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Benjamin Cowen identified signs of possible future growth on the chart of the popular token and named the conditions for the implementation of a positive scenario
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Cryptanalyst Benjamin Cowen has discovered technical patterns indicating a possible future rise in the Polygon (MATIC) price. According to Cowan, the altcoin is showing positive dynamics in trading pairs with Bitcoin, Ethereum and USDT stablecoin. If there are no critical events in the digital asset market in the near future, then the price of Polygon could overcome the $ 3.5 mark (up 66% from current levels), Cowen predicted.
The chances for this scenario to come true could significantly increase if the price of bitcoin returns to the level of support for the bull market, which is in the region of $ 53,000, the analyst said.
“I think this is a good project and will continue to grow throughout the entire bull cycle. The coin has the potential to climb several positions in the list of the largest cryptocurrencies by capitalization, ”added Cowen.
On December 10, Polygon traded at $ 2.1 and its market cap is $ 14.8 billion, according to CoinGecko. According to this indicator, the asset ranks 14th in the list of the largest cryptocurrencies. Over the week, altcoin has risen in price by 2%. Monthly growth was 22%.
Polygon is an Ethereum-compatible second level sidechain powered by PoS (Proof-of-Stake) algorithm. This network is faster and with lower fees than the main Ethereum network.
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