MATIC drops 7%, $0.4 or $1 next?
Following the announcement, the price of Polygon’s native token dropped by about 7%. The token was trading at $0.54 at the time of publication and subsequently dropped to the $0.52 price range within 2 hours.
The price of MATIC dropped to the $0.51 support area and is currently hovering between $0.513 and $0.518. This performance represents a 4% retracement on the monthly chart. However, the token is showing green numbers on the weekly and biweekly timeframes, with an increase of 2%. In addition, MATIC’s daily activity has increased by 34%, with a daily trading volume of $374.7 million.
Some market observers have conflicting views on the performance of Polygon’s native token. Crypto analyst The Cryptonomist shared a bearish prediction for MATIC in the X post.
According to the post, the analyst emphasized that MATIC “broke out perfectly” from a “large rising wedge and higher TF resistance.” This suggests to the analyst that the coin will continue to fall even if a retest is possible. Therefore, she suggests a target price of $0.4.
Meanwhile, Zayk Charts says that MATIC is inside a descending wedge pattern on the macro chart. The analyst believes that a breakout from the bullish pattern could drive the stock price to the $1 range.
Crypto analyst Alex Clay believes that MATIC is in a “generational trough.” Clay highlights that the coin has seen a 20,000% return following a previous 630-day long channel accumulation.
The analyst believes that MATIC’s current 1,218-day long accumulation inside a symmetrical triangle could bring a double-digit price target. His prediction includes hitting resistance levels of $4.5, $7.1, and $9.75 before reaching the double-digit target.
