Deciphering if MATIC’s price can kick-start a 100% upswing
MATIC price shows a willingness to surge higher and it comes as a result of its technical development and the flip of the market structure favoring bulls. Therefore, patient investors who bought the recent dip are ready to reap the benefits of what’s coming for Polygon.
MATIC price ready to rumble
MATIC price crashed nearly 55%, starting in December 2021, and set a swing low at $1.30. This downswing pushed Polygon from its all-time high at $2.92. Since the retest of $1.30 on 25 January, the altcoin has tagged the same level twice, giving rise to a trend reversal setup known as the triple bottom pattern.
So far, MATIC price has rallied 15% from the third retest and is currently hovering around $1.43. As Bitcoin price stabilizes and finds its footing, altcoins are likely to follow its footsteps or take the lead by rallying.
Regardless, Polygon seems to have alleviated any downside pressure due to the $1.30 support level and is likely to start a rally that pushes it to the first hurdle at $1.94. This move would constitute a 36% ascent from the current position.
This run-up might come after quite a bit of consolidation, especially if the buying pressure is not much. The projected trajectory of the MATIC price is present in the chart for reference.
Flipping the $1.94 hurdle and surpassing the $2 barrier could trigger another 48% rally to the next ceiling at $2.87. If the bullish momentum is high enough, MATIC price could extend higher and retest the all-time high at $2.92.
While a local top is likely to form around this level, a bigger picture look reveals a rounded bottom formation. This price action suggests that there is more upside present for MATIC provided, that the crypto ecosystem remains bullish.
All in all, this move from $1.43 to $2.87 would constitute a 100% gain.
Supporting this outlook for Polygon is the 30-day Market Value to Realized Value (MVRV) model. As mentioned in previous articles, this indicator is used to assess the average profit/loss of investors who purchased MATIC tokens over the past month.
Since the MVRV for Polygon is present at -13%, a popular local bottom spot, investors can expect a massive uptrend to originate soon.