Polygon network’s native token, MATIC, was among the most disappointing cryptocurrencies last year. While most of the market reached yearly highs, the struggle continued on the MATIC front, and investors kept facing significant losses. Additionally, a cryptocurrency analyst highlighted a potential rise for Polygon, which could excite investors.
Will Polygon (MATIC) Rise?
Analyst named Bixley provided an optimistic outlook on the future price of MATIC. Bixley noted that the MATIC price is currently just above the trend line where the altcoin continues to trade, at $0.7.
This trend line is seen as a critical level that needs to be broken. If it fails to break, a clear decline in MATIC price could occur.
On the other hand, the analyst evaluating Polygon’s situation is optimistic that this trend line will break, initiating a sharp rise.
The analyst compared MATIC’s price performance with Ethereum‘s price performance during its early days. If the situation unfolds in this way, that is, if the MATIC price successfully breaks the observed trend line, it could trigger an upward movement.
Bixley, shared multiple levels depending on the potential breakout. The first clearly indicated level on the chart is considered to be $1.2, which is 70% above the current level.
Furthermore, the crypto analyst expects the price to continue rising and reach $5.4. To achieve this price level, a price increase of over 650% would be necessary. Although it seems a bit visionary, the analyst’s peak target is set at $55. If MATIC reaches these levels, a price increase of 7,800% would be observed.
The Future of MATIC
Compared to Bixley’s optimistic analysis, another crypto analyst made a statement indicating a concerning outlook. The analyst shared observations that a death cross has formed on the weekly chart for MATIC, which could result in a downward price movement.
Potentially, if Bixley’s prediction does not materialize and the death cross-related Polygon price prediction occurs, the price decline could deepen further. The analysis indicates a potential 70% drop from the current price level, which could pull the MATIC price well below $0.2.
