Polygon (MATIC) Price Prediction – Why Is It Dipping?

Polygon is among the top players in the blockchain sector. MATIC being its native token plays a role in facilitating transactions and incentivizing participants on the Polygon network.  

The price of MATIC fluctuates widely over short periods, as is common with many cryptocurrencies. The volatility of MATIC’s price can provide opportunities for traders to profit but can also be bad for investors with little experience. 

Additionally, with a significant market capitalization, its native token, MATIC, has been among the best-performing assets in the cryptocurrency sector, as it ranks #9 on CoinMarketCap.

As a scaling solution for Ethereum, the Polygon network has been gaining adoption despite the fluctuation. This could potentially increase its price as the demand increases over the long term. 

Polygon (MATIC) Price Trend

MATIC started the year at $0.75. A few days later, MATIC witnessed a high bullish momentum taking the price to a high of $1.05. But the price dropped by 9.52% on January 19, 2023.  

Later, the bulls pushed the price up again, and MATIC ended the month at $1.111. The bullish sentiment continued on February 1. The token started the month at $1.111 and maintained the momentum. Throughout February, the token was trading between $1.20 and $1.52. MATIC closed the month (February 28) at $1.23.

MATIC encountered much volatility, and this caused the token to drop to $1.01 on March 10, 2023. The bears tried to take control of the market, but the bulls held their positions strongly. MATIC closed the month with its price at $1.119.

The volatility increased in April, as MATIC’s price ranged between $1.02 and $1.11 for over 24 days. However, on April 25, the bears seemed to take control, and the price dropped by 3.92% ($0.98). The bears maintained the current momentum, and MATIC ended April at $0.98.

The market is still bearish in May as MATIC is currently down, trading at $0.99, with an 8.55% increase in its 24-hour trading volume. Notably, the general market cap of MATIC is down by 4.15%.

MATIC Price Prediction With Technical Indicators

According to the MATIC chart above, the token has been on a downtrend since April 18, when the bears took control of the market.

The market trend for MATIC is currently bearish as it is trading below its 50-Day and 200-Day Simple Moving Averages (SMA). This indicates that both the short-term and long-term trends are bearish.

The Relative Strength Index (RSI) momentum oscillator has a reading of 35.45, suggesting that bears are gradually building selling pressure. A reading below the 50 thresholds also confirms the bears control the market.

The price may decline in the short term if the bear’s momentum increases.

The Moving Average Convergence Divergence (MACD) is slightly trading below the signal line, still indicating a bearish trend in the market.

MATIC Support And Resistance Levels

MATIC bears are struggling to break through the primary support level of $0.7536. But it seems the bulls are strongly fighting to hold their position. This indicates a consolidation phase and a potential bearish breakout if the bears build strong momentum.

Traders and investors are closely watching the primary support and resistance level of ($0.7536 & $1.2003) for a possible breakout.

However, if MATIC breaks below the $0.7536 support level, it could signal a long bearish trend, and traders may look for selling opportunities. 

On the other hand, if MATIC breaks above the significant resistance level, it will trigger a bullish trend. The next support and resistance level will be at $0.3142 and 1.5799. 

Factor Affecting Polygon (MATIC) Price

1. Demand And Supply: The law of demand and supply contributes to the fluctuation in the crypto ecosystem.  Notably, when the supply of a token exceeds its demand, this causes a price decline, as sellers are forced to lower their prices.

Contrarily, when a token has a high demand, the price increases because the buyers are willing to buy at a higher rate. Institutional traders use these dynamics of supply & demand to control the nature of the market.

1. Massive Adoption: The demand for MATIC will increase if more developers and institutions decide to start using its network. 

Recent Development In Polygon (MATIC) Network

Google Cloud Partners With Polygon To Boost The Web3 Industry

There has been a recent development in Web 3 as the search giant continues to deepen its participation in the industry.

Polygon made an announcement on April 27, 2023, about an expansive partnership with Google Cloud. This collaboration is to provide tooling and infrastructure to developers building on Polygon’s PoS chain, zkEVM, and Supernets Scaling Solutions. 

This recent development will increase the demand for Polygon as more developers will come on board the ecosystem. Also, Google will provide newly-launched Web3-specific benefits from the Google for Startups Cloud Program through this partnership.

Notably, the price of MATIC increased by 9.57% on that same day as a result of the partnership deal.

Polygon (MATIC) Alternative To Consider

While MATIC’s price is experiencing high volatility in the market, several other tokens are currently on Pre-sale. Below are some alternatives.

DeeLance (DLance)

DeeLance is a platform for recruiting and freelancing that uses a decentralized Web3 architecture. The DeeLance platform completely transforms how freelancers interact with potential clients and customers by offering improved efficiency and confidence.

This is a complete blockchain-based platform aimed at facilitating efficient interactions between freelancers and recruiters. It adopts a decentralized mechanism to ensure promptness, transparency, speed, and security.

DLance is the native token that powers all the activities running on the DeeLance ecosystem. The token is currently in stage 3 of its presale. The current price is $0.0.29, which will eventually increase at the next presale stage.

To participate, Open any of your Crypto WalletGoto e.g., Trust wallet, Zerion or Ledger.

1. Click on the Browser tab below.
2. Paste the DeeLance official presale site’s link on the search bar.
3. Click on the button [BUY NOW]. This will connect your wallet.
4. Choose DApp Wallet (Trust Wallet, Metamask) to connect.
5. Click on [Buy with ETH or USDT] to purchase.
6. Enter the amount you want to purchase.
7. Validate the transaction b clicking on [CONFIRM].

If you follow these steps properly, it will notify you immediately. 

yPredict ($YPRED)

yPredict is an AI-powered trading research and analysis platform that provides data-driven insight and info for traders and experts to make better decisions.

With the level of volatility and noise in the financial market, yPredicts.ai aims to close the gap between traders and trading signals from dishonest signal providers.  It also plays a significant role by providing statistical data, proven analytical metrics, and a prediction marketplace.

To motivate the community and deliver on its promises, yPredict just launched a new Ambassador Program and a relationship with ShubPy.

Notably, all activities that’ll be carried out on this platform will be transacted using a $YPRED token. Currently, the token is in its 4th stage of presale at the rate of $0.05.

After this round, the 5th stage will begin immediately, driving the price to $0.07. Once all the presale stages are over, it will be listed on prominent exchanges, just like Floki Inu on Binance.

To Participate, go to yPredict official presale site.

Enter the amount you want to buy, either using ETH or MATIC.

Then you click on [Connect Wallet], select your crypto wallet and validate the transaction.