He Polygon (MATIC) price has suffered Polygon has seen drop after drop over the past few months, taking it to levels not seen since June 2022. This price drop has led to an 86.27% drop from its all-time high price of $2.92 recorded in 2021. However, positive sentiment is slowly starting to emerge among Polygon investors who have struggled with losses for most of the year, especially as one cryptocurrency analyst has predicted a recovery for the altcoin.
The polygon on the way to a renaissance
Cryptocurrency analyst CobraVanguard has pointed out A bullish formation on the Polygon (MATIC) chart could send the price soaring from here. This formation, known as an ascending triangle pattern, has appeared at a time when investors seem to have lost hope in the altcoin.
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According to the chart shared on TradingView, the Ascending Triangle started in the month of August. The formation was basically first spotted when the price crashed along with the cryptocurrency market towards the end of the bearish month of August. This formation continued throughout the month of September when prices had started to recover once again.
Not only has the bullish ascending triangle formed on the polygon chart, but the cryptocurrency analyst notes that this is happening within a broadening wedge pattern. This is important because a broadening wedge pattern is equally bullish for the altcoin’s price. Naturally, when Polygon price starts to recover Within the broadening wedge, it is expected to reach the top of the pattern.
The first target of this bullish rally is $0.4671, which is around a 15% increase from here. The next target is $0.5442. Finally, as Polygon price moves to fully complete the Broadening Wedge, the cryptocurrency analyst expects the price to reach $0.6821.
A breakout from here would certainly be a positive development for Polygon investors, 95% of whom are currently in the red. According to data According to IntoTheBlock, only 3% of wallets holding MATIC tokens are making a profit, while 2% are breaking even. This makes it one of the worst altcoins in terms of profitability so far this year.
MATIC becomes POL
Earlier this month, on September 4th, the Polygon network team successfully conducted a Migration that converted MATIC tokens to POLPOL is supposed to be a “hyper-yielding token” that is expected to help power the Polygon network.
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Despite the The anticipation that followed the migrationThe POL token (formerly MATIC) has failed to move positively. The price has only risen by around 5% from its price of $0.38 at the time of the migration, showing that the migration had little effect on the price.
However, expectations remain high for the altcoin, as investors hope that the fact that the POL token is now an altcoin with a completely new chart and without much price history will be one of the things that boosts your recovery below.
Featured image created with Dall.E, chart from Tradingview.com
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