Analyst Predicts Potential Pump for Polygon (Matic) to $55, Asserts It is Still Viable

A well-known crypto analyst has expressed optimism about Polygon’s native token Matic, despite its struggles in terms of price performance. Polygon, a popular Proof-of-Stake (PoS) Ethereum Layer-2 scaling network, is considered a top crypto project with various development activities that could benefit the blockchain technology adoption in practical applications. However, Matic’s trade price has not seen significant growth in the past year, unlike many other top crypto assets.

On April 22, 2024, the analyst, known as Bixley, shared a bullish analysis of Matic, suggesting that the current price of $0.7 is at its trend line. Bixley believes that the trend line is likely to break soon, leading to a significant rally. Drawing parallels to Ethereum’s past performance, the analyst predicts that Matic’s price could see substantial growth if the trend line is breached.

Bixley’s initial target for Matic is $1.2, representing a 70% increase from the current level. He also foresees further price increases, aiming for a target of $5.4, which would mark a 650% rise. The highest target set by analysts is at $55, indicating a potential price increase of 7,800%.

In response to Bixley’s analysis, another analyst raised concerns about a potential death cross formation on the weekly chart for Matic, which could have bearish implications for the price. This scenario could lead to a 70% decline in the trade price, potentially dropping below $0.2.

For more cryptocurrency news, you can also read about Shiba Inu (SHIB) surging 25% in 7 days, despite issues with the Shibarium network.

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