Expert Targets $57 for MATIC by 2025 if Key Support Holds
The post Expert Targets $57 for MATIC by 2025 if Key Support Holds appeared on BitcoinEthereumNews.com.
The Polygon native token, MATIC, has recently experienced a sharp decline, losing almost 30% of its value within the last month. Notably, the token reached a local low of $0.30, a level recognized for its historical significance as a key support point. However, after this decline, MATIC showed signs of recovery last Monday, which has led analysts to predict the possibility of a significant rally in the near future. Key MATIC Support at $0.30 Ali Martinez, a prominent analyst on X, highlighted the importance of the $0.30 support level. He pointed out that while MATIC could see substantial gains if the altcoin season begins, a weekly close below $0.30 would invalidate any bullish predictions. Martinez’s analysis spans MATIC’s price action over several years, starting from 2021. During this period, MATIC experienced considerable volatility with notable peaks and troughs. Ali Martinez price target In the initial uptrend from 2021 to 2022, MATIC saw a strong rise, peaking above $2.3. However, from 2022 onwards, the token entered a corrective phase featuring lower highs and lows. This period was marked by a downward-sloping trendline, which MATIC has struggled to break. As of August 2024, the token’s price has recently touched the 0.618 Fibonacci retracement level. Following this period, Martinez’s chart suggests an aggressive price target of over $57.5188 by mid 2025, representing a potential increase of 15,169.31% from current levels. Other Analysts Concur Notably, another analyst, Javon Marks, supports this bullish thesis. Marks predicts a potential climb to new all-time highs and above $3, representing a 558% increase from the local low. Javon Marks analysis chart His analysis indicates a bullish continuation pattern, often identified as a flag or pennant formation, which could signal a significant rally if the price breaks out of its current consolidation phase. Volume Indicators and Short-Term Outlook Supporting the…
Filed under: News - @ August 14, 2024 7:19 am