Altcoins are continuing their double-digit rise, yet they still haven’t fully adjusted to Bitcoin‘s movement above $58,000. While BTC lingers at its current levels, altcoins could see gains exceeding 30% as a result of the recent rally. The upcoming monthly closing figure is also of critical importance.
MATIC Coin Analysis
After being battered throughout the last year, MATIC Coin has recently escaped the region where it was long compressed. Having broken free from the long-term diagonal resistance, MATIC is now struggling to overcome another resistance level.
A review of the weekly chart indicates that the price has been rising rapidly since October 2023. This rise has triggered a breakout from the resistance that was previously at the all-time high level. Before the breakout, this trend line had been in place for 780 days.
Breakouts from such long-term resistances often lead to major rallies. Indeed, the price continues to linger around the $1 region, and the rally is not over yet. For now, the focus is on whether the MATIC Coin price can sustain above the long-term horizontal resistance area.
The RSI and price on the weekly chart continue to rise.
MATIC Coin Price Prediction
Despite the bullish outlook on the weekly chart, it’s hard to be certain of a direction on the daily chart. Starting with the positive aspects, Elliot wave counting suggests that the rise could continue. Typically, on such volatile days, Elliot is very useful and aids in determining the trend and setting peak/trough targets.
The most likely count indicates that MATIC Coin has started a five-wave rise and is currently in the third wave. According to this, if we give a one-to-one ratio to the first and third waves, an expected peak around $1.55 is anticipated. Third waves often represent rapid ascent periods. A 47% increase is needed to reach this.
However, there’s an issue: MATIC Coin price is struggling to maintain above $1.05. Fluctuations in BTC price, along with a weakening RSI, are pulling MATIC Coin down. Consequently, the pivotal point is $1.05; breaking above this could trigger movement towards $1.55 and $2 targets, while failure could lead to a drop to $0.95 and $0.8.
