MATIC Price Analysis: Analyst Suggests Potential Recovery for Polygon Token

MATIC Price Analysis: Analyst Suggests Potential Recovery for Polygon Token

The recent market downturn caused by the controversial Matrixport report on the Bitcoin spot ETF has affected altcoins like MATIC. However, there seems to be a change in sentiment as MATIC has experienced a 1.2% jump in the past day. Crypto analyst Ali Martinez has even sounded a buy alarm for Polygon’s native token, projecting a bullish price movement in the coming days.

The Tom DeMark Sequential Indicator

Martinez’s bullish prediction for MATIC is based on the TD Sequential indicator. This indicator is utilized to identify trend exhaustion and price reversal. According to Martinez, the TD indicator is flashing a buy signal on MATIC’s 4-hour price chart. However, the analyst notes that this bullish outlook hinges on a spike in buying pressure at current price levels.

If the buying pressure increases, Martinez believes that MATIC could rebound to levels around $0.88 and even reach as high as $0.96. This projection suggests a potential surge of almost 16% from the current price point. However, it’s important to note that the Relative Strength Index (RSI) on the 4-hour timeframe currently sits at 38.2, indicating some bearish momentum for the token.

MATIC’s recent sluggish performance is evident in its decline of over 14% in the past week, according to data from CoinGecko. This market downturn has resulted in the cryptocurrency losing almost all of its December profits. Despite this setback, MATIC still holds its position as the 14th-largest cryptocurrency, with a market capitalization of approximately $7.8 billion.

While MATIC has experienced a recent downturn, there are positive indications for a potential recovery. Crypto analyst Ali Martinez suggests a bullish outlook based on the TD Sequential indicator, projecting price targets between $0.88 and $0.96. However, the bullish scenario depends on an increase in buying pressure. Investors should conduct their own research and consider the risks involved before making any investment decisions.

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