Altcoin Sherpa, one of the world-renowned cryptocurrency analysts, shared his Polygon (MATIC) analysis on Twitter with 180 thousand followers.
The analyst first commented on the current state of the Polygon network, stating that he received a lot of questions about MATIC. Sherpa believes it is possible to continue the rise in MATIC despite a 300% rise from the summer low.
“There are many fundamental conditions for MATIC to rise further. Polygon developers continue to work hard. The blockchain network continues to forge partnerships with big names. The profits of the network are spent on ecosystem improvements.”
Although altcoin Sherpa gave an initial target of $1.70 and then $2 in his MATIC analysis, the crypto market fell today. The analyst updated his technical analysis during the day.
Crypto analyst Altcoin Sherpa shared with his followers that MATIC has returned from 0.5 Fibonacci support, adding the following note:
“Polygon is a robust blockchain network. If there is no absurd drop in Bitcoin, I expect a recovery. The $1.07 Fibonacci support seems to have been effective.”
After that, a sharp drop came in the market and MATIC dropped to $0.90. However, in the medium and long-term, the analyst is still warm to the upside potential of MATIC.
Confident in MATIC’s performance, experts think that MATIC will be one of the fastest recovering altcoins as the market recovers.
While Altcoin Sherpa and many other phenomena were bullish on MATIC, the price survey on CoinMarketCap confused them. According to the poll of more than 3,000 crypto investors, MATIC will close November at $0.90.
While discussions continue about what the price of MATIC, the main token of the Polygon network, will be, the usage areas of the project continue to increase. Meta will use the Polygon infrastructure for the NFT services it plans on Instagram.