Polygon (MATIC) Analysis: Potential for a Significant Rally
In a recent video shared on the Cheeky Crypto YouTube Channel, crypto analyst JB discussed the current state of Polygon (MATIC). Despite its decline following Bitcoin’s pullback, JB believes that MATIC’s retracement area sets it up for an upward move. According to his analysis, MATIC could potentially rise to a range between $0.87 and $1.36.
JB also highlighted the stochastic level, which previously indicated an overbought condition but has now corrected sharply, suggesting a potential push to the upside for MATIC. However, he also cautioned against factors that could lead to a downside move, such as low volumes across various cryptocurrencies and the possibility of MATIC losing its cross above the 200 EMA.
Furthermore, JB mentioned the formation of a 5-wave pattern on different timeframes on the MATIC chart. He expressed uncertainty about whether the fifth wave is forming or if it could be an A, B, and C pattern. Nonetheless, he remains bullish on MATIC and maintains his target of $100 for the next bull run.
MATIC’s Potential Dominance in the Bull Run
JB sees MATIC as a potential “powerhouse” in the upcoming bull run and expects it to be one of the standout altcoins. He believes that MATIC’s dominance will be influenced by the potential approval of pending Ethereum Spot ETF applications. As an integral part of the Ethereum ecosystem, MATIC could benefit significantly from this development.
Currently trading around $0.85, down over 1%, according to CoinMarketCap data, MATIC has the potential for a significant rally based on JB’s analysis.
Hot Take: Analyst Predicts Positive Outlook for Polygon (MATIC)
Analyst JB’s analysis of Polygon (MATIC) suggests a positive outlook for the crypto token. Despite its decline, MATIC’s retracement area positions it for an upward move, potentially reaching between $0.87 and $1.36. The correction in the stochastic level indicates a possible push to the upside. However, low volumes and the risk of losing the cross above the 200 EMA could hinder an upward projection.
In addition, JB believes that MATIC will be a dominant altcoin in the upcoming bull run, with potential support from the approval of Ethereum Spot ETF applications. While currently trading at around $0.85, MATIC has the potential for a significant rally.
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