MATIC Price Prediction March 3

Polygon is built on a Proof of Stake consensus mechanism that rewards the token holder for running the network and verifying transactions. However, this works by letting users stake a portion of their token that’ll lock for a specific period to be eligible for the reward.

MATIC is an ERC–20 token created on Ethereum Blockchain. It is the native token of Polygon. This token facilitates the Polygon network’s transaction fee payment and governs and secures the network.

The quantity of MATIC is finite, with only roughly $7.4 billion in circulation, in contrast to certain other cryptocurrencies that have a limitless supply. 

MATIC Past And Present Trend

MATIC has had a little volatility since its launch in April 2019. The token was launched at $0.0044510 on several exchanges, but the price dropped to $0.0032210 in May 2019. That was the lowest price of MATIC. 

MATIC ended the year with its price at $0.04168 in Dec 2019 and went down again at the beginning of 2020 at $0.01581. 

In 2021, MATIC price skyrocketed massively to an All-Time High of $2. Meanwhile, the price spike high again, breaking its record to $2.92 and ended the year with a slight drop at $2.53.

While 2021 was a memorable year for both MATIC and crypto, 2022 was forgettable. The coin was rapidly declining after several markets collapses; on June 18, hitting a low of $0.3228. The coin then temporarily rose beyond the $1 level at the end of July with the release of zkEVM, an Ethereum Virtual Machine-compatible application, before tumbling back down.

Polygon regained its strength gradually, followed by the news of a collaboration with Robinhood (HOOD) for its new Web3 wallet. Another partnership was with Meta to work on Non-Fungible Tokens (NFTs). All the fundamentals combined pushed Polygon MATIC to $1.29 in November.

However, the collapse of the FTX exchange affected the entire ecosystem, which dropped the token to as low as $0.773. Nonetheless, MATIC increased when the cryptocurrency market began to show signs of revival in 2023. 

It once again crossed the $1 mark on January 14 before reaching a peak of $1.56 on February 18 — its highest value since April 2022. By February 24, 2023, the price fell to $1.35 due to the news that Polygon would lay off 20% of its employees, or about 100 individuals.

MATIC is currently trading at $1.1382, which is a notable loss from its yesterday’s closing price of $1.2248

MATIC Price Prediction Base On Technical Indicators

MATIC is trading above the 200 Simple Moving Average (SMA) and 50 Simple Moving Average (SMA) daily, indicating that the bulls are trying to build momentum. But the bears are also resisting.

MATIC hit the overbought region, and the price is dropping gradually while the MACD line crosses below the signal line. This will drag the price to the oversold region as the buying momentum is showing red.

The Relative Strength Index (RSI) crosses above 30 on the chart, which means the bulls are building strength to increase the price. Also, the 200 SMA and 50 SMA are moving up; this also signifies the trend is up on a daily time frame.

Expert Long And Short-Term MATIC Price

Let’s look at some of the price forecasts for MATIC as of March 3, 2023. It’s vital to remember that price forecasts frequently prove inaccurate, especially for something as potentially unpredictable as cryptocurrencies. 

Also, algorithms generate many long-term cryptocurrency price forecasts, which implies that they are subject to sudden changes.

According to Price Prediction

In 2023, PricePrediction predicts that the price of a Polygon coin might reach $1.40. The website predicts MATIC to reach $2.85 in 2025. 

CoinCodex price prediction

According to a short-term price projection by CoinCodex for 2023, MATIC might fall to just under $1.03 by March 25 before further falling to $0.9924 by April 19. The technical analysis of the website was bearish, with 17 indicators producing negative signals and 12 producing positive ones.

Wallet Investor price prediction

According to Wallet Investor’s price forecast, MATIC would have a difficult time over the next 12 months and might drop to just $0.44 by the end of March 2024.

Factors That Might Influence MATIC Price

These are some of the factors that might affect the price of MATIC.

Macroeconomic Indicators

Macroeconomic factors, including inflation, rising interest rates, and unemployment, usually impact the prices of cryptocurrencies like MATIC. For instance, the Bitcoin market suffers due to the US Fed’s hawkish inflation measures. This will also affect ADA’s price.

The Interest of Institutional Investors

This is another factor that affects the price of MATIC. Polygon has recently been made accessible in various exchange trading products (ETP), such as the 21Shares Polygon ETP and Osprey Polygon Trust, in September and November.

Furthermore, given MATIC’s enormous potential, Grayscale Investments, the world’s largest digital investment firm, is considering using Polygon in its investment program. These developments will attract more investors, pushing the price of MATIC up.