Polygon (MATIC) Price All Set For 30-40% Rally

The post Polygon (MATIC) Price All Set For 30-40% Rally appeared first on Coinpedia Fintech News

The cryptocurrency industry is gradually rebounding from the recent correction, led by Bitcoin (BTC) price that pumped above $66,000 in the last 24 hours. The total crypto market cap rallied around 6 percent to about $2.51 trillion on Thursday, thus resulting in more than $113 million of short liquidations. 

The recent spike in meme stocks led by GameStop (GME) has triggered a fresh round of bullish sentiments. Furthermore, the 2021 altcoin pump was triggered by a similar event, which saw meme stocks rally nearly 100x.

Altseason On the Horizon

Bitcoin price has heavily dominated the cryptocurrency pump in the past year, with a few select altcoins outshining the rest. The Bitcoin dominance has been grinding higher in the recent past, thus further eating into the altcoin market. Interestingly, the ETH/BTC pair has continued to slip lower on the higher time frames, despite heightened calls for market reversal.

Ultimately, Bitcoin traders will diversify their profits into the altcoin industry, thus triggering the anticipated altseason.

Polygon (MATIC) Price Ready to Pump

$MATIC #Polygon looks Ready for 30-40% Recovery Rally.. pic.twitter.com/hI3Yi1nogJ

— Captain Faibik (@CryptoFaibik) May 16, 2024

After being trapped in a correction mode for the past few months, Polygon (MATIC), a top-tier Ethereum (ETH)-based scaling solution with nearly $1 billion in total value locked (TVL), has shown early signs of bullish uproar. 

According to a popular crypto analyst alias Captain Faibik, MATIC’s price is on the cusp of at least a 40 percent spike toward 95 cents in the coming weeks. 

Moreover, MATIC price against the US dollar has established a solid support level of around 64 cents, coupled with a rising divergence on the daily Relative Strength Index (RSI).