- Analyst Ali Martinez has spotted a buy signal for MATIC to send the asset to $1.
- The analyst noted that MATIC must maintain above $0.87 before rallying 15%.
- MATIC has crashed by over 24% since last year, while rivals have witnessed double-digit gains.
While Polygon (MATIC) may be an underperformer in the current bull market, renowned analyst Ali Martinez believes the asset could be set for a re-entry into the $1 threshold. In the last 24 hours, MATIC has crashed by 4%. On a seven-day scale, the asset has collapsed more significantly by 13%.
Meanwhile, this bearish performance is not unique to Polygon, considering the broader market has been bleeding for the past few days. However, the crypto market experienced a relief rally in the last 24 hours, with Bitcoin reaching as high as $69,291. While MATIC flashed signs of recovery, it plunged back into the bearish zone and invalidated all recent gains.
Yet, analysts like Martinez believe the recent bearish performance now represents an opportunity for interested investors to enter MATIC’s market. In a recent tweet, the analyst disclosed observing a buying signal for MATIC via the TD Sequential indicator. Martinez spotted the signal on MATIC’s established daily candles.
The analyst highlighted the importance of MATIC maintaining its strength above the $0.87 price threshold for a potential rebound to $0.95. Moreover, Martinez stated that the ambitious target for MATIC amid the recently spotted buying opportunity is $1. At press time, Polygon trades at $0.8691. Rallying to $1 from its current price point demands merely a 15% growth.
Notably, MATIC has been underperforming the broader bullish market trend since last year. The highest point it has reached since April 2023 is $1.2714, attained mid-last month. However, it failed to defend the price point as the bearish forces have taken over.
Significantly, MATIC has been down by over 24% since last year, while rivals like BNB, Cardano, and Chainlink (LINK) have witnessed double-digit gains.
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