LIVEA digital asset analyst named Crypto Patel believes that MATIC, the native token of Polygon, might reach $15 soon due to a bullish pennant formation. Despite a recent decline in MATIC's price, Patel is optimistic because of its strong performance earlier this year, with a notable increase between January and March.
Patel focuses on a bullish pennant pattern on the weekly chart, which indicates potential for a breakout. He points out that in 2021, MATIC experienced significant growth after a similar pattern, suggesting history could repeat itself. Patel suggests that if MATIC surpasses $1.20, it could surge to $10-$15.
While Patel is confident in MATIC's long-term prospects, he advises caution due to cryptocurrency market volatility. He suggests a strategic accumulation zone of $0.60-$0.70 in case of a market crash.
Currently, MATIC is trading around $0.9817 with a modest gain in the last 24 hours. However, its daily trading volume has decreased. With a market cap of $9.7 billion, MATIC ranks 16th among cryptocurrencies. Patel's prediction has generated interest in the community, but uncertainty remains about market volatility and the accuracy of his forecast.
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