Crypto Expert Anticipates 100% Growth in MATIC Price

12:47 pm
December 10, 2023
Featured image for “Crypto Expert Anticipates 100% Growth in MATIC Price”

The native token of the Polygon network, MATIC, has been experiencing a bullish trend lately, along with several other altcoins in the market. Despite this positive performance, the cryptocurrency has been struggling to surpass the $1 mark and has faced rejection around the $0.9 zone.

However, a new prediction by a prominent crypto analyst suggests a potential shift in the tides for MATIC.

Could MATIC’s Price Double?

The respected crypto analyst Ali Martinez has presented an optimistic forecast for the future price of MATIC. In a post on the X platform, Martinez revealed that the altcoin might be on the brink of a bullish breakout that could lead to a doubling of its current value.

Martinez’s prediction hinges on the symmetrical triangle pattern forming on the Polygon weekly price chart. The triangular formation is around the $0.96 price point, intersecting with the 50% Fibonacci retracement level.

According to Martinez, “a daily or weekly candlestick close above $0.96 could be the spark for a bullish MATIC breakout,” potentially propelling the altcoin to $1.82. This projection implies an approximately 100% increase from the current price point, which currently stands at $0.905165.

On-Chain Data Signals Smooth Sailing Ahead

Supporting Martinez’s projection, on-chain data from the analytics platform IntoTheBlock reveals that about 42,000 addresses acquired 5.8 billion MATIC tokens between $0.80 and $0.86, establishing the price range as a “key” support zone.

Furthermore, the same on-chain data also shows minimal resistance ahead, as indicated by the low density of investors and negligible on-chain resistance above the current MATIC price. This suggests that Polygon appears poised for an upsurge as long as this level remains unbreached, as per the analyst’s analysis.

The small size of the dots on the chart signifies the lack of significant on-chain resistance above the current MATIC price. As the analyst notes, “Given the minimal resistance ahead, Polygon seems primed for a bull run as long as this level holds.”

As of now, MATIC ranks as the 15th-largest cryptocurrency, with a market capitalization of approximately $8.42 billion, and its current value reflecting a nearly 2% decline in the last 24 hours.


The future looks promising for MATIC, with a prominent analyst’s projection pointing towards a potential 100% surge in its price. On-chain data signals minimal resistance ahead and a strong support zone, further supporting the analyst’s bullish outlook for the altcoin.


What is MATIC?

MATIC is the native token of the Polygon network, a protocol and a framework for building and connecting Ethereum-compatible blockchain networks.

What is a symmetrical triangle pattern?

A symmetrical triangle pattern is a technical analysis pattern that indicates a period of consolidation before a potential breakout. It is formed by converging trend lines, demonstrating a balance between buyers and sellers.

What is on-chain data?

On-chain data refers to information recorded on a blockchain, such as transaction details, token balances, and network activity. Analyzing on-chain data can provide insights into market trends and investor behavior.


More in this category ...

11:58 am February 23, 2024

730K Investors Exit Despite Record $7B Inflows

Featured image for “730K Investors Exit Despite Record $7B Inflows”
10:49 am February 23, 2024

Tokenized Securities: Understanding the Impact on Traditional Financial Markets

7:08 am February 23, 2024

Enhance Your Technical Team’s Skills with Practical Technology Training

3:19 am February 23, 2024

Blockchain 101: An Essential Guide for Artists and Creators on Copyright Protection

3:05 am February 23, 2024

Binance Labs invests in EigenLayer restaking protocol Renzo

12:01 am February 23, 2024

Is Bitcoin’s Bullish Streak Sustainable?

Featured image for “Is Bitcoin’s Bullish Streak Sustainable?”
7:53 pm February 22, 2024

Paris Saint-Germain (PSG) Becomes First Football Club to Officially Validate a Blockchain

7:46 pm February 22, 2024

Innovations in Music Distribution: Understanding Decentralized Streaming Protocols

7:28 pm February 22, 2024

Operationalizing Ethical AI in Defense: A Holistic Approach

12:41 pm February 22, 2024

JasmyCoin rallies 295% as Bitcoin Dogs take the crypto stage by storm

12:14 pm February 22, 2024

The Future of Diamond Trading: Disrupting Traditional Channels with Blockchain

12:03 pm February 22, 2024

Apecoin Climbs To 6-Month High Amidst Whales’ Strategic Moves

Featured image for “Apecoin Climbs To 6-Month High Amidst Whales’ Strategic Moves”
7:50 am February 22, 2024

Polygon and StarkWare unveil Circle STARKs to streamline Zk Proofs

5:29 am February 22, 2024

Lido adds support for 1inch as withdrawal aggregator

4:44 am February 22, 2024

Unlocking the Value of Tokenized Data in Health Research and Analytics

12:05 am February 22, 2024

Is Ethereum Overvalued, Similar ‘To Meme Coins Like Shiba Inu’?

Featured image for “Is Ethereum Overvalued, Similar ‘To Meme Coins Like Shiba Inu’?”
10:17 pm February 21, 2024

Binance Introduces Portal (PORTAL) to Launchpool for Crypto Gaming

9:15 pm February 21, 2024

Smart Contracts and Blockchain: Transforming Sustainable Supply Chains

3:03 pm February 21, 2024

Brad Garlinghouse Optimistic about Ripple’s Future, Says Ripple Will Welcome XRP ETF

1:44 pm February 21, 2024

From Trust to Security: The Case for Decentralized Identity Management Systems

12:08 pm February 21, 2024

Render Token Surges 60% In a Month, Gains Traction with Investors

Featured image for “Render Token Surges 60% In a Month, Gains Traction with Investors”
8:29 am February 21, 2024

Climate change predictions: Anticipating and adapting to a warming world

7:51 am February 21, 2024

Starknet’s STRK sees volatile market debut following airdrop

6:14 am February 21, 2024

Securing the Food Supply: How Blockchain is Combating Counterfeit Products

12:39 am February 21, 2024

Analysts say $3k “a relatively small obstacle”

12:11 am February 21, 2024

Bitcoin Whales Steer Clear Of Significant Short Positions, Show Confidence In Price Surge

Featured image for “Bitcoin Whales Steer Clear Of Significant Short Positions, Show Confidence In Price Surge”
10:44 pm February 20, 2024

The Potential of Tokenized Derivatives: Unlocking New Opportunities for Investors

8:40 pm February 20, 2024

How IBM is using Real User Monitoring and DNS to deliver premium Global Server Load Balancing for business-critical applications 

5:27 pm February 20, 2024

Human Institute Teams Up with Polygon Labs and Animoca Brands to Introduce ZKP-Powered Palm Recognition Technology

3:16 pm February 20, 2024

The Future of E-Commerce: Unleashing the Potential of Blockchain Technology