A popular crypto analyst painted a bullish picture for Polygon’s native token Matic, amid struggling performance of the token in terms of price metric.
Polygon is a popular Proof-of-Stake (PoS) Ethereum Layer-2 scaling network. No doubt that Polygon is among the top crypto projects, where we can see multiple types of development activities which can be useful in the practical world of blockchain technology adoption, but the trade price of Matic failed to show any big rally over the last 12 months, while the majority of the top crypto assets showed big rally in the same timeframe.
On 22 April 2024, A well-known crypto analyst who goes by the name Bixley showed his analysis of this cryptocurrency and showed a very big bullish picture.
The crypto analyst said that the current trade price of Matic (which is $0.7) is its trend line. When it comes to trend lines, they have to be crossed to confirm a breakout and in the case of the opposite scenario, we will see a very big bearish picture.
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In the case of Polygon, the crypto analyst believes that the trend line is going to break soon to show a big rally.
The crypto analyst also said that the Polygon price movement is similar to how Ethereum performed in the past. If that’s true, then the MATIC price might go up significantly from here, especially if it breaks the trend line.
According to Bixley, the first target on the Matic coin chart is $1.2, which would be a 70% increase from the current price level.
Moreover, he predicted that the price would keep increasing, aiming for another target of $5.4. Achieving this level would mean the asset rises by over 650%.
For the top level of performance, analysts said that the highest target is set at $55. If MATIC reaches this level, it would be an increase in price of 7,800%.
In response to this analysis, another analyst shared his opinion and directed fingers toward the potential formation of a death cross on the weekly chart for MATIC, something that could be very bearish for the price.
The chart shows a potential 70% downfall in the trade price from the current level, which would bring the MATIC price to below $0.2 level.
Read also: Shiba Inu (SHIB) surges 25% in 7 days, despite Shibarium network outage
Analyst says Polygon (Matic) may pump to $55, it is not dead
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