MATIC Price Revival Chances Decline With Continuous Dip: Sell or HODL?

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As a researcher with experience in the cryptocurrency market, I’ve witnessed the disappointing performance of MATIC, the Polygon network token. Its recent price declines have shifted it from among the top ten performing cryptocurrencies to the 18th position on CoinmarketCap. I understand that there was a time when MATIC had promising potential with its faster transactions and cheaper gas rates.

As an analyst, I’ve noticed that MATIC, the token from Polygon, has disappointingly underperformed lately, falling short of investor expectations. Once a top-ten performer on CoinmarketCap, its recent price declines have relegated it to the 18th spot. This is surprising given Polygon’s reputation for delivering faster transactions and more affordable gas rates within the cryptocurrency network.

In this blog post, let’s delve into the reason behind MATIC‘s persistent price drop and explore the possibility of a recovery.

MATIC Price Declines 30% In April

Over the past years, traders have been underwhelmed by MATIC‘s lackluster performance, as it hasn’t shown any meaningful growth. This month, the price of MATIC has dropped by 30%, and the same trend holds true for the year, with only minor fluctuations providing brief relief.

Over the past few hours, MATIC has experienced a nearly 4% decrease in value and is now being traded at approximately $0.701. Its market capitalization currently stands at around $6,939,275,403 following this 4.66% drop. The persistent downward trend for MATIC may result in its exclusion from the top 20 cryptocurrencies by market cap.

MATIC had a decent surge in March, where the price rose to a year-high of $1.2714. A similar surge might be expected if the token could break breakout to $0.77 or more. However, the continuous dip has been restricting it for days now. The breakout also seems contradictory for now, as the crypto market isn’t on its best performance. The global crypto market cap is resting at $2.31 Trillion, with a 24-hour trading volume of %57.19 Billion.

I’ve noticed that the fear and greed index indicates a neutral stance right now. Consequently, MATIC price charts have been moving laterally without any significant advancements. This equilibrium arises from an equal balance between buying and selling pressure, resulting in no clear advantage for either side.

What’s Coming Next For MATIC Price?

As a researcher studying the cryptocurrency market, I’ve observed that despite recent setbacks, MATIC has a robust history of success. Over the years, this token has managed to amass a dedicated community, which has played a significant role in maintaining its value even during periods of loss. Currently, there are approximately 410 million unique addresses holding MATIC tokens, a number that still represents a decent following despite the recent price drops.

As an analyst, I’ve noticed that the collaboration between Robinhood and the Polygon network has led to a significant surge in demand for the platform. This trend is expected to have positive implications for MATIC as well. The partnership announcement highlighted the implementation of cross-chain swaps on Polygon, enabling access for Robinhood’s massive user base of 23 million individuals.

Robinhood Wallet now supports cross-chain token swaps on the proof-of-stake (PoS) network of Polygon, specifically for tokens compatible with 0xProject and Liquidity Interconnected Finance (LIFIPROTOCOL). In simpler terms, users can exchange tokens from these two projects across different blockchains through Robinhood Wallet using the Polygon PoS network.

enabling onchain access to over 23 million users on @RobinhoodApp

— Polygon | Aggregated (@0xPolygon) April 26, 2024

Recently, Polygon has formed noteworthy collaborations and initiated intriguing projects to pique the interest of potential investors. Consequently, the visibility of the network in the market has seen significant growth. This heightened demand for the network, even during the current bearish market trend, could potentially influence the price of MATIC tokens. A minimal market stimulus may therefore be sufficient to propel MATIC’s price upward, though it might take some time – a few days or perhaps even weeks – before this uptrend becomes evident.

Conclusion

Matic’s price has faced some challenges recently, causing it to dip down to approximately $0.7. However, with the potential for market recuperation, analysts predict that Matic could experience significant growth and surpass the $1 mark.

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2024-04-29 14:00