Cryptocurrency markets are still in a positive mood, and some altcoins are continuing to make extra gains. Long-term downward trends have already been broken in these altcoins, with 200-250 day breakouts occurring. Prices are now more enticing for those targeting new peaks. A popular altcoin is counting the days until it reaches 2 dollars. Here are the details.
Polygon (MATIC)
One of the altcoins continuing the day with over 20% gains is MATIC Coin. The price was at 1.06 dollars at the time this article was prepared. MATIC Coin had reached its ATH of 2.9 dollars in December 2021 but since then struggled below the long-term descending trend line.
This year’s downward journey ended with the dip to 0.32 dollars in June. Looking back at 2022, during the days of heightened fear and panic, MATIC managed to stay relatively strong, owing this to the right strategies followed by its marketing team. It managed to maintain a certain level of demand through significant deals and partnerships. In February 2023, it tried to overcome the long-term resistance but failed.
Attempts in November and December were also unsuccessful. However, amidst the general optimism in altcoins last week, MATIC Coin successfully broke through, reaching 1.07 dollars today. Investors need to wait a bit more before feeling confident, as there hasn’t been a weekly chart close above resistance yet.
MATIC Coin Price Prediction
The weekly RSI is increasing along with the price, which is promising for the ongoing rally. If BTC can hold the 43,000 dollar level, this will be a second positive signal. A popular crypto analyst known as Pentosh1 was in favor of the upward movement continuing due to the price bouncing from a long-term support area.
“It’s impossible not to like this setup. I have no idea how long the game will last. However, the historical support combination gives me hope.”
Another analyst named Cryptomist mentioned a triangle breakout that triggered the 1.3 dollar peak. Lastly, Open4Profit supported other experts due to the bullish formation.
According to Elliot wave counting, MATIC Coin price is in the fifth and final wave. The initial target is 1.2 dollars, but closures above it could extend the peak and continue to 1.5-2 dollars. In the opposite scenario, a close below the 0.95 dollar support would be sought, and a drop to 0.75 dollars could be expected.
