MATIC rebounds from $0.34 key support, sparking hopes for a 600% surge, experts predict.
Analysts forecast MATIC could climb to $2.923 if it maintains crucial support levels.
MATIC's $0.34 support level is critical; a rebound here could lead to potential gains exceeding 558%.
Polygon's native token, MATIC, experienced heavy market volatility recently, reflected in its loss in value over the last month. The crypto plunged by nearly 15%, keeping up with general trends. However, according to analysts, it has shown resilience from the $0.34 low, which is reportedly a key level of support. Analysts have identified this price point as a critical support level and anticipate a potential major upsurge in its value.
Analyst Predictions on MATIC's Future
This Monday, a notable shift was observed when Cryptorphic, a known crypto analyst, predicted a potential surge exceeding 600% in MATIC's value, provided it maintains its current support levels. The prediction came after MATIC rebounded from the crucial $0.34 support level, which Cryptorphic interprets as part of a bullish triangle pattern. If MATIC successfully holds above this support range, it could escalate to $2.923.
https://twitter.com/Cryptorphic1/status/1822853968248340600
Cryptorphic's analysis indicates that MATIC, which has experienced a 30% drop, is at a critical support level ranging from $0.316 to $0.387, which could lead to substantial gains at $2.923.
Another crypto analyst, Javon Marks, supports this view and suggests a bullish future for MATIC. Marks projects that the token could surpass its previous highs, reaching above $3, representing an increase of over 558%. Marks cited Polygon's history of rapid growth during previous cycles as a basis for this potential.
Technical and On-Chain Insights
Adding to the narrative, Alex Clay provided a technical perspective, labelling the current market conditions as a "generational bottom" for MATIC. According to Clay, the token is amid a significant accumulation phase, marked by a 1,218-day presence in a symmetrical triangle pattern.
This pattern follows a 630-day accumulation period that resulted in gains up to 20,000%. Clay's analysis sets forth potential price targets of $4.50, $7.10, and $9.75, indicating the possibility for substantial growth.
On-chain data further supports the growing interest in MATIC despite its recent price challenges. Current figures from Coinglass show that Polygon’s Open Interest (OI) has fallen to $104.46 million, reaching levels last seen during the bear market in June 2022. This dip in OI is often viewed as a reduction in trader engagement and bearish sentiment, historically preluding significant price recoveries.
Market Impact and Future Outlook
Despite recent declines, MATIC recently touched a two-year low of $0.34, which left 97% of its holders at a loss. However, this considerable downturn has sparked optimism among investors for a potential rebound, especially given the historical significance of its current support levels.
As the broader market stabilizes, MATIC has the potential to regain and exceed the $0.50 mark, bolstered by solid technical indicators and analyst forecasts. Currently, MATIC trades at $0.418, showing a slight increase of 0.12% over the last 24 hours.
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