Polygon (MATIC) To Come back From The Dead As Ascending Triangle Appears
The Polygon (MATIC) price has suffered crash after crash in recent months, pushing it down to levels not seen since June 2022. This price crash has led to an 86.27% drop from it all-time high price of $2.92 recorded back in 2021. However, positive sentiment is slowly starting to creep up among Polygon investors who have struggled with losses for the better part of the year, especially as one crypto analyst has predicted a revival for the altcoin.
Polygon On Its Way To A Revival
Crypto analyst CobraVanguard has pointed out a bullish formation on the Polygon (MATIC) chart that could send the price flying from here. This formation known as the Ascending Triangle pattern has appeared at a time when investors seem to have given up hope on the altcoin.
According to the chart shared on TradingView, the Ascending Triangle began back in the month of August. Mainly, the formation was first picked up as the price crashed alongside the crypto market toward the end of the bearish month of August. This formation continued into the month of September as prices had begun to recover once more.
Not only has the bullish Ascending Triangle formed on the Polygon chart, the crypto analyst points out that this is taking place inside of a Broadening Wedge pattern. This is important because a Broadening Wedge pattern is equally as bullish for the altcoin’s price. Naturally, when the Polygon price starts to recover inside the Broadening Wedge, it is expected to reach all the way to the top of the pattern.
The first target for this bullish recovery is $0.4671, which is an increase of around 15% from here. The next target is $0.5442. Finally, as the Polygon price moves to completely fill in the Broadening Wedge, the crypto analyst expects the price to hit $0.6821.
A breakout from here would no doubt be a welcome development for Polygon investors, 95% of whom are currently sitting in losses. According to data from IntoTheBlock, only 3% of wallets holding MATIC tokens are in profit, while 2% are sitting at breakeven. This makes it one of the worst altcoins in terms of profitability so far this year.
MATIC Becomes POL
Earlier in the month, on September 4, the Polygon network team carried a successful migration that converted MATIC tokens to POL. POL is purported to be a “hyper productive token” which is expected to help move the Polygon network forward.
Despite the anticipation that followed the migration, the POL (formerly MATIC) token has failed to move in a positive way. The price is only up around 5% from its $0.38 price at the time of the migration, showing that the migration had little effect on the price.
However, expectations remain high for the altcoin as investors expect the fact that the POL token is now an altcoin with a whole new chart, and no much price history, to be one of the things that propels its recovery next.