MATIC coin price always presents an intriguing case in the crypto space. In the last 24 hours, MATIC has seen a price increase of 7.50%, with its current price standing at $0.79. The token’s all-time high (ATH) for the month was at $1.01, while its all-time low (ATL) was at $0.65.
Despite the recent volatility, MATIC’s resilience and the bullish prediction from TradingView’s analysis suggest a potential for recovery and growth.
In a recent analysis by Cryptobees_buzz on TradingView, MATIC, the native token of the Polygon network, has shown a promising bullish trend. The token has bounced off the ascending trendline and the support area, indicating a potential upward movement. The analysis predicts a bullish movement to a resistance level of $0.89, marking a significant potential for long-term investors.
Another analyst on TradingView, pullbacksignal, reveals a well-defined trading setup, with a stop loss set at 0.6415. This level serves as a safety net, mitigating potential losses should the market move in an unfavorable direction.
The analysis further outlines three take-profit points. The first target stands at $0.9256, a level that could offer a substantial return on investment. The second and third targets are set at $1.0496 and $1.2440, respectively, offering even greater potential for profit.
The signals are derived from a blend of classical technical analysis, price action, candlesticks, and Fibonacci, among other tools. These methodologies, when combined, can provide a comprehensive view of the market’s potential movements.
However, it’s crucial to remember that trading in cryptocurrencies, like any other financial market, carries inherent risks. Past performance does not guarantee future results, and each trader must carefully consider their risk tolerance and investment strategy.
Polygon’s Future Plans and MATIC’s Role
Polygon’s MATIC token serves a crucial role in the network, primarily used to pay gas fees on transactions and stake validator nodes to earn rewards. The token’s total supply is 10 billion, with about 8 billion tokens currently in circulation. The remaining 2 billion tokens will be unlocked periodically over the next 3-4 years, mainly to be paid out through staking rewards.
Interestingly, MATIC’s price performance has not been negatively affected by the dilution of its circulating supply in the last few rounds of token unlocks. The last major token release happened in late April 2022, and the next and last release is scheduled for October 2023.
As part of its Polygon 2.0 upgrade, the network is planning to revamp the tokenomics of MATIC. A new native token, POL, will replace MATIC and will be used by validators to secure multiple chains. The migration of MATIC tokens to POL will be achieved by sending the MATIC tokens to a designated smart contract, which will handle the conversion process automatically.
The future of MATIC and Polygon seems promising, with the network’s continuous efforts to improve its system and the bullish trend of MATIC. As always, investors should conduct their own research and consider their risk tolerance before making investment decisions.
