As a seasoned crypto investor with a knack for spotting trends and patterns, I’ve seen my fair share of market fluctuations. The recent downturn of Polygon (MATIC) has been disheartening, to say the least, but I’m always on the lookout for silver linings in these situations.
Over the past few months, the value of Polygon (MATIC) has plummeted repeatedly, dropping to prices last seen in June 2022. This series of drops represents an 86.27% decrease from its all-time high price of $2.92, which was reached in 2021. Yet, there’s a hint of optimism growing among Polygon investors, who have endured losses for much of the year. This optimism stems partly from predictions by certain crypto analysts that Polygon could stage a comeback, suggesting potential recovery for this altcoin.
Polygon On Its Way To A Revival
According to crypto expert CobraVanguard, an optimistic structure called the Ascending Triangle pattern is emerging in the Polygon (MATIC) chart, which might propel its price significantly higher. This bullish setup has surfaced at a moment when it appears that investors have lost faith in this altcoin.
Based on the chart posted on TradingView, it appears that an Ascending Triangle pattern started in August. Initially, this structure was noticed when the price plunged along with the broader crypto market, marking the end of a bearish August. This pattern persisted into September as prices started to rebound again.
As an analyst, I’ve noticed that an Ascending Triangle has formed on the Polygon chart, and here’s the interesting part: this formation is happening within a broader context of a Broadening Wedge pattern. This combination is noteworthy because a Broadening Wedge pattern often indicates a bullish outlook for the altcoin’s price. In other words, when the Polygon price begins to rebound inside the Broadening Wedge, it’s likely to climb all the way up to the top of this pattern.
Initially, the projected bullish surge aims for approximately a 15% rise to reach around $0.4671. Following this, the target shifts to $0.5442. Ultimately, as the Polygon price fills in its Broadening Wedge pattern, cryptocurrency analysts anticipate it will soar to $0.6821.
A breakout for Polygon investors would undoubtedly be a positive change, as 95% of them are currently experiencing losses. As per IntoTheBlock’s data, merely 3% of MATIC token holders are making a profit, with another 2% at breakeven. This puts Polygon among the least profitable altcoins in terms of returns this year.
MATIC Becomes POL
A couple of weeks ago, on September 4th, the Polygon network team executed a migration that changed MATIC tokens into POL. It’s said that POL functions as a “super productive token,” intended to propel the Polygon network’s progression further.
Regardless of the high expectations surrounding the token’s migration, the POL (previously MATIC) has yet to demonstrate significant positive movement. The price increase stands at approximately 5% from its initial migration price of $0.38, suggesting that the migration did not significantly impact the price.
Nevertheless, there continues to be considerable optimism surrounding the altcoin, as investors anticipate that being a fresh asset on the market, with limited price history, will contribute significantly to its potential rebound in future.
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2024-09-23 17:10