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- MATIC could soon rise towards $1.5 if there is an upside breakout
- Before we target $1.5, MATIC needs to break the $0.54 level on the charts.
ribbed [MATIC] Investors have had a tough time lately, with the token’s price steadily declining on the charts. Now, as disturbing as this may sound, MATIC may soon have a trick up its sleeve, which could see it touch $1.5 in the coming weeks or months.
Polygon Recovery Plan
According to CoinMarketCap DataMATIC has seen a double-digit price drop in the past month, dropping by 16% in value. At the time of writing, the coin is trading at $0.4233 with a market cap of over $4.2 billion, making it the 21st largest cryptocurrency.
The massive price drop has led to most investors losing money. Specifically, only 2% of MATIC investors have made a profit at the time of writing.
Source: IntoTheBlock
According to our analysis of Santiment data, MATIC sentiment has entered the negative territory.
Whenever this happens, it indicates that bearish sentiment around the token is dominating the market. However, its trading volume on social media spiked on August 8, reflecting its popularity in the crypto space.
Meanwhile, ZAYK Charts, a popular crypto analysis firm, shared, tweet Highlighting an interesting development.
According to the tweet, a bullish pattern has formed on the MATIC price chart. Similar patterns have appeared on the MATIC chart in the past, leading to bullish spikes. Therefore, if history repeats itself, MATIC could soon be in the green on its chart. In fact, the spike could allow the token to reach $1.5.
Source:X
MATIC’S UPCOMING GOALS
As the possibility of MATIC reaching $1.5 in the near term seems ambitious, AMBCrypto took a closer look at the token’s status.
We found that investors were buying MATIC. This was the case as the supply on exchanges decreased somewhat while the supply off exchanges increased. However, the MVRV ratio continued to remain low – a bearish sign.
Source: Santiment
Finally, the symbol’s Relative Strength Index (RSI) has settled into the oversold zone. This could help increase buying pressure, thus pushing MATIC’s price higher.
Chaikin Fund Flow (CMF) also registered a sharp rise while the token price touched the lower bound of the Bollinger Bands – increasing the chances of an altcoin price rally.
Is Your Investment Portfolio Green? Check MATIC PROFIT CALCULATOR
In case of a bullish takeover, MATIC price may first reach $0.54. Since liquidations will spike at this level, there will be chances of a price correction in the near term.
A successful break above this level would allow the altcoin to target the $0.6 level. However, if the downtrend continues, the cryptocurrency could drop to the $0.33 level.
Source: Hyblock Capital
