Cryptocurrency analyst Ali Martinez recently indicated that the 21.57% correction of Polygon‘s (MATIC) over the past seven days could soon come to an end. According to Martinez’s statements through platform X, the Tom DeMark (TD) Sequential indicator has given a buy signal for MATIC.
Analyst Issues Warning for MATIC
TD Sequential is a technical tool that can identify trend exhaustion by finding overly extended price movements. When this formation occurs, the direction of the cryptocurrency may change and could reverse the overly extended part.
According to the crypto analyst’s post, the indicator has been attracting attention for a while. Therefore, the signal that MATIC could bounce from the $0.92 support level should be taken seriously. At the time of writing, MATIC’s price is $0.95, indicating a 3.20% increase in the last hour. Such a move could validate the aforementioned view. However, experts emphasize the importance of analyzing the forecast using other indicators.
Liquidation heat maps in cryptocurrency can be helpful in various ways. Experts suggest that investors can first identify areas with high liquidity. Additionally, a concentration of potential liquidation levels could indicate that the price may move towards that region.
At the time of writing, the liquidation heat map shows a liquidity cluster around $1.18. According to the indicated pattern, MATIC’s price could move towards this area. However, Polygon could also encounter resistance around the same price level. If the bulls break the resistance, the next target could be around $1.30. On the other hand, rejection at $1.18 could pull the price below $1.
Price Prediction for MATIC
MATIC’s funding rate is at the level of 0.015%. The funding rate is the cost of holding an open perpetual position. If the metric is negative, it means that short positions are paying long positions to keep their positions open. Conversely, a positive funding rate indicates that short positions are being paid.
Furthermore, while Polygon’s price is trying to rise, the funding has decreased. Experts also suggest that spot traders have been buying significantly from the bottom. Therefore, according to experts, the token’s value could rise to $1.18 in the next few days.
