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Ready for Altcoin Season? Analyst Predicts 40% Surge for Polygon (MATIC) Price

Published by
Elena R

The cryptocurrency market is on the rebound, with Bitcoin surging past $66,000 in the last day. This surge has boosted the total crypto market cap by around 6 percent to reach $2.51 trillion on Thursday, resulting in over $113 million in short liquidations.

A recent surge in meme stocks, led by GameStop (GME), has reignited optimism in the cryptocurrency community. This echoes a similar event in 2021 when meme stocks skyrocketed nearly 100x, triggering a wave of altcoin pumps.

When Is Altseason Scheduled?

Bitcoin continues to assert dominance in the cryptocurrency market, with only a select few altcoins managing to make significant gains. The increasing dominance of Bitcoin is placing considerable pressure on the altcoin market. Notably, despite growing calls for a market reversal, the ETH/BTC pair continues to trend downward on higher time frames.

Traders are eagerly anticipating the onset of the much-awaited altcoin season as they seek to diversify their profits from Bitcoin.

Polygon (MATIC) Price Ready to Pump!

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

A prominent crypto analyst, known as Captain Faibik, has predicted a potential 40 percent spike in MATIC’s price, projecting it to reach 95 cents in the coming weeks. This optimistic outlook is supported by MATIC’s establishment of a robust support level around 64 cents against the US dollar, as well as a noticeable divergence on the daily Relative Strength Index (RSI).

With Bitcoin on the rise, is an altseason inevitable? What altcoins are you keeping an eye on?

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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