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 destructive sentiment pushed the cryptocurrency’s value from buying and selling at practically $1 to under $0.85 in a single transfer.
Nonetheless, the tide appears to be handing over favor of the bulls, because the MATIC coin has jumped greater than 1.2% up to now day. In reality, a preferred 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 submit on X, crypto analyst Ali Martinez has put ahead a bullish projection for the worth of MATIC over the approaching days. In accordance with the crypto pundit, the cryptocurrency appears set to recuperate all its misplaced features in a possible upward value 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 establish the precise time of pattern exhaustion and value reversal.
#Polygon | The TD Sequential presents a purchase sign on $MATIC 4-hour chart.
A spike in shopping for strain across the present ranges may see #MATIC rebound, probably 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 at present flashing a purchase signal on MATIC’s 4-hour value chart. Nonetheless, the crypto analyst highlighted {that a} bullish future for MATIC hinges on a spike in shopping for strain across the present value ranges.
This might probably see the Polygon token climb towards $0.88 and as excessive as $0.96, Martinez stated. In the end, this bullish prediction depicts an virtually 16% surge from the present value level.
It’s value noting that the Relative Power Index (RSI) on the 4-hour timeframe, which tracks the bullish and bearish momentum of a token, is at present at 38.2. When the RSI is under 50, it might counsel that the token is witnessing some bearish momentum.
MATIC Worth Overview
As of this writing, the worth of MATIC stands at $0.828969, reflecting a mere 1.2% improve in the previous 24 hours. Polygon’s sluggish efficiency up to now day emphasizes the altcoin’s struggles during the last seven days.
In accordance with information from CoinGecko, the MATIC value has declined by greater than 14% up to now week. And this current market downturn noticed the cryptocurrency lose nearly the entire income it accrued in December.
Nonetheless, MATIC ranks because the 14th-largest cryptocurrency within the sector, with a market capitalization of about $7.8 billion.
MATIC value succumbs to bearish strain on the every day timeframe | Supply: MATICUSDT chart on TradingView
Featured picture from iStock, chart from TradingView
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