A recent video delves into the potential for Polygon’s Matic to deliver extraordinary returns in the coming years, with a possible 45,000% gain by 2024.
Breaking Out of the Downtrend
Polygon’s Matic has emerged from its downtrend, displaying a significant upward momentum. A macro overview reveals a previous five-wave move down, suggesting that the correction phase is nearing its end.
Recent Upside Movement
MATIC has experienced a remarkable push to the upside, testing the 50 EMA and 50 SMA on the weekly chart. The cryptocurrency is currently seeking support on the 50 MA, a crucial technical indicator.
Analyzing Matic across different timeframes, the video suggests a retracement between $87 and $36 on the daily view. The hourly and 4-hourly charts, however, indicate a potential further upside push.
Wave Structure Examination
Initially, the video considered a potential five-wave drop. However, a more in-depth analysis suggests that the correction is likely to continue with an AB&C structure, followed by a retest back into the retracement area.
Trading Strategy and Price Levels
JB entered a long position on Matic, anticipating further price appreciation. Key price levels to watch include a break above $94.5, which could indicate a potential fifth wave, and a drop below $81.123, suggesting a C-wave and further downside movement.
Technical Indicators and Market Perspective
The stochastic indicator on the hourly chart suggests room to the upside, while the smart money concept highlights a weak high and strong low, favoring an uptrend.
The video acknowledges that the previous bear market ended in an irregular flat correction, prompting speculation on potential future moves in the next bull market. Despite this adjustment in market perspective, the overall optimism for MATIC remains high.
Future Price Targets and Market Volatility
The previous target of $100 for MATIC remains, albeit with the potential for an altered journey. Market volatility, particularly in Bitcoin, can impact MATIC’s price action.
Conclusion and Outlook
Despite adjustments in market perspective, the analyst remains optimistic about MATIC’s potential for significant returns. Based on the current market structure, JB suggests a potential upside of $42,000. This translates to a 42,62142% potential increase from current levels.
If a similar peak to the previous bull market occurs, MATIC could reach $130. JB expresses unwavering optimism about MATIC’s future, believing it to be a powerhouse with immense potential.
The approval of Ethereum ETFs could significantly benefit MATIC, particularly in a bull market. JB holds a position in MATIC and plans to increase it, recognizing its potential as one of the leading altcoins.
The video concludes by acknowledging the live charting nature and seeking feedback on the content, structure, and targets. Viewers are encouraged to like, subscribe, and enable notifications, and to trade safely. JB wishes viewers a pleasant day and signs off.
The video presents a compelling case for MATIC’s potential for substantial growth, with a possibility of reaching $42,000 by 2024. However, it’s essential to note that the cryptocurrency market is highly volatile, and past performance is not necessarily indicative of future results. Investors should conduct thorough research, carefully assess their risk tolerance, and diversify their portfolios before making any investment decisions.