May 22, 2024
Altcoin Analyst Forecasts 40% MATIC Surge
Altcoins News

Altcoin Analyst Forecasts 40% MATIC Surge

The cryptocurrency market is witnessing a resurgence, with Bitcoin’s value surpassing $66,000 in the last 24 hours. This upward trend has propelled the total crypto market cap by approximately 6 percent, reaching $2.51 trillion on Thursday. The surge has also resulted in over $113 million in short liquidations, indicating a bullish sentiment among traders.

Meme Stock Surge Fuels Optimism

A recent surge in meme stocks, led by GameStop (GME), has sparked renewed optimism within the cryptocurrency community. This resurgence harkens back to a similar event in 2021, when meme stocks experienced exponential growth, triggering a wave of altcoin pumps.

When Is Altseason Scheduled?

Despite the recent market momentum, Bitcoin continues to dominate the cryptocurrency market, with only a handful of altcoins making significant gains. The growing dominance of Bitcoin is exerting pressure on the altcoin market. Notably, the ETH/BTC pair continues to trend downward on higher time frames, raising concerns among traders.

Anticipation for Altcoin Season

Investors are eagerly anticipating the start of altcoin season as they aim to diversify their earnings away from Bitcoin. The prospect of altcoin season, characterized by a surge in the value of alternative cryptocurrencies, has generated excitement and speculation within the crypto community.

Polygon (MATIC) Price Ready to Surge!

Polygon (MATIC), a leading Ethereum-based scaling solution with nearly $1 billion in total value locked (TVL), is showing early signs of recovery after a prolonged correction phase.

Analyst Predicts 40% Price Surge

Captain Faibik, a prominent crypto analyst, has forecasted a potential 40 percent spike in MATIC’s price, projecting it to reach 95 cents in the coming weeks.This positive outlook is reinforced by MATIC’s solid support level at 64 cents against the US dollar, along with a significant deviation on the daily Relative Strength Index (RSI).

Conclusion 

The anticipation of altcoin season coupled with bullish predictions for Polygon (MATIC) has investors and traders closely monitoring the cryptocurrency market for potential opportunities and developments.

Image by freepik

Related posts

Ethereum’s Centralization Concerns: JPMorgan Highlights Risks in Recent Staking Surge

Henry Clarke

Solana’s Memecoin Surge Raises Bubble Concerns

Cheryl  Lee

BIS Survey Reveals Over 90% of Central Banks Exploring CBDCs

Christian Green

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.
Index