Polygon (MATIC) has recently experienced a decline following Bitcoin’s pullback, causing concern among investors. However, according to crypto analyst JB, this decline could present an opportunity for the altcoin to make an upward move. In a video shared on the Cheeky Crypto YouTube Channel, JB stated that MATIC’s decline to a specific retracement area could potentially set it up for a rise, with a projected price range of $0.87 to $1.36. He also pointed out other factors, such as the stochastic level, which suggests a possible push to the upside for MATIC.
While the analyst is hopeful for MATIC’s upward trajectory, he also highlights potential obstacles that could hinder its rise. One concern is the current volumes seen across various cryptocurrencies, as they are not currently favorable for price appreciation. Weak volumes could limit the altcoin’s potential for an upward move. Additionally, the possibility of MATIC losing its cross above the 200 EMA is another factor to consider, as it may indicate an impending dump.
In the video, JB mentions the formation of a 5-wave pattern on different timeframes on the MATIC chart. However, he remains uncertain about whether the fifth wave is still forming or if it could potentially be an A, B, and C pattern. A push above $94.5 would suggest that the last wave is yet to come, while the alternative pattern would indicate a different trajectory for MATIC.
Despite the uncertainties, JB maintains a bullish stance on MATIC, particularly in anticipation of an imminent bull market. He previously projected a target price of $100 for MATIC in the next bull run and continues to stand by this projection. In fact, he believes that the altcoin could potentially surpass this target, highlighting the formation of a new structure on the charts.
One of the key factors that JB believes will contribute to MATIC’s dominance is the potential approval of pending Ethereum Spot ETF applications. As an integral part of the Ethereum ecosystem, MATIC stands to benefit significantly from this approval. The analyst sees MATIC as a potential powerhouse in the upcoming bull run and expects it to be one of the standout altcoins.
At the time of writing, MATIC is trading at around $0.85, experiencing a slight decrease of over 1% according to data from CoinMarketCap. It is important to note that all views expressed in this article are for educational purposes only and do not necessarily represent the opinions of NewsBTC. Investing in cryptocurrencies carries inherent risks, and individuals are advised to conduct their own research before making any investment decisions.
While MATIC has experienced a recent decline, there is optimism among analysts that it may soon embark on an upward move. The analysis conducted by JB suggests potential price targets for MATIC and highlights both positive and negative factors that could influence its trajectory. As the crypto market continues to evolve, MATIC’s role in the Ethereum ecosystem and its potential for growth in future bull runs make it an altcoin to watch closely.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell, or hold any investments, and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.