Will The MATIC Price Recover In June 2024?

Polygon is among the most popular layer2 networks in the crypto industry, which has taken its stand for seven years now. Polygon’s demand was even higher in 2023, making its native token, MATIC,  among the top 15 cryptocurrencies, but that has changed now.

MATIC’s performance has been continuously declining since last year and has kicked it out of the top cryptocurrencies list. And with the ongoing crypto market declines, the performance is even poor. So, the question comes, will the MATIC price ever recover, especially this June? Let us discuss that in this blog.

MATIC Price Analysis

MATIC price peaked two and a half years ago when it rose to the ongoing all-time high record of $2.92, which is 81% higher than the current value of $0.5734. It has been stuck in the same range since then, with few peaks in between.

It had its highest peak this year during March’s bullish rally, and it succeeded in rising to the year-high of $1.24 before continuing to decline. MATIC is among the few cryptocurrencies that did not have the most satisfactory performance yet, as it lacks so much from the ATH.

The biggest drop happened on June 5, 2024, continuing till yesterday. However, this altcoin is making a 3.35% recovery today, bringing its value from the low of $0.53 to $0.57. The impact of the recovery is also on market capitalization as it recovered 3.4%, bringing the value to $5,679,889,745. However, the 24-hour trading volume is declining continuously, indicating decreased network activity among holders.

Technical Indicator Hints At Continued MATIC Price Drop

Today’s data indicates the very bearish side of the MATIC, where the technical factors and moving averages indicate the bearish core. The Relative Strength Index (RSI), which defines the overbuying and overselling of the crypto, is 35.03. It means the crypto is undervalued and has high selling pressure.

Next is the MACD, the momentum oscillator, indicating the bearish trends on 12,26,9 day frames. Additionally, the SMA level for all the 5,10,20,50,100, and 200-day intervals indicates the bearish nature of this altcoin.

This is not just the case with today’s data, as the weekly and monthly reports also exhibit the same bearish nature and overselling. It might lead to an even more elevated MATIC price drop throughout June. However, there is a possibility of recovery in the next month based on the previous records. Polygon token has been quite bearish in June, but it was bullish in July all the previous three years.

Final Thoughts

MATIC price performance has not been the best for years and might require more time to reach its full potential. But that is not the worst, as the upcoming altcoin season is supposed to bring the best in the altcoins, including MATIC. Moreover, Polygon is continuously upgrading and adding partnerships, with the newest being with Ronin and FOX News. Such upgrades can help with the MATIC price recovery with time.

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