23 April, 2024

Analyst Remains Bullish on MATIC, Forecasts Price Rally to $2

13 Mar, 2024

10 Apr, 2024

  • Sheldon_snipper’s analysis suggests MATIC’s potential for a significant upswing, possibly reaching $2 in the near term.
  • As the Ethereum mainnet readies for the Dencun upgrade, Polygon’s MATIC token experiences upward momentum, eyeing a breakthrough past the $1.25 resistance.
  • Should MATIC successfully flip $1.25 into support, investors anticipate a push towards $1.30, marking a significant yearly high amidst bullish sentiment.

Crypto analyst Sheldon_snipper predicts a bullish trend for MATIC, hinting at a potential surge towards the $2 mark in the near future. According to his analysis, MATIC appears poised for significant growth, echoing the broad positive movement in the market.

MATIC’s recent performance has drawn attention, with indications suggesting a potential ripple effect in its value. This forecast comes amidst the anticipated bull run, with MATIC positioned to capitalize on favorable market conditions.

At the time of writing, its MATIC token has gained 6.37% in the past day and is trading for $1.26. The token has gained a staggering 18% since last week, while the monthly gain has climbed to 40%. MATIC’s market capitalization has increased to $12 billion, a gain of over 6% today, while the daily trading volume has seen an increase of 5%, standing at $771 million.

MATIC/USD price chart: CoinMarketCap

Polygon, the top Layer 2 coin, is positioned on the brink of a potential rally as Ethereum’s mainnet gears up for the awaited Dencun upgrade. Recent market movements indicate cautious optimism among investors, with MATIC encountering resistance near the $1.25 mark. This resistance level, last seen tested in April 2023, serves as a pivotal point for the altcoin’s trajectory. 

Yesterday, there was a slight correction as MATIC faced resistance, but market conditions and investor interest suggest a favorable environment for further upward movement. Flipping the $1.25 resistance into support is deemed crucial for MATIC’s sustained rally, with a breakthrough potentially propelling the token towards $1.30, marking a new yearly high. 

Conversely, failure to maintain ground could see MATIC retracing towards the $1.15 support region. Losing this support level would invalidate the bullish thesis, risking a drop below the $1 mark.

MATIC/USD chart: TradingView

Looking at the technical front of Polygon’s daily chart, MATIC displays a steady uptrend as most of the indicators rally higher. The MACD indicator is positioned on the positive region as the MACD line climbs further above the signal line, suggesting a strong bullish momentum in play. The RSI is rallying toward the overbought region, currently at 66, indicating an incoming rally that could see MATIC break the current resistance level.



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