Polygon (MATIC) Buy Signal Confirmed, Expected to Rise 15% to $1

Despite Polygon (MATIC) potentially underperforming in the current bull market, renowned analyst Ali Martinez believes the asset could re-enter the $1 threshold. In the past 24 hours, MATIC has plummeted by 4%. Over a 7-day span, the asset has significantly dropped by 13%.

Meanwhile, considering the broader market has been declining over the past few days, this bearish performance is not unique to Polygon. However, the cryptocurrency market has seen a relief rally in the last 24 hours, with Bitcoin reaching as high as $69,291. Despite signs of recovery for MATIC, it fell back into the bearish zone, negating all recent gains.

Nonetheless, analysts like Martinez think the recent bearish performance now presents an opportunity for interested investors to enter the MATIC market. In a recent tweet, the analyst revealed a buy signal for MATIC observed through the TD Sequential indicator. Martinez spotted the signal on the established daily candlestick patterns for MATIC.

The analyst emphasized the importance of MATIC maintaining its strength above the $0.87 price threshold to potentially bounce back to $0.95. Moreover, Martinez stated that in the recently discovered buying opportunity, MATIC’s ambitious target is $1. At the time of writing, Polygon’s trading price is $0.8691. A rise from the current price point to $1 would require only a 15% increase.

It’s noteworthy that since last year, MATIC’s performance has lagged behind the broader bullish market trend. Its peak since April 2023 was mid-last month at $1.2714. However, due to bearish forces prevailing, it failed to hold that price point.

Significantly, since last year, MATIC has fallen over 24%, while competitors like BNB, Cardano, and Chainlink (LINK) have seen double-digit gains.

Sentiment: Positive