Polygon (MATIC) has caught the attention of analysts as they provide insights into the potential future of this altcoin. In a recent video by crypto analyst JB on the Cheeky Crypto YouTube Channel, he discusses MATIC’s recent decline following Bitcoin’s pullback. However, JB believes that this decline could position MATIC for an upward move. He predicts that MATIC could potentially rise to a range between $0.87 and $1.36.
JB takes into account several factors that indicate a potential upward move for MATIC. He highlights the stochastic level, which initially indicated an overbought condition but has since corrected sharply. This correction suggests that there could be another push to the upside for MATIC. However, JB also remains cautious about certain factors that could hinder an upward movement. One concern is the current volumes across various cryptocurrencies, which he describes as not being great. This lack of significant volumes could potentially undermine any projection of an upward move for MATIC. Additionally, the possibility of MATIC losing its cross above the 200 EMA indicates a potential dump in the future.
JB delves deeper into MATIC’s price pattern on the charts and expresses his bullish stance on the altcoin, particularly in anticipation of the upcoming bull market. In a previous projection, he had set a target of $100 for MATIC in the next bull run, and he stands by this prediction. Furthermore, JB identifies a new structure forming on the charts, suggesting that MATIC has the potential to surpass the $100 mark.
According to JB, MATIC is poised to be a powerhouse in the upcoming bull run and stands out among other altcoins. He attributes MATIC’s dominance to the potential approval of Ethereum Spot ETF applications. If these applications are granted, MATIC, being an integral part of the Ethereum ecosystem, could significantly benefit from increased attention and investment.
At the time of writing, MATIC is trading at approximately $0.85, experiencing a slight decrease of over 1%. However, the market is known for its volatility, and investors should always conduct their own research and analysis before making any investment decisions.
It is important to note that the opinions expressed in this article are solely for educational purposes. The information presented does not represent the views of NewsBTC regarding whether to buy, sell, or hold any investments. Investing in cryptocurrencies carries inherent risks, and individuals are advised to perform their own due diligence before making any investment decisions. The information provided on this website should be used at one’s own discretion and risk.
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