Alternative cryptocurrencies (altcoins) have been experiencing a significant rise, with some posting double-digit gains. This surge comes despite their lack of complete alignment with Bitcoin‘s (BTC) current stability above the $58,000 mark. As BTC hovers, altcoins are poised for potential increases of over 30%, with the upcoming monthly close being a pivotal moment.
MATIC’s Momentum Escalates
Polygon’s native token, MATIC, has seen a notable shift in momentum. After a challenging year, the coin has broken through a key long-term diagonal resistance. Currently, MATIC faces a new level of resistance in its price trajectory.
Examination of MATIC’s price action since October 2023 shows a rapid ascent on the weekly chart, culminating in a breakthrough of a resistance line that was initially established at the all-time high and had held for 780 days. This pivotal breakout could signal the start of a substantial price rally for MATIC, which now hovers around the $1 mark, with further gains yet to materialize.
Forecasting MATIC’s Next Peak
While the weekly chart appears optimistic for MATIC, the daily chart presents a mixed perspective. On the positive side, the application of Elliott Wave Theory suggests the potential for further escalation in MATIC’s price. The theory proposes that MATIC is in the midst of a third wave in a five-wave pattern, with a projected peak of $1.55, which would require a 47% increase from current levels.
Challenges persist, however, as MATIC struggles to consistently stay above the $1.05 mark. The coin’s price trajectory is being influenced by BTC fluctuations and a weakening RSI, which adds complexity to future predictions. The outcome hinges on MATIC’s ability to sustain its position above $1.05, as crossing this threshold could initiate a push toward the $1.55 and potentially $2 targets, whereas failure to hold could see a decline toward lower supports at $0.95 and $0.8.