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Polygon (MATIC) Price Prediction: Will It Break $1.15 Support?


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Polygon has retraced in the market today, trading at $1.20, representing a nearly 3% decline from yesterday’s closing price. Also, the 24-hours trading volume is down by 26.57%, indicating bear pressure. 

MATIC dipped from $1.53 on February 17 to $1.20 on February 28, 2023. This dip reflects a downtrend for the asset. It implies that bears have the upper hand in the market. However, the bulls are preparing for another charge to push for a recovery. 

Factors Influencing Polygon’s Price 

Different factors on a network could be responsible for its price action. Negative events could increase the fear index in the market and lead to a decline in the price of an asset. Conversely, positive events could fuel the greed index and drive traders and investors into an accumulation frenzy, causing an increase in an asset’s price. 

Here are some notable and recent events on the Polygon network that might have influenced its price in the past week.

Polygon Records High Network Activity

Artemis, a crypto analytics platform on February 28, stated that Polygon recorded high on-chain activity in the last few months. The increased gaming activity on the network is responsible for the upsurge in traffic. 

The report stated that gaming was responsible for 23% of all transactions made on the Polygon network. Also, gaming activity contributed 32% of all fees spent on the Polygon network within this timeframe. 

However, Polygon also saw a decline in DeFi activities and a drop in its Total Value Locked (TVL). This decline might result from the decreasing dApp activity on the network. Dapp Radar reports that dApps such as Balancer (BAL) recorded a decrease in activity. Also, the active wallets on the network dropped by 16.79% in the previous week.

Polygon’s Decentralized Exchanges Feel the Impact Of The Decline

Polygon (MATIC) Price Prediction: Will It Break $1.15 Support?
Source: Dune Analytics

According to Dune Analytics, The Decentralized Exchanges (DEXes) on the Polygon network saw a decrease in trading volume from $241 million to $185 million. This decline hurt the TVL, which reduced from $1.23 billion to $1.16 billion within a week.

Also, the revenue generated by Polygon fell by 34.1% in the past week. MATIC, the platform’s token, felt the impact of this decline with a drop in its price within this period. Polygon Network has to recover from this setback and leverage the increased gaming activity.

0x Launches Tx API On Polygon

Ox, a developers hub, announced the launch of Tx relay API on Polygon and Ethereum to enable developers to build better applications. Robinhood Wallet, available on iOS devices worldwide, is the first partner to benefit from TX Relay API.

The TX Relay API is a framework that makes it faster for users to swap tokens and developers to build smarter applications for the Web3 revolution. This upgrade will also benefit polygon users, who can build with the tools on the platform to build better applications. 

Polygon Price Prediction

Polygon (MATIC) Price Prediction: Will It Break $1.15 Support?

MATIC has formed a red candle on the daily price chart today. The asset seems to be recovering from a downtrend. The Relative Strength Index Indicator (RSI) is at 45.67 and points downwards, a bearish sentiment for the asset.

The Fibonacci retracement tool shows that MATIC found support at the 50% Fib level ($1.15). Having bounced off this support, a resumption of the uptrend before the retracement is most likely. 

MATIC has remained above its 50-day and 200-day Simple Moving Averages (SMA), a bullish sentiment for the long and short term. A rally will likely occur in the coming days as more traders enter buy positions. 

The support levels are $1.15, $1.17, and $1.21; the resistance levels are $1.27, $1.30, and $1.34. MATIC trades at $1.21 at press time, just above the $1.21 support. Despite the current pullback, expect MATIC to test the $1.27 resistance in the coming days once it resumes its uptrend.

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