The MATIC coin from Polygon might not last long, but owners shouldn't worry too much. The release of Polygon 2.0, an update intended to increase system decentralization, helped the cryptocurrency.
POL is the new coin that will take the place of MATIC. On October 25, POL went live on the Ethereum mainnet. Holders of MATIC tokens can exchange them 1:1 for POL.
The United States Securities and Exchange Commission (SEC) accused MATIC of being an unregistered securities, and this news followed shortly after.
One of the first platforms to leverage layer 2 technology, Polygon was first released as Matic Network in 2017 and created side chains that ran parallel to Ethereum to speed up transactions.
MATIC's value on July 30, 2024, was around $0.52.
Now, let's examine our July 30, 2024, pricing projections for Polygon. In addition, we will look at the MATIC pricing history and briefly discuss the nature and functions of MATIC.
These are CCN's projected prices for Polygon as of July 30, 2024. Price projections should be treated with caution, particularly for something as potentially unpredictable as cryptocurrency.
To produce predictions for Polygon (MATIC) cryptocurrency prices, CCN used a dual-method methodology. The two main techniques employed were:-
Fractal Approach
The MATIC 3-day RSI produced a positive divergence in May 2022 at the parallel channel's descending support trend line. This set off a 386% magnitude upward movement that lasted for 245 days. Subsequently, the price initiated an additional decline within a parallel channel that was also declining.
A longer-lasting bullish divergence began in May 2023 and lasted a comparable amount of time. The divergence produced a weaker upward movement despite being longer. The subsequent upward trend lasted 188 days and had a magnitude of 162%. Subsequently, MATIC began to descend within an additional parallel channel.
In July 2024, yet another divergence is finally taking shape. Compared to the one in 2023, this divergence is shorter and more akin to the one in 2022. In any event, the next high will be projected using the average of the two increases and durations. This indicates that the goal of $1.83 will probably be accomplished in February 2025.
By using the fractal technique, it is most likely that the price of Polygon will reach $0.95 by the end of 2024, after which it will likely decrease to $0.45.
Wave Counting Technique
Based on the most likely wave count, it appears that in June 2022, MATIC initiated an upward A-B-C corrective structure. If that is the case, wave C will start shortly after wave B is over.
If waves A through C have the same length and strength, March 2025 will see a MATIC high of $2.12. The MATIC price is predicted by the wave count approach to be $1.02 at the end of 2024 and $1.30 at the end of 2025.
Lastly, we projected the Polygon price for the end of 2030 using the daily growth rate over the previous four years. The price of MATIC has increased at a daily rate of 0.80% from July 2020.
By estimating this rate of growth through the end of 2030, we arrive at a $9 MATIC pricing projection.
2024 Price Forecast for Polygon
The Polygon price forecasts for the end of 2024 provided by the wave count and fractal approaches are extremely comparable. This is due to the fact that they both indicate that the high will be reached in the first half of 2025, suggesting that the MATIC price will be getting close to its peak by year's end. By the end of 2024, the estimated fractal price and wave count are $0.95 and $1.02.2025
Price Forecast for Polygon
Different MATIC price projections are obtained using the wave count and fractal approaches until the end of 2025. This is because, after the anticipated peak, they forecast a different rate of decrease, with targets of $0.45 and $1.30, respectively.
2030 Polygon Price Forecast
The MATIC price forecast range for the end of 2030 is $7.20 to $10.80 based on the daily rate of increase over the previous four years.
MATIC Evaluation of Prices
The price has remained restrained behind a downward resistance trend line since the yearly high in March, according to the daily time frame MATIC chart. This reduction resulted in a July 5 low of $0.43.
Since then, the price of MATIC has risen, and on July 13, it broke above the trend line. MATIC continues to trade above the breakout level despite the fact that it has not increased quickly after the breakthrough.
However, the bullish trend reversal has not yet been validated by the MACD or RSI. Although both are rising, they are below their bullish thresholds at 0 and 50, respectively, and none has produced a bullish divergence.
Because of this, it is uncertain if the current surge will be a relief rally or the start of a new upward trend, even though an increase near the 0.382 Fibonacci retracement resistance of $0.76 seems possible.
Polygon's Benefits and Drawbacks: The blockchain analytics startup Messari has published its quarterly report on Polygon. It listed some of the blockchain's main benefits and drawbacks.
It stated that from January to March of 2024, MATIC had
a $9.1 billion market capitalization, up from $8.8 billion in the quarter prior but down from $9.9 billion in the year.
3.9 million average daily transactions, up year over year from 2.9 million but down from 4.5 million quarter over quarter; 813,800 average active daily addresses, up year over year from 344,200 and quarter over quarter from 372,600.
Average quarterly transaction fees of $0.02 are consistent from quarter to quarter but decreased from $0.05 to year.
Benefits of Polygon
According to Messari, Polygon 2.0 is progressing well.
-possessed a vibrant, supportive, and active developer community.
-It was growing in popularity as a platform for stablecoins and online gaming.
The drawbacks of Polygon
Additionally, Messari stated that Polygon was experiencing confusion regarding POL.
-It should be taking more steps to boost the number of active daily addresses it has.
-suffered from the accusation that they were an unregistered security.
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