• Sat. Jun 22nd, 2024

Polygon (MATIC): Evaluating the Possible 100% Upward Move

Apr 21, 2022

Polygon (MATIC) shows its willingness to rise higher. And that comes from the technical plus flipping to market structure in bulls’ favor. Thus, market participants that purchased MATIC’s latest dip can prepare to reap profits from Polygon’s upcoming move.

MATIC Ready to Roar

MATCI price lost approximately 55% since December last year, printing a swing low near $1.30. The downward move dragged Polygon from the $2.92 all-time highs. Meanwhile, the alt has tagged the area two times since retesting $1.30 on January 25, formulating a trend reversal pattern, the triple bottom setup.

So far, the alt has surged 15% following the 3rd retest and hovers near $1.43 at the moment. As Bitcoin price steadies and secures its ground, the altcoin market would likely follow the dominant crypto or lead the pack with upward actions.

Nevertheless, MATIC appears to have canceled any downward momentum because of the support barrier at $130 and will likely kick-start an upsurge that pushes the token towards the initial hurdle near $1.94. Such a move would mean a 36% upsurge from MATIC’s current level.

Meanwhile, the upside move may appear after some consolidation, especially with weak buying pressure.

Overturning the hurdle at $1.94 and overcoming the $2 obstacle may catalyze another 48% upsurge towards the following ceiling near $2.87. Amplified bullish strength can see Polygon extending higher to retest the $2.92 ATHs.

Though the alt might see a local top in this region, a broad outlook shows a rounded bottom setup. The formation means MATIC boasts more upward strength if the crypto space remains bullish. Nevertheless, the action to $2.87 from $1.43 would mean a 100% surge for MATIC.

The 30-day MVRV (Market Value to Realized Value) mode supports Polygon’s upward moves. The index measures the average loss or profit of traders that purchase Polygon assets within the previous month. Since MATIC’s MVRV stayed at -13% (a local bottom area), market players expect the alt to kick-start a massive upside soon.

As mentioned before, Bitcoin’s actions would detect MATIC’s upcoming directional bias. Thus interested Polygon investors should watch BTC for money-making moves.

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