The MATIC price has disappointed investors over the course of this year, after falling from $1.5 to $0.5. This long-term bear trend has significantly affected investor morale, but one analyst sees redemption in the altcoin’s future, in the form of a 220% surge to $1.5.
MATIC price to make a 220% break
The analysis of the MATIC price came from crypto analyst FieryTrading. As for TradingView, the analyst paints a bullish future for MATIC that they to believe can be as high as $1.5. From this current level, this would be a 220% rally and likely make MATIC a top gainer.
FieryTrading pointed out that the altcoin has been in a sell-off trend all year long. However, this sustained selling was broken after Bitcoin showed strength and altcoins like MATIC followed suit. To the point, FieryTrading believes that MATIC has finally broken out of the bearish resistance that has held the token back all year.
Chart shows recovery to $1.5 | Source: Tradingview.com
However, not everyone agrees with the crypto analyst’s prediction for the native Polygon token. One user took to the comments section to share his own expectation, explaining that MATIC price will continue to fall and that $1 would not be reached.
When FieryTrading asked why the user thought MATIC would fall, they explained that they had insider knowledge from working on a major project over the past year. According to the user, it is not only MATIC but also Ethereum that could fall. “You are free to go long with polygon. Be careful,” the user warned.
MATIC’s battle continues
While MATIC price has also been able to follow Bitcoin’s recovery trajectory, it has not held up as well as others. After touching $0.661 on Tuesday, MATIC entered a sustained downtrend, and at a time when major altcoins are still posting gains, MATIC has suffered 2.88% losses over the past day.
Additionally, the altcoin’s daily trading volume fell about 29% to $426 million on Thursday, indicating traders and investors are entering a cooling-off period. So it is likely that the MATIC price will continue to fall before it regains momentum. However, if FieryTrading’s analysis is correct, this downtrend should not last long.
As far as MATIC investors are concerned, the price recovery has done little to correct the low profitability. Like IntoTheBlock facts shows that only 11% of all MATIC holders see a profit. The vast majority of 87% are suffering major losses, while only 2% are holding on to bags at the same price they bought them for.
MATIC trading tightly above $0.633 | Source: MATICUSD on Tradingview.com
Featured image of Bytrade, chart from Tradingview.com
