Digital asset analyst with X handle Crypto Patel has recently shared a bullish prediction on MATIC price movement in the coming weeks. This forecast comes amidst MATIC’s poor performance in the last seven days, during which it lost 6.68% of its market value, based on data from CoinMarketCap.
The Polygon native token had been one of the best-performing assets in 2024 rising by over 76.38% between January to March. However, the altcoin has now recorded a 22.83% decline over the last two weeks, drawing much concern over its future price movement.
$1.20 Price Level Critical For MATIC Price Surge, Analyst Says
In a post on X on March 23, Crypto Patel presented a bullish case for MATIC despite the token’s current downtrend, naming the forecast the “MATIC BULL RUN ROADMAP.”
Firstly, the analyst stated that a MATIC bullish pennant was being formed. For context, the bullish pennant represents a price pattern that typically follows a string of upward movement in price (the flagpole) followed by a period of consolidation (pennant).
$MATIC BULL RUN ROADMAP
1⃣ #MATIC Forming Bullish Pennant In HTF 2⃣ 2021 Bull Run: Did 100x in Last bull Market After Bull Flag Breakout 3⃣ If MATIC/USDT Break $1.20 Level in HTF then Ready for $10-$15 Target 4⃣ I am Bullish in #POLYGON for Long Run 5⃣ If Market Crash then… pic.twitter.com/FJEvGiHd4U
— Crypto Patel (@CryptoPatel) March 23, 2024
A bullish pennant is characterized by converging trendlines, which indicates the continuation of the previous uptrend once the price breaks out of consolidation. Importantly, Crypto Patel emphasized that MATIC’s bullish pennant was being formed on a higher time frame (HTF), such as the weekly chart.
Following historical trends, the complete formation of the bullish pennant could result in Polygon native asset experiencing a 100x price increase in the highly anticipated crypto bull run, as observed in 2021.
However, with a focus on short-term targets, Crypto Patel has stated that MATIC reaching the $1.20 price zone on the HTF could trigger a surge to a range of $10-$15, representing a potential 1500% gain on the asset’s current price. Albeit, in the advent of an unexpected crash, the crypto analyst expects MATIC could be significantly affected but should find support around the $0.60-$0.70 price zone.
MATIC Price Overview
At the time of writing, MATIC trades around $0.9817 with a 1.30% gain in the last 24 hours. Meanwhile, the token’s daily trading volume has declined by 31.82% and is valued at $291.65 million. With a market cap value of $9.7 billion, MATIC is ranked the 16th largest cryptocurrency and one of the world’s most prominent digital assets.