A popular crypto analyst who goes by the name Ali on X sees an opportunity for a significant price rally for Polygon’s MATIC token, but there are certain prerequisites that need to be met first.
In a recent tweet, Ali shares a chart analysis utilizing the TD Sequential indicator, which is used to identify potential price reversals. According to the analyst’s reading of the indicator on MATIC’s daily chart, a buy signal has been triggered.
For those unfamiliar, the TD Sequential is a technical indicator that helps identify market tops and bottoms by tracking buying and selling momentum. A buy signal, represented by a red “9” on the chart, suggests a potential price reversal to the upside after a downtrend.
However, Ali notes that for the bullish signal to play out, MATIC needs to maintain its strength above the $0.87 level. If this condition is met, the analyst projects a potential rebound for MATIC to around $0.95, representing an upside of approximately 9% from the current levels.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Interestingly, Ali expresses an even more optimistic outlook, stating that if the positive momentum continues, MATIC could potentially climb as high as $1. This would translate to a remarkable 15% increase from its current trading price.
It’s worth noting that technical analysis is not an exact science, and price movements in the crypto market can be influenced by a multitude of factors, including overall market sentiment, regulatory developments, and global economic conditions.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
