Future

bullish

Impact

when

<ul>
 <li>MATIC rebounds from $0.34 key support, sparking hopes for a 600% surge, experts predict.</li>  
 <li>Analysts forecast MATIC could climb to $2.923 if it maintains crucial support levels.</li>  
 <li>MATIC's $0.34 support level is critical; a rebound here could lead to potential gains exceeding 558%.</li> 
</ul>  
<p>Polygon's native token, MATIC, experienced heavy market volatility recently, reflected in its loss in value over the last month. The crypto plunged by nearly 15%, keeping up with general trends. However, according to analysts, it has shown resilience from the $0.34 low, which is reportedly a key level of support. Analysts have identified this price point as a critical support level and anticipate a potential major upsurge in its value.</p>  
<h2 class="wp-block-heading" id="h-analyst-predictions-on-matic-s-future">Analyst Predictions on MATIC's Future</h2>  
<p>This Monday, a notable shift was observed when Cryptorphic, a known crypto analyst, predicted a potential surge exceeding 600% in MATIC's value, provided it maintains its current support levels. The prediction came after MATIC rebounded from the crucial $0.34 support level, which Cryptorphic interprets as part of a bullish triangle pattern. If MATIC successfully holds above this support range, it could escalate to $2.923.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/Cryptorphic1/status/1822853968248340600
 </div>
</figure>  
<p>Cryptorphic's analysis indicates that MATIC, which has experienced a 30% drop, is at a critical support level ranging from $0.316 to $0.387, which could lead to substantial gains at $2.923.</p>  
<p>Another crypto analyst, Javon Marks, <a href="https://x.com/JavonTM1/status/1821672390369407196" target="_blank" rel="noopener noreferrer nofollow">supports</a> this view and suggests a bullish future for MATIC. Marks projects that the token could surpass its previous highs, reaching above $3, representing an increase of over 558%. Marks cited Polygon's history of rapid growth during previous cycles as a basis for this potential.</p>  
<h2 class="wp-block-heading" id="h-technical-and-on-chain-insights">Technical and On-Chain Insights</h2>  
<p>Adding to the narrative, Alex Clay provided a technical perspective, labelling the current market conditions as a "generational bottom" for MATIC. According to Clay, the token is amid a significant accumulation phase, marked by a 1,218-day presence in a symmetrical triangle pattern.&nbsp;</p>  
<p>This pattern follows a 630-day accumulation period that resulted in gains up to 20,000%. Clay's analysis sets forth potential price targets of $4.50, $7.10, and $9.75, indicating the possibility for substantial growth.</p>  
<p>On-chain data further supports the growing interest in MATIC despite its recent price challenges. Current figures from Coinglass show that <a href="https://cryptonewsland.com/movement-labs-connects-to-polygons-agglayer-to-enhance-blockchain-interoperability/" target="_blank" rel="noopener noreferrer nofollow">Polygon’s</a> Open Interest (OI) has fallen to $104.46 million, reaching levels last seen during the bear market in June 2022. This dip in OI is often viewed as a reduction in trader engagement and bearish sentiment, historically preluding significant price recoveries.</p>  
<h2 class="wp-block-heading" id="h-market-impact-and-future-outlook">Market Impact and Future Outlook</h2>  
<p>Despite recent declines, MATIC recently touched a two-year low of $0.34, which left 97% of its holders at a loss. However, this considerable downturn has sparked optimism among investors for a potential rebound, especially given the historical significance of its current support levels.</p>  
<p>As the broader market stabilizes, MATIC has the potential to regain and exceed the $0.50 mark, bolstered by solid technical indicators and <a href="https://cryptonewsland.com/invest-in-near-xlm-matic-early/" target="_blank" rel="noopener noreferrer nofollow">analyst forecasts.</a> Currently, MATIC trades at $0.418, showing a slight increase of 0.12% over the last 24 hours.</p> 
<p>The post <a href="https://cryptonewsland.com/expert-analysts-predict-matic-surge-from-key-support-level/" rel="noopener noreferrer nofollow">Expert Analysts Predict MATIC Surge from Key Support Level</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Expert Analysts Predict MATIC Surge from Key Support Level

Table of Contents

Crypto News Land

Other articles published on Aug 13, 2024

‘Off the Grid’ Hits 400K Transactions on PS5

Superstate Integrates Chainlink to Boost Transparency of USTB Tokenized Fund

Bitcoin Faces Risks of $500M Liquidations if Price Drops Below $58K

Is Ethereum Poised to Eclipse Bitcoin? Here’s Why Experts Are Saying ‘Yes’!

Top 10 Factors Determining Gas Fee in a Blockchain

ZKX Protocol Closes, Triggering Over 50% Drop in ZKX Token Value

Join our free newsletter for daily crypto updates!