Is It Too Late to Buy Polygon? Crypto Experts Give Their MATIC Price Predictions

MATIC is down by 0.40% with a $310 million (-42.9%) trading volume and a market cap of $6,8 billion in the past 24 hours. At the time of writing, the coin ranks No. 12 in CoinMarketCap as one of the top listed cryptocurrencies on the platform.

One can make better trading decisions by considering MATIC’s previous and current price actions and also some underlying factors that could contribute to the coin’s volatility.

MATIC’s Price Performance

Today, July 12, 2023, the asset is trading at $0.7357 as of the time of writing. In 1 week, MATIC has increased by 5.5% in market value, although the market is seeking retracement today as of the time of writing.

TradingView showed that in the past 7 days, the asset had the highest price gain on July 10, 2023, at a close price of $0.7350. Within the week, the bulls held the bullish trend from July 7 to July 11, 2023, which reflects an increment of 5.1%.

Note MATIC has witnessed a price increment of 26% from the past year.

MATIC Might Face Price Retracement

In the chart above, MATIC’s market could face price retracement from today, July 12, 2023. From the chart, MATIC trades slightly above the 50-Day Simple Moving Average (SMA) and far below the 200-Day SMA.

This depicts that the coin is bullish in the short term and bearish in the long term. MATIC’s Relative Strength Index is at 58.06, moving from the overbought zone (70) to the oversold zone (30).

This shows that the coin’s market is witnessing a selling pressure and the market price, which might cause it to witness price retracement.

Again, the asset has a Moving Average Convergence Divergence trading above the signal line. This shows that MATIC is bullish, as the 50-Day SMA indicates.

MATIC’s Support and Resistance Price Level

Considering the market state in the chart above, if the bears increase their momentum in the market. The asset’s price might reach the $0.6510 support level in the future.

With more panic in the market, the bears could sell MATIC, making the market value drop, which might hit the $0.5022 support. Nevertheless, if the bulls increase buying pressure today, the market price of MATIC could reach the $0.9060 resistance level.

This might attract more investors to the market, forcing the coin to gain market value. This action could take the market price to the $1.0326 resistance level.

Factors That Could Change MATIC’s Market

Factors like crypto regulations, SEC’s lawsuits on crypto firms, macroeconomic activities, the law of demand and supply, market sentiments, and many more affect the general crypto market. 

SEC’s Lawsuits Against Crypto Firms

The actions of the United States Securities and Exchange Commission (SEC) always spike fear among crypto traders, thereby forcing a loss in market price.

When SEC filed legal action against Binance and Coinbase on June 5 and June 6, 2023, respectively. MATIC’s price dropped following the spread of the news.

Note SEC had charged Binance and Coinbase for offering and selling unregistered securities and for taking clearing and broker positions without approvals from SEC as the U.S. law requires.

Historical data from CoinMarketCap showed that MATIC’s price dropped from $0.8934 on June 4, 2023, to $0.7652 on June 7, 2023.

MATIC Witnessed Increased Trading Volume 

Recently, MATIC has been performing well in the crypto market. Sanctiment, a notable firm that provides on-chain data, revealed that the asset had witnessed high trading volume.

This depicts increased interest of investors in MATIC’s market and could be a factor that could change MATIC’s market behavior. This news might also attract more investors to the coin’s market and might make MATIC gain in market price. 

The Global Crypto Market 

In the past 24 hours, the global crypto market cap is currently at $1.19 trillion and up by 0.80% with a trading volume of $25.88 billion and down by 19.8% at press time.

This is a factor that could affect the market price of MATIC. The general crypto market provides an overview of investors’ interest in the crypto market and the general performance of cryptos. The information front of the global crypto market may trigger positive or negative market sentiments among investors. 

Positive Market Sentiment

A notable factor that could influence MATIC’s price change is positive market sentiment. This follows news favoring a crypto market or the global crypto market.

When this is built up, it spikes increment in an asset’s market value as investors would increase their investments to profit from the subsequent expected price gain.

MATIC’s price was also affected by this sentiment following some renowned asset-managing companies’ announcement of applications for Bitcoin spot ETF.

On June 16, 2023, Reuters reported that BlackRock, a large asset managing company, applied for Bitcoin spot ETF on June 15, 2023. This news created positive market sentiment in the global crypto market. Trading View showed that Bitcoin’s price rallied after the news.

Bitcoin surged to $28,315 on June 20, 2023, above its previous price of $26,642 on June 19, 2023. 

MATIC also witnessed a price gain following the market sentiment, and as of June 20, 2023, it rose to $0.6317 from the $0.6149 price recorded on June 19, 2023.

Could Chimpzee Be the Next New Big Gem?

Chimpzee is a meme project that aims to take advantage of the crypto industry to preserve animals and make the human environment more habitable by preserving them.

So, to achieve this goal, the team behind the project created an ecosystem in the crypto space that will provide profit-making opportunities for users.

Again, users in the ecosystem could entertain themselves. All these are geared to keeping the ecosystem lively and also to ensure the sustainability of the ecosystem.

Note within the platform, users could earn passive income in the project’s token of utility, CHMPZ, if they make purchases and play games.

Another way users could earn the token is by fully participation in activities that will promote the preservation of wildlife and the climate.

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