Polygon (MATIC) To Come back From The Dead As Ascending Triangle Appears
23 Septembre 2024 - 4:00PM
NEWSBTC
The Polygon (MATIC) price has suffered crash after crash in recent
months, pushing it down to levels not seen since June 2022. This
price crash has led to an 86.27% drop from it all-time high price
of $2.92 recorded back in 2021. However, positive sentiment is
slowly starting to creep up among Polygon investors who have
struggled with losses for the better part of the year, especially
as one crypto analyst has predicted a revival for the altcoin.
Polygon On Its Way To A Revival Crypto analyst CobraVanguard has
pointed out a bullish formation on the Polygon (MATIC) chart that
could send the price flying from here. This formation known as the
Ascending Triangle pattern has appeared at a time when investors
seem to have given up hope on the altcoin. Related Reading:
‘Uptober’ Is Just Around The Corner: Here’s Where Bitcoin Price Is
Headed According to the chart shared on TradingView, the Ascending
Triangle began back in the month of August. Mainly, the formation
was first picked up as the price crashed alongside the crypto
market toward the end of the bearish month of August. This
formation continued into the month of September as prices had begun
to recover once more. Not only has the bullish Ascending Triangle
formed on the Polygon chart, the crypto analyst points out that
this is taking place inside of a Broadening Wedge pattern. This is
important because a Broadening Wedge pattern is equally as bullish
for the altcoin’s price. Naturally, when the Polygon price starts
to recover inside the Broadening Wedge, it is expected to reach all
the way to the top of the pattern. The first target for this
bullish recovery is $0.4671, which is an increase of around 15%
from here. The next target is $0.5442. Finally, as the Polygon
price moves to completely fill in the Broadening Wedge, the crypto
analyst expects the price to hit $0.6821. A breakout from here
would no doubt be a welcome development for Polygon investors, 95%
of whom are currently sitting in losses. According to data from
IntoTheBlock, only 3% of wallets holding MATIC tokens are in
profit, while 2% are sitting at breakeven. This makes it one of the
worst altcoins in terms of profitability so far this year. MATIC
Becomes POL Earlier in the month, on September 4, the Polygon
network team carried a successful migration that converted MATIC
tokens to POL. POL is purported to be a “hyper productive token”
which is expected to help move the Polygon network forward. Related
Reading: Tether (USDT) Surges With Massive Inflows, Closing In On
Historic $120 Billion Market Cap Milestone Despite the anticipation
that followed the migration, the POL (formerly MATIC) token has
failed to move in a positive way. The price is only up around 5%
from its $0.38 price at the time of the migration, showing that the
migration had little effect on the price. However, expectations
remain high for the altcoin as investors expect the fact that the
POL token is now an altcoin with a whole new chart, and no much
price history, to be one of the things that propels its recovery
next. Featured image created with Dall.E, chart from
Tradingview.com
Polygon (COIN:MATICUSD)
Graphique Historique de l'Action
De Oct 2024 à Nov 2024
Polygon (COIN:MATICUSD)
Graphique Historique de l'Action
De Nov 2023 à Nov 2024