Polygon #MATIC has been among the crypto industry's most popular Layer2 networks for seven years. While Polygon was among the top 15 tokens in 2023, this situation has now changed. Matic now sits in 18th place. So will the Matic price rise in June?

Will Matic Rise in June?

MATIC's performance has been decreasing steadily since last year. This decline removed it from the list of top cryptocurrencies. As of the date of writing, the project lost 11% of its value in the last week and decreased by 16.44% in the last month. In this article, we will discuss whether Matic will rise.

The $MATIC price broke an ATH record two and a half years ago, rising to an all-time high of $2.92. After ATH, the project fluctuated between the 0.50 low level.

MATIC is among the few cryptocurrencies that have not yet had the most satisfactory performance because it is too far away from the ATH. Although this situation bothers investors, all is not over for Matic. 

The biggest decrease occurred on June 5, 2024 and continued until yesterday. However, the altcoin recorded a 7% improvement today, increasing its value from $ 0.53 to $ 0.5752. However, the continuous decrease in 24-hour trading volume indicates that network activity among investors is decreasing.

The Decline May Continue!

The data shows a very bearish trend for MATIC. The Relative Strength Index (RSI) that identifies overbought and oversold cryptocurrency is 35.03. This means the cryptocurrency is low in value and selling pressure is high.

Next up is the momentum oscillator MACD which shows downtrends on 12,26,9 day frames. Additionally, the SMA level for the entire 5,10,20,50,100 and 200-day ranges indicate that this altcoin is bearish. 

This doesn't just apply to today's data; The weekly and monthly reports also display the same bearish trend and oversold. This could lead to an even higher decline in MATIC prices throughout June. However, according to previous records, there is a possibility of recovery next month. The Polygon token dropped significantly in June, but was up in July for all of the previous three years.

Conclusion

MATIC's price performance has not been at its best in years and it may take more time to reach its full potential. But the upcoming altcoin season could lead to new targets, including MATIC. Moreover, Polygon is constantly innovating and adding partnerships, the most recent of which are with Ronin and FOX News. Such upgrades could help MATIC prices recover over time. 

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