Polygon (MATIC) is a platform that enhances Ethereum’s capabilities by providing scalable and interconnected solutions. Over the past year, the value of Polygon’s native token, MATIC, has experienced fluctuations, despite its position as one of the cryptocurrencies with the largest Market Cap. Given the price market performance, investors and enthusiasts are wondering whether or not Polygon Matic will achieve the $1 mark in 2024.
Market Performance for Polygon Matic Price
Polygon achieved its all-time-high price on December 27, 2021, reaching $2.91 for MATIC. MATIC has shown minimal price fluctuations lately, with a 1-month volatility of 6.32. Polygon MATIC is currently valued at $0.790203, reflecting a recent 2.67% decrease in the last 24 hours. Having experienced positive price movements on 14 occasions in the last 30 days, the coin currently has a trading volume of $230,588,568, positioning itself 14th on CoinMarketCap. Its current market cap settles at approximately $7,6billion, with a circulating supply of approximately 9.6 billion.
Matic Price Prediciton : Will Matic Prices Surpass $1?
Analysts, such as Michaël van de Poppe, highlight that MATIC has shown resilience in higher timeframe support levels, with absorbed liquidity indicating the potential for another upward movement. Despite recent underperformance, there is speculation of a significant rally for MATIC, possibly reaching the $1.25-1.50 region, which would translate to an approximate 90% surge. In alignment with the current trend around $0.79, analysts suggest a substantial rebound for coin.
According to additional analysts’ technical analysis of Polygon (MATIC), the projected minimum for Polygon is estimated to be $1.13, while the maximum potential is expected to reach $1.38. The average trading price is anticipated to hover around $1.16.
A Closer Look at Technical Indicators
Now, let’s examine crucial technical indicators to gain insights into Polygon’s current market positioning. We’ll delve into essential moving averages and oscillators to enhance our understanding of its current standing.
The Relative Strength Index (RSI 14) serves as a common indicator, indicating whether an asset like Polygon is currently in an overbought or oversold state. The RSI 14 for Polygon stands at 47.00, suggesting a neutral status for MATIC.
The 50-day Simple Moving Average (SMA 50) considers the closing prices of Polygon over the last 50 days. Currently, Polygon is below the SMA 50 trendline, indicating a bearish signal.
On the other hand, the 200-day Simple Moving Average (SMA 200) represents a long-term trendline calculated by averaging the closing prices of MATIC over the last 200 days. As of now, MATIC is trading below the SMA 200, signalling a bearish market sentiment.
Conclusion
As we carefully analyse important aspects of the market and consider the opinions of analysts, a positive outlook emerges. The final assessment strikes a balance between being cautious and optimistic. The likelihood of Polygon Matic reaching the $1 milestone in 2024 depends on a mix of factors, including market dynamics, how investors feel, and the ongoing progress of the platform. Investors and enthusiasts should closely observe these factors to make well-informed decisions as events unfold.
Source: https://coingape.com/blog/will-polygon-matic-hit-1/