Polygon’s MATIC: Charting a Resilient Comeback with Bullish Signals in 2024

Polygon (MATIC) is presenting notable strength in the cryptocurrency market after underperformance during most of 2023. The popular digital asset has gained a strong 15% in the weekly chart at $1.02, which could be the prelude to its recovery.

As developments continue to unfold, market analysts follow keenly, with expert Ali pointing out that, most likely, Polygon is to shatter higher off a massive symmetrical triangle pattern. Ali states that patience among investors is key as they wait for the pattern to fully develop only when there is an indicator of a bullish trajectory in MATIC.

#Polygon is at the cusp of breaking out from a significant symmetrical triangle. Be patient! Let the pattern fully develop, as the initial target for $MATIC is set at $1.25, followed by a potential move towards $1.82! pic.twitter.com/F9eHkZe5q3

— Ali (@ali_charts) January 1, 2024

Polygon adherents keep a close watch on the MATIC progress and thus experience a renewed sense of optimism following the recent upswing. The initial target for MATIC was set at $1.25, with analysts confidently predicting that the digital asset is capable of scaling greater heights in no time.

Ali warned investors to be on the watch and let the breakout work out itself. Sometimes, the polygon can also give a symmetrical triangle pattern that shows a period of consolidation before witnessing a big price move.

Polygon has had quite the comeback, not missed by the crypto community at large, even the new boys in town – those who are just venturing into the digital asset market. $1.25 is an important level for Polygon because of MATIC’s breakout momentum, which might fuel further gains toward $1.82.

Polygon MATIC’s Short-Term Ride

An in-depth analysis of Polygon MATIC’s trading opportunities indicates that the cryptocurrency might be gearing up for a notable comeback in 2024. Crypto analyst “Altcoin Sherpa” shares insights, acknowledging MATIC’s previous lag but expressing confidence in its short to mid-term prospects.

According to Altcoin Sherpa, there is potential for MATIC to reach $1.20 in the near future. Despite recent resilience, Altcoin Sherpa remains cautious about comparing MATIC’s performance against other narratives and Layer 1 (L1) coins in 2024.

$MATIC has noticeably lagged but I think it should go to $1.20 in the short/mid term here. Still looks pretty strong and should be a decent one to trade now. Uncertain if this outperforms other narratives/ L1 type of coins in 2024 though. Treat this more as a trade vs.… https://t.co/aoqV4405iE pic.twitter.com/PpqLck1mqo

— Altcoin Sherpa (@AltcoinSherpa) January 1, 2024

“Still looks pretty strong and should be a decent one to trade now,” posted Altcoin Sherpa, emphasizing the potential for profitable trades. However, the analyst advises caution, highlighting the uncertainty surrounding whether Polygon will outperform other narratives or L1-type coins in the coming year.

Altcoin Sherpa suggests that investors treat their involvement with MATIC more as a trade than a long-term investment, reflecting a nuanced perspective on the cryptocurrency’s trajectory.

Related Reading | Bitcoin ETF Launch: Initial Ripples, Long-Term Tsunami