Analyst Predicts MATIC Rebound Despite Market Downturn

• Analyst Ali Martinez predicts potential MATIC rebound to $1 despite recent slump.
• MATIC’s value drops 13% weekly; Bitcoin briefly hits $69,291 amid market volatility.
• Polygon (MATIC) struggles, down 24% yearly, underperforming against BNB, Cardano, and LINK.

Despite Polygon lagging in the ongoing bull market, esteemed analyst Ali Martinez believes the cryptocurrency is poised to potentially cross back over the $1 mark. MATIC has experienced a downturn of 4% in the past day, and over the past week, its value has plummeted by 13%.

This downtrend is not isolated to Polygon alone, as the wider cryptocurrency market has slumped recently. Nevertheless, there was a brief uptick in the market within the last day, with Bitcoin surging to $69,291. Although MATIC showed initial signs of a rebound, it quickly fell back into a downward trend, erasing any gains it had made.

Despite this, analysts such as Martinez view the current dip in MATIC’s value as a potential entry point for investors looking to buy into the market. Martinez recently shared via Twitter that he had detected a purchase signal for MATIC using the TD Sequential indicator, noting this on the cryptocurrency’s daily candlestick charts.

The expert emphasized the critical nature of MATIC sustaining its value above the $0.87 level to climb back to $0.95 potentially. Additionally, Martinez mentioned that the optimistic goal for MATIC, considering the recent purchasing signal, is $1. Currently, as of the latest update, Polygon is valued at $0.8691. To reach $1 from where it stands now would require an increase of roughly 15%.

It’s important to note that MATIC has not been performing well in terms of the overall positive market trend since the previous year. Its peak since April 2023 was $1.2714, which it achieved in the middle of the preceding month. Nonetheless, it could not maintain that level due to the dominance of downward market pressures.

Remarkably, MATIC’s value has decreased by more than 24% since the past year, in contrast to competitors such as BNB , Cardano , and Chainlink , which have all experienced gains in the double digits.