- Crypto Tony predicts Polygon (MATIC) to reach a high of $0.85.
- MATIC’s recent surge aligns with a 3% increase in global crypto market cap.
- MATIC’s trading volume rose by 7.84%, surpassing the $500 million mark.
“Crypto Tony”, a cryptocurrency trader and analyst on X, recently shared his price target for Polygon
MATIC has yet to achieve the analyst’s projected target. According to the cryptocurrency market monitoring site, CoinMarketCap, the altcoin was trading at $0.7998 at the time of reporting. This value was recorded after MATIC posted a 4.70% increase in the last 24 hours.
The recent surge in MATIC’s value on the final trading day aligned with a 3% increase in the overall global cryptocurrency market cap recorded in the same timeframe. Importantly, this recent price hike further bolstered MATIC’s weekly performance, pushing it deeper into positive territory. As a result, the altcoin experienced a rise of over 20% in the past week.
In the recent trading day, MATIC experienced an increase in trading activity. Data from CoinMarketCap showed a 7.84% rise in the cryptocurrency’s total trading volume, pushing it over the $500 million mark.
Over the past few months, a long-term symmetrical triangle has been observed on MATIC’s daily chart. This indicates a potential breakout for the altcoin in the upcoming weeks. However, from a short-term viewpoint, MATIC must surpass the $0.85 threshold before this significant movement can occur.
Should MATIC end a daily trading session above this threshold, it could potentially establish the base required to ascend to $1.0785 in the subsequent weeks. Conversely, if it fails to surpass the $0.85 point, the cryptocurrency could retreat to $0.6830 over the intermediate term.
If the current potential sell volume continues, MATIC’s price might fall below this level. MATIC’s value could decrease to around $0.5540 in a highly bearish situation.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
