The Polygon (MATIC) price has suffered crash after crash in current months, pushing it all the way down to ranges not seen since June 2022. This worth crash has led to an 86.27% drop from it all-time excessive worth of $2.92 recorded again in 2021. Nevertheless, optimistic sentiment is slowly beginning to creep up amongst Polygon traders who’ve struggled with losses for the higher a part of the yr, particularly as one crypto analyst has predicted a revival for the altcoin.
Polygon On Its Method To A Revival
Crypto analyst CobraVanguard has pointed out a bullish formation on the Polygon (MATIC) chart that might ship the value flying from right here. This formation referred to as the Ascending Triangle sample has appeared at a time when traders appear to have given up hope on the altcoin.
Associated Studying
In accordance with the chart shared on TradingView, the Ascending Triangle started again within the month of August. Primarily, the formation was first picked up as the value crashed alongside the crypto market towards the tip of the bearish month of August. This formation continued into the month of September as costs had begun to get better as soon as extra.
Not solely has the bullish Ascending Triangle fashioned on the Polygon chart, the crypto analyst factors out that that is happening inside a Broadening Wedge sample. That is essential as a result of a Broadening Wedge sample is equally as bullish for the altcoin’s worth. Naturally, when the Polygon price starts to recover contained in the Broadening Wedge, it’s anticipated to achieve all the best way to the highest of the sample.
The primary goal for this bullish restoration is $0.4671, which is a rise of round 15% from right here. The subsequent goal is $0.5442. Lastly, because the Polygon worth strikes to fully fill within the Broadening Wedge, the crypto analyst expects the value to hit $0.6821.
A breakout from right here would little doubt be a welcome growth for Polygon traders, 95% of whom are at present sitting in losses. In accordance with data from IntoTheBlock, solely 3% of wallets holding MATIC tokens are in revenue, whereas 2% are sitting at breakeven. This makes it one of many worst altcoins when it comes to profitability thus far this yr.
MATIC Turns into POL
Earlier within the month, on September 4, the Polygon community staff carried a profitable migration that converted MATIC tokens to POL. POL is presupposed to be a “hyper productive token” which is anticipated to assist transfer the Polygon community ahead.
Associated Studying
Regardless of the anticipation that followed the migration, the POL (previously MATIC) token has failed to maneuver in a optimistic means. The value is simply up round 5% from its $0.38 worth on the time of the migration, exhibiting that the migration had little impact on the value.
Nevertheless, expectations stay excessive for the altcoin as traders anticipate the truth that the POL token is now an altcoin with a complete new chart, and no a lot worth historical past, to be one of many issues that propels its recovery next.
Featured picture created with Dall.E, chart from Tradingview.com