MATIC’s Descent Sparks Speculation on $1 Target’
  • The question looming for investors is whether MATIC has a chance of hitting the $1 price milestone by the end of April.
  • According to Bixley’s analysis, potential price targets after the breakout include $1.2, $5.4, and an ambitious $55.

Polygon’s token MATIC experienced a significant decline, dropping 55% before showing signs of recovery on April 13th. His subsequent 28% price increase encountered resistance at $0.76, a level that previously served as support. Investors are now wondering if the April 13 low marks the start of a new uptrend for MATIC, or if this recovery is simply a reaction to oversold conditions.

According to IntoTheBlock’s on-chain data, the majority of Polygon addresses, approximately 81.45%, are currently unprofitable. Conversely, only 14.3% of addresses purchased MATIC at a price lower than its current value. This data suggests reluctance among investors to sell at a loss, which could indicate bullish sentiment.

If a large proportion of token holders are profiting, the risk of profit taking increases and may lead to downward pressure on the price. Conversely, investors’ willingness to bear losses may support the token’s price.

An examination of trading data reveals a relatively benign market environment, with a downward trend in activity observed since April 19th. Additionally, there are no significant transactions. matic whale Not intervening in the market. A change in this pattern could trigger a new rally in MATIC, but there is no sign of increased interest at this point.

Derivatives markets also reflect this subdued sentiment, with both open interest and funding rates stable since their April 13 lows.

Analyst criticism raises doubts

in Tweet, Michael van de Poppe expressed his disappointment with Polygon’s performance, which showed a significant underperformance compared to market expectations. Van de Poppe’s comments have raised concerns among investors, prompting them to re-evaluate their positions in MATIC amid continued market volatility.

Despite the criticism, Van de Poppe suggested there is a potential investment opportunity if MATIC falls another 30%. Such a decline could signal a price rotation and attract investors looking for an entry point. However, there is still uncertainty regarding MATIC’s rebound ability. Reach the coveted $1 mark By the end of April.

The question looming for investors is whether MATIC has a chance of hitting the $1 price milestone by the end of April. Predicting the future trajectory of MATIC remains difficult as market sentiment fluctuates and external factors such as Bitcoin performance and regulatory developments impact the cryptocurrency’s price.

Analysts predict upward momentum

Bixley, a well-known cryptocurrency analyst, recently shared an optimistic view About Polygon’s price trajectory. Bixley points to a bullish trend line just above the current $0.7 level, suggesting that a break of this trend line could pave the way for significant price gains. Analysts are expecting a significant rally if MATIC succeeds in breaking out of the trend line, similar to Ethereum’s early days.

According to Bixley’s analysis, Potential price targets after breakout Includes $1.2, $5.4, and an ambitious $55. These targets represent significant increases from 70% to a staggering 7,800%, highlighting the potential for significant gains if a bullish scenario plays out.

In contrast to Bixley’s optimism, there is another view. cryptocurrency analyst Concerns have been raised that Polygon’s weekly chart is showing bearish signals. The analyst highlights the formation of a death cross, which occurs when a short-term moving average breaks below a long-term moving average, warning of a possible price decline for MATIC.

A chart presented by a bearish analyst suggests a 70% downside potential from current levels, which could push MATIC below $0.2. This grim outlook is causing anxiety among investors who fear further losses if a bearish scenario materializes.

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