Polygon Price Prediction: MATIC Holds at $0.578 – The Bridge to Blockchain Success?

Polygon’s (MATIC) has gained significant momentum since its fall on August 17 to trade below $0.55. 

However, the token needs to garner more momentum to impress investors in the crypto market. Moreover, the SpaceX-Bitcoin incident on Thursday heavily affected its price movement. 

While investors eagerly hope the broader crypto market regains stability, MATIC and other altcoins observe internal developments. These developments are expected to improve their relevance to their communities. 

However, MATIC’s price consolidates between $0.55 and $0.57 as it struggles to break through the resistance around this price zone. 

Polygon Slowly Recovers, But Still Within Red Zones

MATIC price moves in tune with the broader crypto market. Notably, the fall was due to reports about SpaceX dumping all its Bitcoin holdings. Although the news has been clarified, the announcement affected the general crypto market.

At 7:02 am EST on August 21, MATIC is trading at $0.5653, experiencing a 2.04% decrease in the last 24 hours. 

Over the past 7 and 14 days, CoinGecko reports that the asset has recorded 16.8% and 15.6% declines, respectively. Also, it witnessed a 26.8% price loss in the last 30 days.  

However, despite this bearish price outlook, its trading volume slightly increased by nearly 16% in the last 24 hours. But it remains uncertain whether this change in trading volume points towards a sell-off or buy activity. The following analysis will provide hints.

Magic Eden Supports Recovery in Polygon Price

Magic Eden, an NFT marketplace built on the Polygon blockchain, has announced the launch of a $1 million creator fund. The newly introduced fund offers creators a unique opportunity to secure funding for their projects based on the Polygon network. Beyond financial support, successful applicants will also receive guidance from Magic Eden regarding mentorship, marketing, technical assistance, and grant resources. 

We're excited to announce the launch of our $1,000,000 Creator Fund #onPolygon 💜

This program will help the next generation of creators build in the ecosystem as they work alongside our team of industry veterans and advisors.

Click the link below to apply 👇 pic.twitter.com/wu0sFOtFIv

— Magic Eden on Polygon 💜 (@MEonPolygon) August 17, 2023

This news, which came during the later hours of August 17, slightly improved investor interest in MATIC and was evident in the August 18 performance.  

However, while the long term may produce results for the patient investors on the Polygon network, the current market sentiment is bearish. 

Technical Analysis on MATIC Shows Short-term and Long-term Bearish Trends

According to the MATIC/USDT market, it trades below the 200 and 50-day Simple Moving Average (SMA), representing a short and long-term bearish momentum.

Also, the Moving Average Convergence/Divergence (MACD) is below the signal line, supporting the prevailing bearish sentiment in MATIC’s market.

However, there might be a potential retracement in the market, evident in the Relative Strength Index value of 26. As sellers increase their pressure, a drop into the oversold region will likely lead to a bullish reversal if investors decide to buy the dip.

Considering the analysis, the market may experience a consolidation phase before an impulsive move to the upside if the recent developments are strong enough to hold water. 

Key Price Levels

The chart shows that MATIC/USDT trades between the significant resistance and support levels at $0.8800 and $0.5089. With added bullish momentum, the bull might sustain the selling pressure, and the market may rebound from the critical support level.

However, if the bulls fail to sustain the pressure, the bearish trend might persist, and the price may break the critical support level at $0.5089. 

Alternatively, potential investors can look up other altcoins for a quicker return on investment (ROI). 

Pikamoon Completes Final Presale Stage, As Investors Await DEX and CEX Listing Dates

Pikamoon ($PIKA) is a hub for gamers who want to have fun while making money in crypto. The project’s presale has attracted investors, particularly those passionate about gaming, due to its ability to integrate GameFi with blockchain technology. 

What sets Pikamoon apart is that it’s built on two well-regarded blockchains: Ethereum and MultiversX. This makes Pikamoon a distinctive play-to-earn crypto project with plenty of unique features. First, using multiple blockchains guarantees strong security measures, seamless streaming in its virtual world, and speedy payment processing speeds. 

Even better, the project’s founders have prioritized transparency and trust by ensuring that each team member goes through verification by CoinSniper. This step has been taken to guarantee security and establish credibility.

Furthermore, Pikamoon’s project has undergone auditing by Consult, a reputable blockchain audit platform. This audit ensures the safety of investors’ funds and the overall reliability of the cryptocurrency project.

As evident in their social standings, the Pikamoon team has also shown dedication to raising the token’s visibility. Some days ago, their official Twitter handle publicly announced the continuation of an ongoing $50 giveaway to attract potential investors and reward followers.

Last chance to enter before the winner is announced on Monday 🔌$PIKA // #Pikamoon https://t.co/d4TicL5B2G

— Pikamoon (@PikaMoonCoin) August 19, 2023

Also, quality mentions from YouTube influencers and collaborations with notable projects have added to $ PIKA’s edge in the crypto space. 

$ PIKA’s Impressive Presale Performance Ignites Investors Continued Interest to Buy

Marking the close of a successful presale, $PIKA completed the hard cap of $6 million in its third and final phase. The project’s presale achieved significant milestones due to growing adoption and strong investor support. 

The presale phase began in March 2023 and included three rounds, after which the token would get listed on decentralized and centralized crypto exchanges. The online investment community was enthusiastic when the presale entered its final stage at a selling price of $0.0006 per token. The rush started, and the remaining tokens were cleared in a few days. 

During those stages, the creators of Pikamoon made 30% of the total token supply available for the public to buy. Those who invested in the token will now have the opportunity to acquire rare NFTs and enjoy exciting events on the game platform after launch. 

Considering the anticipated listing price of $0.0007, experts have calculated potential returns on investment ranging from 16.6% to 250%.

Interestingly, and as a warning note, Pikamoon is designed as a deflationary project, meaning that over time, the token supply decreases, which can lead to an increase in its market value as demand grows. 

For those interested in securing potential profits, participating in the project is possible through the presale website. Investors must connect their cryptocurrency wallet and use Ethereum (ETH) as a base to buy $PIKA tokens.

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