MATIC price shows signs of bottom, ready for 60x gains?

MATIC price is on the cusp of a massive rally according to analysts studying the price dynamics of Ethereum’s largest scaling solution. Michäel van de Poppe has predicted 20-60x gains in MATIC, as the altcoin begins its uptrend. 

Also read: MATIC eyes $1 target, announces Accelerator Program finalists

MATIC price is close to bottoming

Valdrin Tahiri, a leading crypto analyst, identified that MATIC has bounced off horizontal support at $0.74 and crossed its short-term descending resistance line. MATIC price then attempted to validate resistance at $0.74 as support. 

MATIC-USDT price chart by Valdrin

CryptoCapo applied Elliott wave theory, a form of technical analysis that looks for recurrent long-term price patterns related to persistent changes in investor sentiment, to MATIC price trend. The analyst argues that MATIC price is completing the fourth wave of a five-wave downward movement and the altcoin is close to a bottom. MATIC price is ready to break into a massive upward trend after it completes in the final leg of its five waves, eyeing $1.40. 

MATIC-USDT price chart by CryptoCapo_

Bullish indicator could push MATIC price higher

CryptoFaibik, a YouTuber and crypto analyst identified a bullish pattern in MATIC price chart, called a Descending Broadening Wedge Breakout, which is indicative of an upside reversal in the asset.

The analyst has set a target of $1.97 for MATIC price, a 217% rally from the current level. 

60x gains in altcoins in the next bull cycle

Michäel van de Poppe, top crypto analyst and educator recently commented on positive price moves of AMZN and AAPL. The analyst believes that the rally in equities will continue to spill into the crypto market. 

Michäel van de Poppe said:

we’re definitely ready for fireworks (…). The entire market looks ready to continue moving heavily.  Many altcoins & Bitcoin breaking above 50-Day Moving Average. Bitcoin breaking above 200-Week Moving Average. Looks to me to see a continuation on those altcoins for 100-200%.

Van de Poppe then shifted his focus to MATIC, SOL, ATOM and AVAX among other altcoins. These assets have the highest bullish potential in the next bull cycle, with the likelihood of recording 20 to 60x gains. 

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