According to U.Today, top market analyst Ali Martinez has identified Polygon (MATIC) as a potential candidate for a bullish breakout. Martinez suggests that MATIC has the potential to reach as high as $1 in the near term. The TD Sequential indicator on the Polygon-USD daily chart presents a buy order, indicating a possible trend change. This comes after the cryptocurrency experienced a significant drawdown due to over a week of sell-offs.
At the time of the report, MATIC's price was $0.8675, a decrease of 3.57% in the past 24 hours. The bearish drawdown in Polygon is a sustained one, extending over the past seven days. After a mildly bullish consolidation from March 31 to April 1, MATIC saw a sharp decline from a weekly high of $1.005 to its current low. Martinez predicts that if MATIC can maintain a price above $0.87, it may gather enough momentum to push it back above the $1 resistance.
Polygon is a dominant Ethereum L2 chain and is the largest by market capitalization. It has gained significant recognition as one of the most developed L2s on the Ethereum mainnet. Known for its collaborations with other blockchain entities, Polygon has a robust ecosystem that supports demand for MATIC. This trend could potentially help it break free from the bearish trend in the broader market. The potential upgrade of MATIC to POL is another positive factor that could boost the token's price in the long term.