MATIC was one of the altcoins affected by the recent market downturn triggered by the controversial Matrixport report on the Bitcoin spot ETF this week. This negative sentiment pushed the cryptocurrency’s price from trading at nearly $1 to below $0.85 in a single move.
However, the tide seems to be turning in favor of the bulls, as the MATIC coin has jumped more than 1.2% in the past day. In fact, a popular crypto analyst on the X (formerly Twitter) platform has sounded a buy alarm for Polygon’s native token.
Can MATIC’s Price Return To $0.96?
In a recent post on X, crypto analyst Ali Martinez has put forward a bullish projection for the price of MATIC over the coming days. According to the crypto pundit, the cryptocurrency looks set to recover all its lost gains in a potential upward price movement.
The reasoning behind this bullish prediction for the Polygon token revolves around the TD (Tom DeMark) Sequential indicator. For context, the Tom DeMark Sequential indicator is used to identify the exact time of trend exhaustion and price reversal.
#Polygon | The TD Sequential presents a buy signal on $MATIC 4-hour chart.
A spike in buying pressure around the current levels could see #MATIC rebound, potentially toward $0.88, and even as high as $0.96. pic.twitter.com/lj96zgPh7k
— Ali (@ali_charts) January 6, 2024
Martinez noted in his analysis that the TD indicator is currently flashing a buy sign on MATIC’s 4-hour price chart. However, the crypto analyst highlighted that a bullish future for MATIC hinges on a spike in buying pressure around the current price levels.
This could potentially see the Polygon token climb toward $0.88 and as high as $0.96, Martinez said. Ultimately, this bullish prediction depicts an almost 16% surge from the current price point.
It is worth noting that the Relative Strength Index (RSI) on the 4-hour timeframe, which tracks the bullish and bearish momentum of a token, is currently at 38.2. When the RSI is below 50, it may suggest that the token is witnessing some bearish momentum.
MATIC Price Overview
As of this writing, the price of MATIC stands at $0.828969, reflecting a mere 1.2% increase in the past 24 hours. Polygon’s sluggish performance in the past day emphasizes the altcoin’s struggles over the last seven days.
According to data from CoinGecko, the MATIC price has declined by more than 14% in the past week. And this recent market downturn saw the cryptocurrency lose virtually all of the profits it accrued in December.
Nevertheless, MATIC ranks as the 14th-largest cryptocurrency in the sector, with a market capitalization of about $7.8 billion.
MATIC price succumbs to bearish pressure on the daily timeframe | Source: MATICUSDT chart on TradingView
Featured image from iStock, chart from TradingView
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