Polygon Price Prognosis: MATIC Could Shatter $0.75 Barrier, Says Top Analyst

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Polygon (MATIC) price shows a resurgence of the bulls after a brief retest of the support floor at $0.5391. At the time of writing, the altcoin is auctioning for $0.5628 and nurturing an uptrend sustained since September 2.

Top Analyst Forecasts Short-term $0.75 Level for MATIC

According to a chief Analyst going by @tanxcrypto on social media platform X, Polygon price could venture into the $0.65 to $0.75 zone.

$MATIC holding above $0.54 1D support and confirmed a triple bottom on 1D too I am looking for it to push into $0.65-$0.75 areas in the short term.📈 #MATIC #MATICUSDT #polygon #Crypto #cryptocurrencies #cryptocurrency #alts #altcoins #CryptoX #BTC #Bullish #Bulls #Binance pic.twitter.com/DX4PkXb92C

— 𝘾𝙍𝙔𝙋𝙏𝙊.𝙏𝘼𝙉𝙓™ (@tanxcrypto) September 4, 2023

The prediction comes as MATIC successfully sustained above the $0.54 level, recording triple bottoms in one day.

Meanwhile, the Polygon ecosystem is planning the launch of the zkEVM Mainet Beta. This is the latest version of both the Node and Prover components.

UPDATE: Polygon zkEVM Mainnet Beta

This update introduces the latest versions of both the Node and Prover components.

Date: Wednesday, Sep 6th
Time: 11:00 UTC / 13:00 CEST
Duration: ~ 1 hour
Note: During this update, the network will be temporarily unavailable.

Read more -…

— Polygon Foundation (@0xPolygonFdn) September 5, 2023

The network will be temporarily unavailable during the upgrade, slated for September 6 at 11:00 UTC / 13:00 CEST.

Polygon Price Forecast As MATIC Trends Upwards

Polygon price, currently at $0.5628, boasts four successive green candlesticks on an uptrend, suggesting a budding rally. Increased buying pressure above this level could see the altcoin tag the resistance confluence between the horizontal line and the 50-day Simple Moving Average (SMA) at the $$0.6382 to $0.6432 range.

A strong move above this level would clear the path for Polygon’s price to confront the 100-day SMA at $0.6804 before confirming the analyst target of $0.7500 and dipping into the supply zone at $0.7440. Considering his order block is populated by sellers, MATIC could correct or pull back around this level. However, if it records a decisive candlestick close above the mean threshold (ME), the midline of an order block at $0.7733, the odds for an uptrend increase.

In a highly bullish case, Polygon’s price could extend towards the 200-day SMA at $0.8778 and potentially test the next supplier congestion zone around the psychological $0.9000 level. A strong move above this order block, setting MATIC above the psychological $1.0000, would increase the odds for a long-term uptrend.

Interestingly, the Relative Strength Index (RSI) has made a strong move from 30 to 41—the directional bias of this momentum indicator points to rising momentum. The green shade of the Awesome Oscillator’s (AO) histogram bars corroborates this outlook, adding credence to the upside postulation.

Polygon price — TradingView: MATIC/USDT 1-day chart

Conversely, mindful of the RSI position below 50 and the unfavorable position of the AO, bears still have a say in the MATIC market. With this, chances of a slump remain likely, potentially triggered by early profit-taking as traders break even.

On-chain Metric: Polygon Volume

As illustrated in the chart below, up to 93.37% of MATIC holders incur losses (out of the money). A meager 6.63% of holders are making a profit (in the money), while none are breaking even.

As the cohort suffering losses hit their break-even thresholds, some will likely sell, threatening the upside for Polygon’s price.

The ensuing selling momentum could send Polygon price below the immediate support at $0.5391, potentially sending MATIC to a new all-time low.

Switch gaze from MATIC and focus on WSM, the ticker for the Wall Street Memes ecosystem. This project is moving fast and will go live on a tier-one exchange in about three weeks.

Promising Alternative To MATIC

The Wall Street Memes project has gained massive traction, making headlines as a viral meme coin set to premiere on exchanges soon. This traction comes as the project uses a rather aggressive marketing strategy, compromising partnerships and other tactics. Like Pepe of Wallstreet, the project has forged collaborations with CoinGecko for alliances.

Other dashboards where WSM has a presence include DEXTools and DEXScreener, with experts like Joe Parys and Satoshi Stacker also spotlighting the meme coin. These attribute to its solid fundamentals and explain why experts anticipate 10X growth potential for WSM.

The project aims to tokenize the meme stocks theme, headlined during the previous market rally. It traces back to when Reddit traders from the Wall Street Bets subreddit organized a short squeeze on assets. The assets in question were GameStop and AMC, with the move going against the traditional culture of Wall Street.

Over the past few months, the Wall Street Memes project has earned a place among the most prolific meme currency presales. In this early stage of token offering, investors can buy WSM at $0.0337, with over $25 million raised thus far.

Other token-earning opportunities presented by the project include the $50,000 giveaway, reviewed by Oscar Ramos. There is also the staking feature, meant to reduce selling pressure on the token.