Will MATIC Make A Comeback Anytime Soon?

After the failed attempts to break through the $1 to attain higher peaks, MATIC has settled around the $0.71 price for today. Even after the history of the profitable performance and demand of the Polygon network, MATIC has not succeeded in surging above the average range.

MATIC had its best stretch in 2021 and 2022, but after that, the token lost its place in the market. Though a good peak did form in 2023, bringing the value to near the $1.5 mark, that did not last long.

In this blog, let us discuss whether MATIC will succeed in a comeback or not.

MATIC Price Analysis

There used to be a time when MATIC was among the top 10 cryptocurrencies, but now that has shifted into the top 20. MATIC is ranked 18th on CoinmarketCap with a market capitalization of $7,037,367,335 and is currently trading at $0.7115 after facing a 32% decline this month. However, a surge of 4.43% has happened in the last 24 hours.

MATIC is 76% away from its all-time high target of $2.92 set two and half years ago. The altcoin has made multiple attempts to recover over this period, but declining investor interest has turned down all the attempts. This token’s declining trading volume is proof of lacking support as the 24-hour trading volume has decreased 20% recently, where the value is at $270,525,611.

Also Read: 4 Most Profiting Meme Coins In Today’s Slow Market

In the last one year, MATIC had its best performance during March, when the token surged to above $1 before getting into a downtrend. In the entire month of April, the polygon token stayed below the $1 mark and even fell to a low of $0.611 on the 14th of April.

What Is Coming Next For MATIC?

The Polygon Network’s native cryptocurrency has been lagging behind the other top cryptocurrencies for almost two years, and even the recent bullish month could not push the values. MATIC’s price charts displayed no clear sign of bullish behavior for now, and the crypto is in a neutral zone.

As per the analysts, the closest support is at $0.60, with the resistance zone around $0.75, which was also a support level earlier today. As there are no positive signs of breaking the $1 barrier, the investors are waiting for the market recuperation, which can perhaps push the MATIC price a little higher.

Also Read: Tron vs MATIC: Who Will Hit $1 First?

However, the crypto analyst World of Charts has predicted a price surge in the upcoming days. According to him, the MATIC against the US dollar is forming a Bullish Flag in the H4 timeframe, and if it succeeds in breaking out, the crypto might surge to $1.30.

$Matic#Matic Forming Bullish Flag In H4 Timeframe Incase Of Successful Breakout Expecting Move Towards 1.30$ pic.twitter.com/gweafgdUQP

— World Of Charts (@WorldOfCharts1) April 26, 2024

Conclusion

The slow crypto market has been haunting investors throughout this month, where even the top-performing cryptocurrencies have dropped. MATIC is among the few cryptocurrencies that have faced concerning effects of the market fall, as this altcoin has been performing below average for years.

With the prediction of a market recovery in the next few months, MATIC investors are waiting to see major price changes to recover the consistent losses.

Read More 3 Altcoins To Sell Towards The End Of April

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