The crypto market is bubbling with the apex cryptocurrency, Bitcoin, taking the lead from many angles. In fact, the approval of the spot Bitcoin ETF made more investors troop into the crypto market. So, one of the cryptocurrencies that could benefit from this is Polygon (MATIC). Apparently, experts are predicting as much as a 100x Increase for the token. But is this possible?
Polygon (MATIC) Bearish Market Signals
- Data from different market sources shows that Polygon (MATIC) was behaving a little differently from the broader crypto market. So, this comes at a time when the price of Bitcoin is reaching new levels. Apparently, there was a breakaway to more than $61k. Thus, it represents hope even for altcoins like Polygon (MATIC). However, the token wasn’t behaving like it was having a good time in the market.
- According to data from CoinMarketCap, the price of this token remained at $1.05. Furthermore, reports from other sources showed the token’s Weighted Sentient dropped significantly. Apparently, when a metric like this drops, it signifies bearish sentiments in the market.
- Even in the daily and weekly chart of this token, the increases aren’t as much as other altcoins. In fact, there are so many bearish signals in the daily chart. So, it is no wonder the average trading price as of 29th February was $0.9668. Despite all this bad news, there’s still a chance for MATIC to make a comeback in the market. In fact, the latest data from Captain Faibik shows MATIC might be ready for some meteoric surge.
Can Polygon (MATIC) Move to $2?
- From recent predictions from top analysts, MATIC could be gearing up for another round of bullish rallies. In fact, this round of bullish rallies could push MATIC to a 100x increase. Apparently, after this Polygon surge, the price of this token could increase to more than $2.
- Nevertheless, there will be some challenges before Polygon (MATIC) can hit this level. So, according to Hyblock Capital’s data, it shows that MATIC’s liquidation will increase substantially. This will happen when the price enters $1.08. Thus, high liquidation from this token could make the probe undergo some retracement. Apparently, after this price correction, the MATIC could go from being $1.05 to more than $2.
- Furthermore, indicators show that MATIC is having major issues in the market. The bears and bulls are fighting tooth and tooth on who will take over the price charts. Moreover, the Bollinger Bands and MATIC’s Chaikin Money Flow (CMF) show the token is in high volatility. Even the Relative Strength Index (RSI) is not in good shape. So, this means that investors might exercise patience before the price touches $2.
Wrapping Up
Polygon (MATIC) is one of the tokens to watch out for in the crypto market. So, there are speculations that this token has the potential of a 100x surge in the latest bullish cycle. Furthermore, this massive surge could potentially move the price of MATIC to $2. However, there are challenges to pass through before it can reach this level. First, it must overcome some of the bearish signals in the Bollinger Bands and MATIC’s Chaikin Money Flow (CMF).
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
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