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HomeNewsPolygon (MATIC) Price Analysis: Is a Rebound to $1.50 in Sight?

Polygon (MATIC) Price Analysis: Is a Rebound to $1.50 in Sight?

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  • Polygon (MATIC) experiences a recent price drop, trading below $0.79.
  • Analyst Michaël van de Poppe anticipates a potential rebound to $1.50 in the upcoming bull run.

Polygon Price: Is MATIC Gearing Up For Rebound To $1.50?

Polygon (MATIC), a prominent cryptocurrency, has faced a significant price decline in recent times. However, an optimistic prediction by crypto analyst Michaël van de Poppe suggests that MATIC could rally beyond $1.25, potentially reaching $1.50 during the next bull market, offering hope to MATIC enthusiasts.

Analyst’s Insights on MATIC

According to a post by Michaël van de Poppe, the CEO and Founder of MN Trading Consultancy, Polygon appears to be on the verge of a reversal, with a price target ranging from $1.25 to $1.50. He highlights that MATIC has been maintaining support levels on higher timeframes, signaling a potential shift in market sentiment. Despite recent underperformance, Poppe remains optimistic about an impending upswing.

Price Projections

Based on Poppe’s analysis, MATIC could experience a remarkable 90% surge from its current price, which hovers around $0.79. Such an increase would bring Polygon’s price back to the levels achieved in February of the previous year, marking a significant milestone.

In late December 2023, Poppe initially expected MATIC to reach $1.30 after entering the $0.89 to $0.96 price range. However, the coin’s value has since declined by 20%. Poppe suggests that his latest prediction may only materialize if Polygon manages to surpass the $0.89 level, aligning with his previous analysis from December.

Recent Performance

Over the past month, Polygon has witnessed a substantial 20% loss in its value and continues to experience further declines. The price recently dipped below the $0.79 mark, highlighting the current challenges. As of January 29, 2024, MATIC is down by 1.70% to $0.787.

While the Polygon market capitalization has decreased by 1.84% to $7.55 billion, its trade volume has increased by 8.37% to $270.31 million. MATIC briefly reached a high of $0.8097 during the day but subsequently dropped to a low of $0.7824. Over the past year, the cryptocurrency has lost 32% of its value.

Technical Indicators

TradingView’s statistics reveal that Polygon’s Relative Strength Index (RSI) currently stands at 46.5730, indicating a neutral sentiment. The 50-day and 100-day Exponential Moving Averages (EMAs) of 0.8188 and 0.7937, respectively, suggest a bearish trend as MATIC trades below these levels. However, a short-term bullish sentiment is identifiable since Polygon’s price remains above the 10-day EMA of 0.7768.

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Bhushan Akolkar
Bhushan Akolkar
Bhushan is a FinTech enthusiast and possesses a strong aptitude for understanding financial markets. His interest in economics and finance has drawn his attention to the emerging Blockchain Technology and Cryptocurrency markets. He holds a Bachelor of Technology in Electrical, Electronics, and Communications Engineering. He is continually engaged in a learning process, keeping himself motivated by sharing his acquired knowledge. In his free time, he enjoys reading thriller fiction novels and occasionally explores his culinary skills. Business Email: info@ethnews.com Phone: +49 160 92211628
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