THE Polygon (MATIC) price suffered Polygon has seen a dip after a dip in recent months, pushing it to levels not seen since June 2022. This price drop has led to an 86.27% drop from its all-time high price of $2.92 recorded in 2021. However, the positive sentiment is slowly starting to fade among Polygon investors who have struggled with losses for most of the year, especially as one crypto analyst has predicted a revival for the altcoin.
Polygon on the road to a renaissance
Crypto analyst CobraVanguard has pointed a bullish formation on the Polygon (MATIC) chart that could send the price soaring from here. This formation known as the Ascending Triangle pattern has emerged at a time when investors seem to have lost hope in the altcoin.
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According to the chart shared on TradingView, the Ascending Triangle began in the month of August. Most notably, the formation resumed when the price dropped along with the crypto market towards the end of the bearish month of August. This formation continued throughout the month of September when the prices started recovering once again.
Not only has the bullish Ascending Triangle formed on the Polygon chart, but the crypto analyst points out that it is occurring within a Broadening Wedge pattern. This is important because a Broadening Wedge pattern is equally bullish for the altcoin’s price. Naturally, when Polygon price starts to recover within the broadening wedge, it is expected to reach the entire top of the pattern.
The first target for this bullish rally is $0.4671, which represents an increase of about 15% from here. The next target is $0.5442. Finally, as the polygon price moves to completely fill the broadening wedge, the crypto analyst expects the price to reach $0.6821.
A breakout from here would undoubtedly be a welcome development for Polygon investors, 95% of whom are currently in losses. According to data According to IntoTheBlock, only 3% of portfolios holding MATIC tokens are in profit, while 2% are at breakeven. This makes it one of the worst altcoins in terms of profitability so far this year.
MATIC becomes POL
Earlier this month, on September 4th, the Polygon network team ran a successful campaign migration that converted MATIC tokens to POL. POL is considered a “hyper-yielding token” that should help boost the Polygon network.
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Despite the expectation that followed migrationThe POL token (formerly MATIC) failed to move in a positive direction. The price is only up about 5% from its $0.38 price at the time of the migration, showing that the migration had little effect on the price.
However, expectations remain high for the altcoin, as investors hope that the fact that the POL token is now an altcoin with a brand new chart and without much price history is one of the things that boosts your recovery in the next.
Featured image created with Dall.E, chart from Tradingview.com