A Chance At Redemption: Analyst Puts MATIC Price At $1.5

Scott Matherson

Last Updated: June 11, 2024 2:30 pm

3 mins read

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The MATIC price has disappointed investors over the course of this year after falling from $1.5 to $0.5. This extended bear trend has significantly impacted investor morale but one analyst sees a redemption in the future of the altcoin, in the form of a 220% surge to $1.5.

MATIC Price To Make A 220% Break

The analysis of the MATIC price came from crypto analyst FieryTrading. Taking to TradingView, the analyst paints a bullish future for MATIC which they believe could rise as high as $1.5. From this current level, this would be a 220% rally and likely make MATIC a top gainer.

FieryTrading pointed to the fact that the altcoin has been caught in a sell-off trend throughout the year. However, this sustained selling has been broken through after Bitcoin showed strength, and altcoins like MATIC followed. To the point, FieryTrading believes that MATIC has finally broken out of the bearish resistance that has held back the token all year.

Chart shows recovery to $1.5 | Source: Tradingview.com

However, not everyone agrees with the crypto analyst’s prediction for the Polygon native token. One user took to the comment section to share their own expectation, explaining that the MATIC price is going to fall further and $1 would not be reached.

When FieryTrading inquired why the user believed MATIC would fall, they explained that they had insider information from working on a major project in the last year. According to the user, it’s not just MATIC but also Ethereum that could fall. “You are free to go long with polygon. Be careful,” the user cautioned.

MATIC’s Struggles Continue

Although the MATIC price has been able to follow the recovery trajectory of Bitcoin as well, it has not held on as well as others. After touching $0.661 on Tuesday, MATIC went into a sustained downtrend, and at a time when large altcoins are still seeing gains, MATIC is nursing 2.88% losses in the last day.

Additionally, the altcoin’s daily trading volume fell approximately 29% to $426 million on Thursday, which suggests traders and investors are going into a cooling-off period. So it is likely the MATIC price will continue to fall before it picks up steam again. However, if FieryTrading’s analysis is correct, then this downtrend would not last long.

As for MATIC investors, the price recovery has done little to amend the low profitability. As IntoTheBlock data shows, only 11% of all MATIC holders are seeing profit. The vast majority of 87% are deep in losses, with only 2% holding bags at the same price at which they purchased them.

MATIC trading tightly above $0.633 | Source: MATICUSD on Tradingview.com

Featured image from Bytrade, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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