Polygon (MATIC), one of the large-cap cryptocurrencies, has been scrambling with a major price drop lately. However, a crypto analyst has rolled out an optimistic prediction for the Polygon price. The analyst expects MATIC to surge beyond $1.25 in the next bull run, indicating a relief for the crypto’s supporters.

Will Polygon Touch $1.50 Soon?

According to a post on X by Michaël van de Poppe, the CEO and Founder of MN Trading Consultancy, Polygon is poised for a reversal soon with a target range of $1.25 to $1.50. The analyst noted that the MATIC token has been maintaining higher timeframe support levels currently.

In addition, he stated that there has been a significant absorption of liquidity lately, indicating a potential bullish turn. However, Poppe also noted that the Polygon price has been underperforming recently. On the contrary, he added that despite the sluggish performance, he predicts an upswing to follow soon.

Polygon Price Chart Analysis, Source: Michaël van de Poppe | X

Based on the Polygon price analysis by Poppe, a 90% surge can be expected for MATIC, considering the current price trend orbiting around $0.79. Moreover, Polygon would bounce back to the highs attained in February last year, marking a notable milestone.

Earlier, in late December 2023, Poppe expected Polygon to touch $1.30 after entering the $0.89 to $0.96 region. However, the MATIC price has plunged 20% since. Whilst, it is estimated that the latest prediction could come true only if Polygon surges past $0.89, aligning with the December analysis.

Also Read: Polygon zkEVM Plots Major Upgrade, Here’s What Will Change

Polygon Price Loses 20% In A Month

Polygon has recorded a monthly loss of over 20% in its value and is currently extending further losses. Furthermore, the Polygon price extended below the $0.79 mark today, marking another drawback. At press time, the MATIC price was down by 1.70% to $0.787 on Monday, January 29, 2024.

Meanwhile, the Polygon market cap stood at $7.55 billion, indicating a 1.84% decline. In contrast, the crypto’s trade volume gained 8.37% to $270.31 million. During the day, MATIC soared to a peak of $0.8097 but eventually slumped to a low of $0.7824. In addition, the crypto has lost 32% in value in the last 12 months.

According to TradingView stats, Polygon’s RSI value stands at 46.5730, indicating a neutral sentiment. On the other hand, the 50-day and 100-day EMAs of 0.8188 and 0.7937, respectively, suggest a bearish trend as the MATIC price is trading below the EMA levels. However, a short-term bullish sentiment can be identified since Polygon is valued fairly above the 10-day EMA of 0.7768.

Also Read: Polygon Matic Price: Will Polygon Matic Keep Dropping in 2024?

The post Is Polygon (MATIC) Price Gearing Up For Rebound To $1.50? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am