Polygon’s MATIC has been up, down, and up again. Now that it’s reached a new all-time high, what price target for MATIC are we looking at? Covered: MATIC New All-Time High Is Another Swoon Coming? Matic’s Doppelgänger Price Target For Matic For MATIC charts, click here. Matic New All-Time High It’s been a great year […] The post This Analyst’s Top 2022 Price Target For MATIC Will Shock You appeared first on CryptosRus.

This Analyst’s Top 2022 Price Target For MATIC Will Shock You

Polygon’s MATIC has been up, down, and up again. Now that it’s reached a new all-time high, what price target for MATIC are we looking at?

Covered:

  • MATIC New All-Time High
  • Is Another Swoon Coming?
  • Matic’s Doppelgänger
  • Price Target For Matic

For MATIC charts, click here.

Matic New All-Time High

It’s been a great year for MATIC and even better December. After languishing for most of 2020, the layer-2 scaling solution rebranded to Polygon — ticker symbol still is MATIC, though — and since then, it’s been nothing but up.

But not actually. After reaching an all-time high of $2.55 USD back in May, MATIC languished until November. The smart contract protocol even fell as low as $0.69 cents on some exchanges. In fact, it took until late October for the project to get back over $2 again.

But since that slide, MATIC found its way to its latest all-time high. On December the 27th, the supposed “ETH Killer” hit as high as $2.92 on some exchanges. Overall, Polygon’s MATIC token is up 13,600% in the last year. It’s been an impressive run.

But the question remains, with its latest all-time high, are we looking at another swoon? Or should we be asking an entirely different question?

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MATIC Has A Doppelgänger

“For the entirety of 2021, MATIC’s weekly price chart structure has looked remarkably like ETH’s from 2017,” said popular tech analyst TechDev.

MATIC is among a slew of Ethereum scaling solutions on the market. But out of all the them, it’s resembling it the most. Especially, considering the chart above.

“The first major run up ended right near the 5.172 log fib extension taken from the swing high/low pair right before,” TechDev pointed out. “Since then, it saw a pennant consolidation with recent breakout, and now looks to be backtesting the break.”

The backtest he’s pointing out is its current hovering around the $2.50 range. It’s similar to what we saw back in late 2017 from Ethereum. The OG smart protocol hovered in the 400 range before almost getting to $1,500 at the the height of its run.

“All of this behavior is nearly a perfect mirror of ETH’s 2017 run. Even down to the structure of the RSI,” TechDev added. “If we take the linear 4.236 fib extension from the pennant high/low (which called ETH’s 2017/18 top), this gives a top target of $9.90 for MATIC.”

I guess the better question is: is MATIC about to kill it like ETH did in 2017/2018?

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The post This Analyst’s Top 2022 Price Target For MATIC Will Shock You appeared first on CryptosRus.