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Bitcoin price remains insistent above $57,000, continuing to approach its peak for the year 2024. Naturally, eyes are on altcoins. Today, some altcoins have gained over 10 percent. Moreover, if BTC continues to linger at its current level, we might see the real rallies in altcoins begin.
Polygon (MATIC)
On the weekly chart, the MATIC Coin price recently experienced a significant breakout. About 14 days ago, MATIC Coin escaped the 780-day long-term declining trend resistance line, showing strong signs of a comeback. Before the resistance break, MATIC Coin had been stagnant since reaching its all-time high (ATH) level. Such long-term breakouts often lead to parabolic increases, and with the BTC price fighting at $57,000, this popular altcoin is drawing attention.
Despite the recent breakout, the price, which reached $1.08 just below the December 2023 peak, has not yet overcome the horizontal resistance area. This is the main factor limiting the price increase. Nonetheless, the weekly RSI supports the long-term breakout and indicates an upward trend.
MATIC Coin Price Target
So, the long-term resistance has been broken and the struggle continues, plus BTC is positive, so how much will MATIC Coin be worth? Daily chart readings confirm an upward trend due to Elliott wave counting and provide a target.
The key region at $0.95, confirmed as support on February 21, heralds peaks above $1. According to Elliott wave counting, the price is in the third wave of a five-wave upward movement. This stage often leads to parabolic rises and significant peaks. Matching the lengths of the first and third waves suggests a target about 50% above the current price.
The target for the third wave is $1.54, and the daily RSI currently does not support this. On the other hand, closures below $0.95 would invalidate the bullish scenario, potentially leading to a price retreat to the $0.80 region.
Developments on the macro front for the rest of the week will increase volatility. In such days filled with heavy agendas, investors usually prefer to act cautiously. However, since BTC is rising rapidly, we might witness an unexpected turn this time.
