The altcoin in focus this time around is Polygon (MATIC), and an analyst has provided a detailed analysis of this crypto token. This analysis suggests that MATIC could experience a significant upward move in the near future. In this article, we will delve into the factors contributing to this projection and evaluate the potential growth of Polygon in the crypto market.
According to the crypto analyst JB, MATIC has experienced a decline following Bitcoin’s pullback. However, this unexpected move presents an opportunity for Polygon as it retraces to a particular area, which might set it up for an upward move. Based on JB’s projection, MATIC could surge to a price range of $0.87 to $1.36.
JB also considers the stochastic level, which initially suggested an overbought condition for MATIC. However, it has sharply corrected, indicating the possibility of another push to the upside for the crypto token. This indicates a potential upward move for MATIC.
There are certain factors that could hinder MATIC’s projection of an upward move. One of these factors is the current volumes observed across various cryptocurrencies. JB highlighted that the current volumes are not great, which has weakened the prices of these crypto tokens. This circumstance could potentially impede any projection of an upward move for MATIC.
Another factor that JB identifies as a potential downside risk for MATIC is the possibility of losing the cross above the 200 EMA (Exponential Moving Average). This indicates a potential dump, an unfavorable scenario for MATIC’s price movement.
JB emphasized the formation of a 5-wave pattern on different timeframes of the MATIC chart. However, he expressed uncertainty about whether the fifth wave is currently forming or if it could alternatively be an A, B, and C pattern. A push above $94.5 would suggest that the last wave is still to come, implying potential bullishness for MATIC.
While analysing MATIC’s price pattern on the charts, JB maintains a bullish outlook for the crypto token ahead of the imminent bull market. He previously set a target of $100 for MATIC in the next bull run and continues to stand by this projection. Furthermore, JB noted that a new structure forming on the charts suggests that MATIC could potentially rise even higher than $100.
JB believes that MATIC has the potential to become a “powerhouse” in the bull run and emerge as one of the standout altcoins. He attributes this to the potential approval of pending Ethereum Spot ETF applications. Considering MATIC’s significant role in the Ethereum ecosystem, it could be a major beneficiary if these applications receive approval.
At the time of writing, MATIC is trading at around $0.85, experiencing a moderate decline of over 1%, as reported by CoinMarketCap. It is important to note that cryptocurrency investments carry risks, and this article is solely provided for educational purposes. NewsBTC encourages readers to conduct their own research before making any investment decisions.
Based on the analysis provided by JB, there are indications that Polygon (MATIC) could experience a significant upward move in the crypto market. Factors such as the retracement area, stochastic level correction, and potential Ethereum Spot ETF approvals contribute to the projection of MATIC’s growth. However, weaknesses in trading volumes and the risk of losing the cross above the 200 EMA should also be considered. As with any investment, it is crucial to evaluate risks and conduct thorough research before making any decisions.