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The price of Polygon (MATIC) has experienced crash after crash in recent months, sending it down to levels not seen since June 2022. This price crash resulted in an 86.27% drop from the all-time high of $2.92 recorded back in 2021. However, little by little positive feelings are starting to grow among Polygon investors who have suffered losses for the better part of the year, especially since one crypto analyst has predicted an altcoin revival.
Polygon Is On The Road To Revival
Crypto analyst CobraVanguard has revealed a bullish formation on the Polygon (MATIC) chart that could send the price flying from here. This formation, known as the Ascending Triangle pattern, appeared at a time when investors seemed to have lost hope in the altcoin.
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According to a chart shared on TradingView, the Ascending Triangle started back in the month of August. In particular, the formation was first picked as the price crashed around the crypto market towards the end of the bearish month of August. This formation continued until the month of September as the prices have started to stabilize again.
Not only is a bullish Ascending Triangle formed on the Polygon chart, the crypto analyst points out that this is occurring within a Broadening Wedge pattern. This is important because the Broadening Wedge pattern is equally bullish for the altcoin price. Naturally, when the Polygon price starts to stabilize within the Broadening Wedge, it is expected to reach all the way to the top of the pattern.
The initial target for this bullish retracement is $0.4671, which is about a 15% upside from here. The next target is $0.5442. Finally, as the price of Polygon moves to completely fill the Broadening Wedge, the crypto analyst expects that the price will reach $0.6821.
Coming here would undoubtedly be a welcome development for Polygon’s investors, 95% of whom are currently sitting on a loss. According to data from IntoTheBlock, only 3 wallets holding MATIC tokens are profitable, while 2% are sitting on the breach. This makes it one of the worst altcoins in terms of profits so far this year.
MATIC Becomes POL
At the beginning of the month, on September 4, the Polygon network team carried out a successful migration that converted MATIC tokens to POL. POL is said to be a “highly productive brand” that is expected to help drive Polygon’s network forward.
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Despite the expectations following the migration, the POL (formerly MATIC) token failed to fare well. The price only rose about 5% from its $0.38 value during the migration, indicating that the migration had little impact on the price.
However, expectations are always high for the altcoin as investors expect the fact that the POL token is now an altcoin with a whole new chart, and no history of multiple prices, to be one of the factors driving its next recovery.
The featured image was created with Dall.E, a chart from Tradingview.com