MATIC Bounce in Altcoin Rally: The Start of a 100% Surge?

  • MATIC has experienced a price bounce.
  • Several analysts have tipped the recent price bounce as the beginning of a massive rally.
  • The expectations come in stark contrast to the asset’s recent price movements.

After a significant price decline experienced over the past week due to the Fed’s hawkish stance, altcoins have experienced a relief rally in the past 24 hours. Among the assets that are seeing a price bounce is Polygon‘s native token, MATIC.

Amid the recent price activity, analysts are predicting that MATIC is on the verge of kicking off a significant price rally. Is the $1 price point finally within reach?

MATIC Set to Make a Comeback?

MATIC is showing signs of a resurgence. Amid a broader altcoin rally, the asset has surged 9% from multimonth lows around $0.53 to about $0.5775 at the time of writing.

MATIC/USDT 4-hour candle chart
Source: TradingView

Amid the recent bounce, analysts have made significantly bullish calls for the asset’s price. Crypto analyst “CrediBuLL Crypto” shared a chart suggesting that MATIC will likely continue its recent bounce to at least the $0.95 price point.

Similarly, “Cryptomist” in a recent post enthused “I am long” after identifying a falling wedge chart pattern on MATIC’s four-hour candle chart. Unlike CrediBuLL Crypto, however, Cryptomist has set a more optimistic target of $1.15.

Still, before MATIC can reach any of these targets, the asset has to surmount the resistance at the psychological $0.6 price level.

The recent predictions significantly contrast the asset’s recent price moves.

A Rough Patch

MATIC’s price action over the past two months does not inspire confidence. After hitting yearly highs near $1.3 in early March 2024, the asset’s price has endured a steep decline punctuated only by sideways movement in May 2024.

MATIC/USDT daily candle chart
MATIC/USDT daily candle chart
Source: TradingView 

The asset’s lackluster price action comes despite several positive developments within the Polygon ecosystem, including a recent partnership with Ronin, the blockchain behind Axie Infinity. At the same time, the network has consistently seen significant activity in the past two months.

On the Flipside

  • Several factors can affect the price of MATIC.
  • MATIC is about 40% below its 2024 opening price of $0.9706 at current prices.

Why This Matters

Polygon’s MATIC has been in a downturn for over two months. However, recent price action suggests that a reprieve might be close.

Read this for more on Polygon:
How Fox Bolsters Polygon-Based Verify With L2 Transition

Learn about Kinetix’s KAI IDO:
Kinetix’s IDO Numbers Beat Expectations: Bullish for KAI?

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Written by on 2024-06-20 01:00:00.

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