The sentiment in the cryptocurrency markets remains positive, with some altcoins breaking long-term downtrends and achieving 200-250 day breakthroughs, hinting at potentially attractive prices for new highs. A popular altcoin is on the verge of reaching $2, signaling a promising future.
Among the altcoins, MATIC Coin has seen gains of over 20% on the day, with its price at $1.06 during the writing of this article. After reaching an all-time high (ATH) of $2.9 in December 2021, MATIC struggled under a long-term descending trend line until it bottomed out at $0.32 in June 2022. Despite market fear and panic, MATIC remained relatively strong, credited to its marketing team’s effective strategies and significant partnerships that maintained demand.
Attempts to break the long-term resistance in February 2023 were unsuccessful, as were trials in November and December. However, MATIC Coin recently achieved a successful break, reaching $1.07 amidst a general optimism in altcoins. Investors are advised to wait for a weekly chart closure above resistance before gaining full confidence.
The weekly Relative Strength Index (RSI) is increasing along with the price, which is a hopeful sign for the ongoing rally. If Bitcoin (BTC) can hold the $43,000 level, it would be a second positive signal. A popular crypto analyst, known as Pentosh1, is optimistic about the upward movement due to MATIC’s bounce from a long-term support area.
Other analysts such as Cryptomist have mentioned a triangle breakout that could trigger a $1.3 peak, while Open4Profit supports the bullish formation presented by other experts. According to Elliot wave counting, MATIC Coin is in its fifth and final wave, with an initial target of $1.2. Closures above this could extend the peak and continue towards $1.5-$2. In the opposite scenario, a close below the $0.95 support would signal a potential drop to $0.75.