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Analysts Set MATIC’s Short-Term Target at $0.88: Historical Trends Suggesting a 99x Surge

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Polygon MATIC has slightly broken above the resistance level at $0.72 and has some signs of more increase. An established break here hints more at a high price momentum. The historical price history shows that volume peaks when price peaks, and the trend of high volume at peak and low volume at troughs indicates both strength in the currency’s position and more probability for the continuation of a breakout.

Crypto-analysts harbor the bullish notion regarding the upcoming momentum for MATIC, with trading volumes supportive of recent price action. Moves in price intraday happen with very high volume at key price levels, which hints at the potential for a bullish move as MATIC is well set up to post more growth in the sessions ahead.

As the altcoin market appears poised for a bull market, the token is setting the stage for significant price gains. The market sentiment remains bullish, especially with the much-anticipated approval of the Ethereum ETF, which could significantly impact the altcoin market, including MATIC. Investors are keenly watching how the altseason could drive its price to new heights.

MATIC Short-term Prediction Hints $0,88 Target

MATIC’s short-term movements indicate a bullish outlook, suggesting an imminent upward shift. Renowned crypto analyst Ai Martinez highlights a burgeoning bullish pattern in MATIC’s future momentum. Martinez notes that the token has been consolidating within a parallel channel for the past month. A breakout above $0.76 could potentially trigger a 17% surge, pushing the token’s price to $0.88.

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Currently, the token is attempting to break out of this channel, with its price hovering around $0.734031. It has a 24-hour trading volume of $591.99 million and a market cap of $5.88 billion. Over the last 24 hours, its price has decreased by 0.62%, while over the past week, it has seen a slight increase of 2.80%.

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Historical Trends Support MATIC’s Potential 99x Surge

JAVON MARKS, a well-known crypto analyst, has shared a bullish prediction on what the future price movements of Polygon (MATIC) will look like. As per the analyst, the token is on the brink of making a huge breakout. If this follows a full logarithmic pattern, then the next leg up of the cryptocurrency could potentially reach around $75, almost 99x its present value.

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Such is the guardedly bullish view from history. During the last market cycle, Polygon (MATIC) provided a stellar 29,000%+ profit, equivalent to a more-than-288x return. By that measure of performance, sayings of such magnitude can come in this cycle, meaning Marks’ forecast isn’t just achievable but likely.

Related Reading |  Surge in Solana ETF Approval: Analyst Suggests FIT21 as Catalyst 

MATIC’s Year-End Rally: Breaks $1 Barrier After 7 Months

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Polygon’s MATIC has secured its position among the top 5 trending tokens on the CoinGecko search list, marking a triumphant end to the year with significant milestones. After an impressive run, MATIC broke the $1 barrier, experiencing a remarkable 21% surge in just the past hour, securing its position among the top gainers.

Despite a less favorable mid-month performance, December has proven to be a turning point for the 12th-ranked token, now poised for a bullish conclusion to the year. A notable factor contributing to the bullish sentiment surrounding MATIC is the unwavering support from its large-scale holders, often referred to as whales. Analysts had previously anticipated that this substantial backing could propel the Polygon token to overcome the seven-month-old resistance.

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MATIC's Year-End Rally: Breaks $1 Barrier After 7 Months 5

Significantly, Polygon’s Whale addresses, which had been reducing their holdings earlier in the month, turned bullish in the days leading up to the successful breakout past $1. Since December 16, addresses holding between 1 million and 10 million MATIC tokens have seen a substantial increase of 55 million Polygon tokens, valued at over $44.5 million. This surge brought their total holdings to 931 million MATIC, reflecting renewed confidence and accumulation.

Incoming Double-Digit Growth For MATIC

Renowned Bitcoin analyst Doctor Profit, known for his accurate predictions in the crypto space, has shone the spotlight on the token, describing it as one of the most undervalued projects currently available. In a recent post, he encouraged his followers to consider entering the market, emphasizing that the altcoin remains a valuable investment below the $1 mark.

According to Doctor Profit, “MATIC is one of the most undervalued projects out there. If I hadn’t bought tons of it at $0.50, I would heavily enter now, as anything below $1 is a gift. Sooner or later, it’s an easy double-digit coin in the incoming bull. One of my favorite coins.”

As the altcoin continues to make significant strides and gather momentum, it remains a focal point for both enthusiasts and analysts anticipating further positive developments in the cryptocurrency market.
In the meantime, the transition from MATIC to POL has been activated on Ethereum’s mainnet. Although a specific timeframe hasn’t been outlined, one can track the continuous advancement and upcoming stages of the roadmap by referring to this link.