Polygon (MATIC), one of the most popular layer-2 scaling solutions for Ethereum, has caught the eye of crypto analysts and investors alike recently.
Analyst Crypto Rover tweeted Thursday that he believes a “big breakout is looming” for the token based on technical factors. However, with prices hovering around $0.78 currently, what could a breakout entail for MATIC this weekend?
Crypto Rover pointed to MATIC’s ascendant chart patterns in calling his shot on an impending major price movement. He also revealed the asset comprises his fourth-largest crypto holding based on conviction in its outlook.
Also read: Why Chainlink (LINK) Is Gearing Up For $25-30 Breakout In Coming Months?
After rallying to all-time highs above $2.90 last December before plunging lower in 2023, MATIC has stabilized around the $0.80-$0.90 range so far this year.
However, based on optimistic sentiment from analysts like Crypto Rover combined with easing broader market headwinds, many investors wonder if Polygon could be on the cusp of reattempting its former heights.
Will MATIC break out this weekend?
According to price predictions from researchers at Changelly, MATIC may trade between a low of $0.8345 and a high of $0.9162 this weekend.
Also read: Cryptocurrency: 5 Coins To Watch in February 2024 To Generate Profits
Its average expected value lands around $0.8634 for this weekend. With MATIC currently changing hands at $0.77, its weekend forecast implies a modest upside potential between 3-6% amid periods of choppy consolidation.
Of course, capturing Polygon MATIC’s next “big breakout,” if and when it materializes, hinges on far more than near-term time horizons.
Credit: Source link