Is MATIC Growth on the Horizon?

A digital asset analyst using the pseudonym Crypto Patel recently shared an optimistic forecast regarding the price movements of the MATIC token in the upcoming weeks. This forecast comes in the context of MATIC's weak performance over the past seven days, during which it lost 6.68% of its market value, according to CoinMarketCap data.

The native token of the Polygon platform was one of the best-performing assets in 2024, growing by over 76.38% between January and March. However, the altcoin has now recorded a 22.83% decline over the past two weeks, raising serious concerns about its future price movements.

Crypto Patel's tweet on March 23 presented an optimistic outlook for MATIC despite the current downward trend, labeling the forecast as "THE BULL RUN TRAIL OF MATIC".

The "flag" is characterized by converging trend lines, indicating a continuation of the previous uptrend after the price exits the consolidation period. Importantly, Crypto Patel emphasized that the bullish flag for MATIC is forming on a higher time frame, such as the weekly chart.

Based on historical trends, the full formation of the bullish flag could result in a 100-fold increase in the price of the Polygon token in the highly anticipated bull run of cryptocurrencies, as observed in 2021.

However, focusing on short-term targets, Crypto Patel stated that MATIC reaching the $1.20 price zone on a higher time frame could trigger a price surge ranging from $10 to $15, representing a potential increase of 1500% from the current asset price.

It is worth exercising caution regarding such analyses and speculations, as there is a significant likelihood that the analyst may be mistaken.

*It is important to note that this article does not constitute financial advice