MATIC was one of many altcoins affected by the current market downturn triggered by the controversial Matrixport report on the Bitcoin spot ETF this week. This damaging sentiment pushed the cryptocurrency’s worth from buying and selling at practically $1 to beneath $0.85 in a single transfer.
Nevertheless, the tide appears to be handing over favor of the bulls, because the MATIC coin has jumped greater than 1.2% previously day. In actual fact, a well-liked crypto analyst on the X (previously Twitter) platform has sounded a purchase alarm for Polygon’s native token.
Can MATIC’s Worth Return To $0.96?
In a current publish on X, crypto analyst Ali Martinez has put ahead a bullish projection for the value of MATIC over the approaching days. In accordance with the crypto pundit, the cryptocurrency appears set to get better all its misplaced beneficial properties in a possible upward worth motion.
The reasoning behind this bullish prediction for the Polygon token revolves across the TD (Tom DeMark) Sequential indicator. For context, the Tom DeMark Sequential indicator is used to determine the precise time of pattern exhaustion and worth reversal.
#Polygon | The TD Sequential presents a purchase sign on $MATIC 4-hour chart.
A spike in shopping for stress across the present ranges may see #MATIC rebound, doubtlessly towards $0.88, and at the same time as excessive as $0.96. pic.twitter.com/lj96zgPh7k
— Ali (@ali_charts) January 6, 2024
Martinez famous in his evaluation that the TD indicator is presently flashing a purchase signal on MATIC’s 4-hour worth chart. Nevertheless, the crypto analyst highlighted {that a} bullish future for MATIC hinges on a spike in shopping for stress across the present worth ranges.
This might doubtlessly see the Polygon token climb towards $0.88 and as excessive as $0.96, Martinez stated. In the end, this bullish prediction depicts an nearly 16% surge from the present worth level.
It’s price noting that the Relative Energy Index (RSI) on the 4-hour timeframe, which tracks the bullish and bearish momentum of a token, is presently at 38.2. When the RSI is beneath 50, it might recommend that the token is witnessing some bearish momentum.
MATIC Worth Overview
As of this writing, the value of MATIC stands at $0.828969, reflecting a mere 1.2% enhance in the previous 24 hours. Polygon’s sluggish efficiency previously day emphasizes the altcoin’s struggles over the past seven days.
In accordance with information from CoinGecko, the MATIC price has declined by greater than 14% previously week. And this current market downturn noticed the cryptocurrency lose just about the entire earnings it accrued in December.
Nonetheless, MATIC ranks because the 14th-largest cryptocurrency within the sector, with a market capitalization of about $7.eight billion.
MATIC worth succumbs to bearish stress on the every day timeframe | Supply: MATICUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
Disclaimer: The article is offered for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding choices. Use info offered on this web site completely at your personal threat.
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