustments that might decide its value trajectory for the remainder of the 12 months. Considered one of these is a deliberate improve to Polygon 2.0 and the change from the MATIC token to the POL token because the native fuel and staking asset of the Polygon ecosystem.
A by-product of this transformation could possibly be a lower in buying and selling exercise for MATIC, which in flip may result in a lackluster value motion. Nonetheless, MATIC does seem effectively positioned for additional positive aspects if the technical indicator proves correct and the general crypto market returns to a powerful bullish momentum. In consequence, it may collect sufficient power from the bulls to push above $1 once more.
Apparently, the token’s value motion has gone in the best way of Martinez’s evaluation since he dropped it. On the time of writing, MATIC is buying and selling at $0.9048, representing a 3.6% enhance from $0.8733. On a bigger timeframe, MATIC is presently 29% down from its yearly excessive of $1.2751 which it attained on March 13.
Featured picture from Pexels, chart from TradingView
