The MATIC price has been a major source of disappointment for investors throughout this year, experiencing a significant drop from $1.5 to $0.5. This extended bear trend has understandably dampened investor morale, but amidst the gloom, one analyst sees a potential redemption in the future of the altcoin. Crypto analyst FieryTrading recently shared their analysis of the MATIC price on TradingView, painting a bullish picture for the altcoin with a projected surge of 220% to $1.5.
FieryTrading points out that MATIC has long been caught in a sell-off trend that has plagued it throughout the year. However, recent strength in Bitcoin and subsequent follow-through in altcoins like MATIC have finally broken the sustained selling pressure. According to FieryTrading’s analysis, MATIC has managed to break out of the bearish resistance that has held it back for so long.
While FieryTrading presents an optimistic forecast for MATIC, not everyone agrees with this analysis. One user expressed their dissent in the comment section, arguing that the MATIC price will continue to fall and reaching $1 is unlikely. This user claims to have insider information from their involvement in a major project over the last year, suggesting that both MATIC and Ethereum could face further declines. Their cautionary words serve as a reminder that not all predictions align, and investors should approach with caution.
Despite the recent recovery trajectory of Bitcoin, MATIC has struggled to maintain the same level of strength. After briefly touching $0.661, MATIC entered into a sustained downtrend. While other large altcoins continue to see gains, MATIC has been nursing a 2.88% loss in the last day. The daily trading volume of MATIC has also seen a decrease of approximately 29% to $426 million, indicating that traders and investors are entering a cooling-off period.
Considering the current situation, it is likely that the MATIC price will continue to experience a decline before regaining upward momentum. However, if FieryTrading’s analysis proves to be accurate, this downtrend may be short-lived. Only time will tell whether this setback is merely a temporary blip or an ongoing trend for MATIC investors.
Despite the recent price recovery, MATIC investors have yet to benefit significantly from it. According to data from IntoTheBlock, a mere 11% of all MATIC holders are currently seeing profit. The overwhelming majority of 87% find themselves deep in losses, while only 2% of investors are holding their bags at the same price at which they purchased them. This imbalance highlights the challenges faced by MATIC holders in achieving profitable returns.
The MATIC price has faced numerous challenges throughout this year, leading to disappointment among investors. However, amidst the bearish sentiment, there are analysts like FieryTrading who foresee a potential redemption in the future of the altcoin. While conflicting opinions exist, it is crucial for investors to assess the market carefully and consider multiple perspectives before making any investment decisions. Only time will reveal whether the MATIC price will indeed experience a significant surge or continue to battle the bearish resistance that has plagued it.
