Analyzing the Price Trends of Polygon’s (MATIC)

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Polygon is an Interoperability and Scalability Framework for Building Ethereum-compatible Blockchains. Formerly known as the Matic Network, it is centered around the ‘MATIC token’, which is used for governance and staking, as well as gas fees. Polygon is a Layer-2 solution designed to help scale and enhance the functionality of the Ethereum network. It is a decentralized protocol that enables anyone to create and trade value, utilizing zero-knowledge technology. Polygon offers a modular and flexible framework that offers solutions and supports the development of a wide range of applications.

News on the Polygon network

Circle has made a big move in the crypto world by minting $USDC right on Polygon. This is a great move because it combines Polygon’s efficiency and scalability with USDC’s widespread use and stability. Polygon is a top layer-2 scaling option for Ethereum ($ETH) and it’s a great way to improve the Ethereum network’s capabilities. This integration makes transactions faster and reduces gas fees, which is a big deal for people who are used to stable coins for their financial activities. It also makes DeFi transactions easier and allows developers to create decentralized apps on Polygon using USD Coin. The combination of $USDC and Polygon makes it a great deal for the crypto market, especially for those who don’t want to pay exorbitant fees.

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Price fluctuation of polygon this week

The current price of Polygon in USD is $0.561049. The 24-hour trading volume is $229,790,834. The price has decreased by 2.37% in the last 24 hours.

A factor that affected MATIC performance was a decrease in active addresses using Polygon’s DApps (decentralized applications). On average, the 12 largest DApps on the polygon network saw a 17% decrease in active addresses in the past 30 days. This was especially worrying in the NFT (non-fungible token) and decentralized finance (DFS) markets, particularly for applications such as Uniswap , OpenSea , and Move Stake.

Polygon’s MATIC price drop puts investor patience to the test – signals don’t look favorable

Polygon’s MATIC token has dropped a lot in the last week, dropping more than 8.5%. It’s one of the worst-performing cryptocurrencies out of the top 20 in the world. MATIC hasn’t been able to pick up the pace and is stuck around the same level as last week. Investors are getting fed up with Polygon’s poor performance, and while it’s still holding around $0.50, some analysts think it’s time for a break out of this important psychological support.

Polygon’s holding time is what you’d expect it to hold.

Based on the historical price movements of Polygon and the BTC halving cycles, the yearly low Polygon price prediction for 2024 is estimated at $ 0.517021.It is anticipated that the cost of Polygon will rise to a peak of USD 3.10 in the following year.

Price analysis of polygon Matic

In a 4-hour time frame, the price is bouncing from the horizontal support zone. Currently, the price can also form a double bottom here. we have to wait for further PA.

Momentum is negative based on MACD (under 45)

Support level is $0.50

Resistance level $0.75 / $1.00

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Conclusion

With weak technical and bearish investor sentiment, Polygon will require a major game-changer to bounce back from its recent downswing. Until positive catalysts materialize, MATIC appears vulnerable to another bearish decline as holders’ patience wears thin. The next few trading sessions will determine whether Polygon can regain momentum or if lower levels will continue to be tested.

Polygon is a new Layer 2 scaling system for Ethereum that’s designed to make the network more efficient and have better features. Recently, we’ve seen it integrate the USDC decentralized finance Circles, which can help speed up transactions and reduce gas fees, which is great for people who use DeFi in the crypto space and for developers of decentralized apps.

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Arpita Adak
Arpita Adak

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