If you’re looking for a Polygon cryptocurrency price prediction, you’ve come to the right place. After all, the price of MATIC is expected to increase by 760% in four weeks, which isn’t bad for a coin that’s only been on the market for a couple of months. The price of MATIC could even reach $4.56 by 2024. What’s the catch? The price is currently in a bearish spell, but the next spike will likely be higher than that.
MATIC price spiked 760% in four weeks
The native cryptocurrency of the Polygon Network, MATIC (formerly called Matic), is a promising crypto asset that aims to enhance the interoperability of the Ethereum blockchain and its compatible networks. The coin has experienced large swings in price since its launch in April 2021 and recently spiked 34% in the last week alone. In addition to its scalability, MATIC is also a promising asset for the Ethereum network, as its growth is expected to boost the Ethereum network. The company’s recent $450 million investment from Sequoia Capital India is an important catalyst, as it is expected to increase on-chain activity, which is a fundamental driver for MATIC prices.
The MATIC price has gone through a wild surge recently, climbing to an all-time high of $2.40 in five weeks. Moreover, MATIC’s rebranding from Matic Network to Polygon Network was an important step in increasing its value. Within the last four weeks, MATIC’s price has surged by more than sevenfold, rising from $0.04 to $2.40. MATIC token is divided into three parts – 4% goes to the Polygon Foundation, 12% to the advisers of the project, and 20% to Matic projects.
On 20th July 2021, MATIC’s price fell to $0.6901. Then, it bounced back to $2.452 by mid-August. By the end of November, MATIC reached its all-time high of $1.6691. However, the price went down again and closed at $0.813 on the 24th of January 2021. On February 7th, MATIC’s price spiked to $2.096 and again fell to $1.6958, marking its best performance since August.
MATIC price could spike to $4.56 in 2024
According to one forecast, MATIC’s price could reach a monthly limit of $3.66 in July 2024 and go as high as $4.08 in August 2024. It could also fall to $3.54 in September 2024, but it will likely remain above its minimum value of $3.54. That’s a healthy price range, and one that bears watching. If you’ve been waiting for MATIC’s price to spike, now might be the time to get into the market.
The current MATIC price is gaining momentum and looks poised to climb to $4.56 by 2024. This is a healthy price range for an ICO. A breakout to $4.56 in 2024 may prove to be a great opportunity for investors. However, the MATIC price could still fall as a result of buying and selling pressures. As a layer-2 protocol, MATIC has an advantage over its rivals. It may also rise in value if users begin to seek out new layer-1s instead of the Polygon network.
The cryptocurrency market will enter a new bull run in 2023-2024 after the Bitcoin halving. However, Polygon is likely to have its biggest rally in 2025. According to the Long Forecast, MATIC will start trading between $4.07 and $5.06. Afterward, it will gradually grow to $6.90 before hitting an all-time high of $8.16. This will be a good year to get into MATIC.
MATIC price is currently in a bearish spell
It appears that MATIC price is in a bearish spell. This trend is characterized by a falling price below the moving averages. The MATIC price is trading below the 200 and 50 simple moving averages. The relative volume indicates that the price is not as strong as the trend is. The MATIC price is also below the period 14 Relative Strength Index (RSI). Moreover, the MACD line is also near the signal line, which indicates that the price is liable to revert to the previous trend.
In the next few months, we may expect many partnerships and integrations for MATIC. The price may spike to $20 in the crypto market, and it can race to $35 in four years. We can look for buy and sell orders based on this information. If the price breaks the support level at the 200-MA, we might see a rise to a higher level. Otherwise, the MATIC price may fall to $0.624 before bouncing back.
The symmetrical triangle pattern on the 12-hour chart suggests that the token is currently in a bearish spell. However, a breakout from this consolidation phase will push the token’s price to any direction. To break out of this consolidation phase, the price needs to close above the lower boundary of the prevailing chart pattern. The next support levels would be the fifty-day SMA and the twenty-four-hour SMA.