MATIC was one of many altcoins affected by the latest market downturn triggered by the controversial Matrixport report on the Bitcoin spot ETF this week. This destructive sentiment pushed the cryptocurrency’s worth from buying and selling at practically $1 to under $0.85 in a single transfer.

Nevertheless, the tide appears to be handing over favor of the bulls, because the MATIC coin has jumped greater than 1.2% up to now day. In truth, a preferred crypto analyst on the X (previously Twitter) platform has sounded a purchase alarm for Polygon’s native token.

Can MATIC’s Worth Return To $0.96?

In a latest submit on X, crypto analyst Ali Martinez has put ahead a bullish projection for the value of MATIC over the approaching days. In accordance with the crypto pundit, the cryptocurrency seems set to get better all its misplaced beneficial properties in a possible upward worth motion.

The reasoning behind this bullish prediction for the Polygon token revolves across the TD (Tom DeMark) Sequential indicator. For context, the Tom DeMark Sequential indicator is used to establish the precise time of pattern exhaustion and worth reversal.

#Polygon | The TD Sequential presents a purchase sign on $MATIC 4-hour chart.

A spike in shopping for stress across the present ranges might see #MATIC rebound, probably towards $0.88, and whilst excessive as $0.96. pic.twitter.com/lj96zgPh7k

— Ali (@ali_charts) January 6, 2024

Martinez famous in his evaluation that the TD indicator is presently flashing a purchase signal on MATIC’s 4-hour worth chart. Nevertheless, the crypto analyst highlighted {that a} bullish future for MATIC hinges on a spike in shopping for stress across the present worth ranges.

This might probably see the Polygon token climb towards $0.88 and as excessive as $0.96, Martinez stated. In the end, this bullish prediction depicts an nearly 16% surge from the present worth level. 

It’s value noting that the Relative Power Index (RSI) on the 4-hour timeframe, which tracks the bullish and bearish momentum of a token, is presently at 38.2. When the RSI is under 50, it might recommend that the token is witnessing some bearish momentum.

MATIC Worth Overview

As of this writing, the value of MATIC stands at $0.828969, reflecting a mere 1.2% enhance in the previous 24 hours. Polygon’s sluggish efficiency up to now day emphasizes the altcoin’s struggles during the last seven days.

In accordance with knowledge from CoinGecko, the MATIC worth has declined by greater than 14% up to now week. And this latest market downturn noticed the cryptocurrency lose nearly the entire earnings it accrued in December.

Nonetheless, MATIC ranks because the 14th-largest cryptocurrency within the sector, with a market capitalization of about $7.8 billion.

MATIC worth succumbs to bearish stress on the day by day timeframe | Supply: MATICUSDT chart on TradingView

Featured picture from iStock, chart from TradingView

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