CrediBull Crypto, a crypto trader, has announced a bullish stance on Polygon (MATIC) after successfully shorting the token multiple times over the past few months. The trader, who has amassed profits from shorting MATIC, now sees the potential for an upside move as the token consolidates within a wedge pattern.
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Polygon (MATIC) Price Forecast
The trader revealed on X his intention to long MATIC with a starter position, targeting a price of $0.85. This strategic move comes with a clear invalidation point at $0.50. CrediBULL highlighted that the minimum expected return for this trade is a 3R, but it could potentially turn into a 23R+ trade if this marks a high timeframe bottom. However, he emphasized the dependency on Bitcoin (BTC) for the success of this setup.
For the past few months, MATIC has been one of CrediBULL Crypto’s most profitable shorts, netting over $500,000 from multiple trades. He shared these insights with his followers, indicating a potential shift in his trading strategy. CrediBULL is considering flipping bullish on $MATIC, signaling his readiness to join the Polygon supporters once he sees further confirmation in the market trends.
Market Analysis and Community Insights
The Mayor of Matic, another voice in the Polygon community, has also weighed in on the current MATIC market conditions. He pointed out that MATIC has been consolidating for three years, suggesting that the breakout from this prolonged wedge formation will be major. This aligns with CrediBULL Crypto’s observations and plans, reinforcing the bullish sentiment around Polygon.
Both CrediBULL Crypto and The Mayor of Matic acknowledge the importance of waiting for the right confirmation signals. CrediBULL plans to add to his position upon further confirmation, specifically looking for a low timeframe impulse to solidify his bullish stance.
Similarly, The Mayor of Matic is waiting for a breakout and subsequent reclaim to initiate long or spot buys, underlining a cautious yet optimistic approach.
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A Bullish Outlook for Polygon
The activities and statements from influential traders like CrediBULL Crypto and The Mayor of MATIC indicate a potential bullish shift for $MATIC. With MATIC resting on a 3-year trendline and traders awaiting confirmation signals, the anticipation for a breakout is high.
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