- Crypto Tony shared in an X post that his upside target for MATIC stands at $0.85.
- At press time, CoinMarketCap indicated that MATIC was up 4.70% and trading hands at $0.7998.
- A long-term symmetrical triangle suggested that MATIC may breakout in the next few weeks.
The cryptocurrency trader and analyst “Crypto Tony” on X shared his target for Polygon (MATIC) in a post yesterday. According to the post, the trader is waiting for the altcoin to reach “$0.85 highs on this push up.”
MATIC still has some ground to make up before it can reach the analyst’s target. The cryptocurrency market tracking website CoinMarketCap indicated that the altcoin was changing hands at $0.7998 at press time. This was after MATIC recorded a 4.70% gain over the past 24 hours.
MATIC’s rise on the last day of trading coincided with the rise in the global cryptocurrency market cap of over 3% which was recorded during the same period. Notably, the latest increase in price also pushed MATIC’s weekly performance further into the green zone. Subsequently, the altcoin was up more than 20% over the past 7 days.
Meanwhile, trading activity for MATIC throughout the past day of trading also recorded an uptick. CoinMarketCap data indicated that the cryptocurrency’s total trading volume was up 7.84%. This pushed the total to above $500 million.
A long-term symmetrical triangle had formed on MATIC’s daily chart over the past several months. This suggests that the altcoin may break out in the next few weeks. From a shorter-term perspective, however, MATIC will need to overcome the $0.85 barrier before this strong move can take place.
If MATIC closes a daily candle above this level, then it may have the foundation needed to climb to $1.0785 in the following few weeks. A rejection from the $0.85 mark, however, may put the cryptocurrency at risk of pulling back down to $0.6830 in the medium term.
Should the potential sell volume persist at this point, then MATIC’s price may break below this level. In an extremely bearish scenario, MATIC could drop to as low as $0.5540.
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