He studied the price dynamics of the altcoin project, Ethereum’s largest scaling solution. Accordingly, analysts say that MATIC price is on the verge of a major rally. So much so that leading analyst Michäel van de Poppe predicts an increase of 200 to 60 times. He predicts that this will happen after the altcoin starts an uptrend.
“This altcoin is very close to the bottom”
Valdrin Tahiri, a prominent crypto analyst, said that MATIC bounced off the horizontal support at $0.74. He then determined that the altcoin price crossed the short-term descending resistance line. According to him, MATIC price tried to confirm the $0.74 resistance as support after that. As we reported as Kriptokoin.com, MATIC was trading at $ 0.94 at the time of writing.
CryptoCapo applied Elliott wave theory to the MATIC price trend. The theory refers to a technical analysis that looks for recurring long-term price patterns related to persistent changes in investor sentiment. The analyst discovered that MATIC price has completed the fourth wave of the five-wave downward move. Accordingly, he argues that the altcoin price is near the bottom. If this is true, Polygon price will complete the last leg of its five waves. Thus, it will enter a major uptrend after seeing $1.40.
“This indicator signals bullish for MATIC”
Crypto analyst CryptoFaibik has identified a bullish pattern on the MATIC price chart, called the Diminishing Widening Wedge Breakout. The aforementioned pattern is indicative of an upside reversal in altcoin price. After determining the model, the analyst made predictions about the upcoming levels of the price. According to him, MATIC will rally 217% from the current level for its price. Thus, it will hit the $1.97 price target.
“MATIC has 60x earning potential”
Prominent crypto analyst Michäel van de Poppe recently commented on the positive price movements of the stock market. The analyst believes that the rally in equities will continue to spill over into the crypto market. Van de Poppe then shifted his focus to other altcoin projects. These included MATIC, SOL, ATOM and AVAX. According to him, these cryptos have 20 to 60 times the probability of recording profits. Thus, they will get the highest bullish potential in the next bull cycle. As a result, Poppe says that MATIC and other altcoins he mentioned will be the stars of the bull market.
We are definitely ready for fireworks. The entire market looks set to continue to move heavily. Bitcoin and many altcoins broke above the 50-Day Moving Average. Bitcoin climbed above the 200-Week Moving Average. It seems to me that we will see a continuation of 100-200% in these altcoins.
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