Digital asset analyst with X handle Crypto Patel recently shared an optimistic prediction about MATIC price movement in the coming weeks. This forecast comes amid MATIC’s poor performance over the past seven days, during which it lost 6.68% of its market value, based on data from CoinMarketCap.
The native token Polygon was one of the best performing assets in 2024, increasing over 76.38% between January and March. However, the altcoin has now recorded a drop of 22.83%. in the last two weeksattracting much concern about future price movement.
$1.20 Price Level Critical for MATIC Price Rise, Says Analyst
On a post to X on March 23, Crypto Patel presented a bullish case for MATIC despite the token’s current downtrend, naming the prediction “MATIC BULL RUN ROADMAP.”
Firstly, the analyst stated that a bullish pennant for MATIC was forming. For context, the bullish pennant represents a price pattern that typically follows a series of upward movements in price (the flagpole) followed by a period of consolidation (pennant).
$MATIC BULL RUN SCRIPT 🚀
1⃣ #MATIC Forming Bullish Pennant in HTF
2⃣ Bull Run of 2021: made 100x in the last bull market after the bull flag broke
3⃣ If MATIC/USDT breaks $1.20 level in HTF then ready for $10-$15 target
4⃣ I am optimistic about #POLYGON for long term
5⃣ If the market crashes then… pic.twitter.com/FJEvGiHd4U-Crypto Patel (@CryptoPatel) March 23, 2024
A bullish pennant is characterized by converging trendlines, which indicates the continuation of the previous uptrend once the price breaks out of consolidation. Importantly, Crypto Patel emphasized that the MATIC bull pennant was being formed on a higher time frame (HTF) such as the weekly chart.
Going by historical trends, the complete formation of the bullish pennant could result in the native asset Polygon experiencing a 100x price surge in the highly anticipated crypto bull run as seen in 2021.
However, focusing on short-term goals, Crypto Patel stated that MATIC reaching the $1.20 price zone on the HTF could trigger a rise to a $10-$15 range, representing a potential gain of 1,500% on the current price of the asset. Although, in the advent of an unexpected drop, the crypto analyst expects that MATIC could be significantly affected, but it should find support around the $0.60 to $0.70 price zone.
MATIC Price Overview
At the time of writing, MATIC is trading around $0.9817 with a gain of 1.30% in the last 24 hours. Meanwhile, the token’s daily trading volume has decreased by 31.82% and is valued at $291.65 million. With a market cap of $9.7 billion, MATIC ranks as the 16th largest cryptocurrency and one of the most prominent digital assets in the world.
MATIC trading at $0.9771 on the daily chart | Source: MATICUSDT chart on Tradingview.com
Featured image from Freepik, chart from Tradingview
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