Polygon Targets $1: Can MATIC Double in Price?
Polygon [MATIC] has recently resumed growth after a month of price declines and is expected to rise further in the future.
Recent Trends
Price Adjustment: MATIC's price has fallen by more than 17% in the past 30 days. The current price is $0.4421, with a market capitalization of more than $4 billion. Bullish Momentum: MATIC's price has risen by more than 5% in the past 24 hours.
Technical Analysis
Descending Wedge: According to analyst ZAYK Charts, MATIC's price chart shows a descending wedge pattern.
This pattern usually indicates that the price is about to break out and has the potential to rise by 100%, that is, the price may reach $1.
Bollinger Bands: MATIC has broken through its 20-day Simple Moving Average (SMA) resistance level.
Chaikin Money Flow: Shows an upward trend, suggesting that the price may continue to rise. Money Flow Index (MFI): Shows a downward trend and needs further observation.
Upcoming Upgrade
POL Upgrade: Polygon will undergo an important upgrade on September 4, and the token will migrate from MATIC to POL. The new token POL will become the gas token for the Polygon ecosystem and help reduce user friction and provide consistent transaction fees.
Investor Movements
On-chain data: Although MATIC's MVRV ratio has improved, showing bullish signals, investor holdings and whale activity are relatively stable, with no major changes.
Summary: With the support of technical indicators and the upcoming upgrade, MATIC's price has the potential to double to $1 in the short term. However, due to market volatility, investors should be cautious.
Pay attention to the introduction of the skirt (early review strategy analysis of Bitcoin BTC and Ethereum ETH from Monday to Saturday, long-term recommendation of high-quality coins and live analysis, and irregular sharing of Cai Fu Mi Ma)
