MATIC’s price has been on a downward trajectory for over two years, and this trend may continue through June before potential bullish momentum in July.
Polygon, known for its robust layer2 network in crypto, has been a stalwart for seven years. However, despite high demand in 2023 that propelled MATIC into the top 15 cryptocurrencies, its recent performance has faltered, leading to its exclusion from the top ranks amidst ongoing market declines. The question now lingers: Can MATIC’s price stage a recovery, especially in June? Let’s delve into that in this blog.
MATIC Price Analysis
MATIC reached its peak over two years ago, soaring to an all-time high of $2.92, a stark contrast to its current value of $0.5734, marking an 81% decline. Since then, MATIC has largely traded within this range, punctuated by occasional peaks.
During March’s bullish surge earlier this year, MATIC briefly rose to $1.24 before resuming its decline. It remains one of the cryptocurrencies yet to reclaim its ATH levels, highlighting its struggle.
The most significant recent drop occurred on June 5, 2024, persisting until recently. Today, MATIC shows a modest recovery of 3.35%, climbing from $0.53 to $0.57, with its market capitalization reflecting a 3.4% increase to $5,679,889,745. However, declining 24-hour trading volumes suggest reduced activity among investors.
Technical Indicators Suggest Continued Decline
Current technical indicators for MATIC lean heavily bearish, with key metrics like the Relative Strength Index (RSI) at 35.03 indicating oversold conditions and high selling pressure. The Moving Average Convergence Divergence (MACD) on 12, 26, 9-day frames and Simple Moving Averages (SMA) across multiple intervals also signal bearish trends.
Weekly and monthly reports reinforce this bearish sentiment and oversold conditions, suggesting a potential further decline in MATIC’s price throughout June. However, historical data points to a possible recovery phase in July, aligning with previous patterns where MATIC has shown bullish tendencies during this period over the past three years.
Final Thoughts
MATIC’s price struggles in recent years underscore its need for more time to regain momentum. Yet, amidst the forthcoming altcoin season, optimism remains for MATIC and other altcoins. Polygon continues to enhance its network and forge partnerships, such as with Ronin and FOX News, which could bolster MATIC’s recovery prospects over time. As the market evolves, MATIC’s resilience and Polygon’s strategic advancements may pave the way for renewed growth.
