Polygon (MATIC) has had a challenging year, but recent technical patterns suggest the tide could soon turn. Let's break down what’s happening with MATIC, its price action, and the target of MATIC that might signal a potential price surge ahead.
Current Price Snapshot
- Trading price: $0.4174 (up 1.11% in the last 24 hours)
- Market cap: $624.7M, ranked #61 among cryptocurrencies
- Trading volume: $279.8M over the last 24 hours
- MATIC's price action has left most investors disappointed, with 95% of holders currently facing losses. But recent chart patterns signal potential good news ahead.
Bullish Technical Patterns Emerging
Crypto analyst CobraVanguard has pointed out a bullish Ascending Triangle pattern on the MATIC chart. This formation started in August after MATIC’s price crashed during a broader crypto market dip. The Ascending Triangle has continued into September, showing the possibility of a recovery.
Additionally, this pattern is developing inside a Broadening Wedge—another bullish signal. When both patterns form together, it usually indicates a significant price movement could follow.
Price Targets to Watch
Here’s where the real excitement begins. If MATIC breaks out as expected, these are the key price targets:
First target: $0.4671 (a 15% increase)
Second target: $0.5442
Final target: $0.6821 (as the Broadening Wedge completes)
These milestones could offer relief to investors currently holding MATIC, especially as it climbs back toward profitability.
Why This Matters for Investors
Right now, only 3% of MATIC holders are in profit, with another 2% breaking even. This makes it one of the least profitable altcoins this year. However, the DeFi ecosystem on Polygon is expanding, drawing more users and increasing demand for MATIC. If the bullish trends continue, we could see this altcoin's value rebound.
What’s Next?
While crypto markets are always volatile, the emerging bullish patterns offer a glimmer of hope for Polygon investors. With significant upside potential in sight, this might just be the recovery they’ve been waiting for.
If you're watching MATIC, now’s the time to keep a close eye on those breakout levels!
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