MATIC, a popular token launched by the Polygon network, has been continuously declining, breaking the investor’s expectations. There was a time when it was among the top ten best-performing cryptocurrencies on CoinmarketCap, but its recent MATIC price defeats have shifted the token to the 18th position. This is the state of the Polygon network token, where the network has been known for its faster transactions and cheaper gas rate.

So, why is MATIC’s price continuing to decline? Will it recover anytime soon? Let us discuss that in this blog.

MATIC Price Declines 30% In April

MATIC’s performance over the last years has continuously disappointed the traders as no positive growth has happened. The MATIC price has reduced by 30% this month, and the same is for the year, with a few minor peaks in between.

In the last few hours, MATIC has declined almost 4% and is currently trading around $0.701 with a market capitalization of $6,939,275,403 after a drop of 4.66%. This declining nature has been continuously pushing MATIC’s position in the market, and in continuation, the token will be out of the top 20 cryptocurrencies as well.

MATIC had a decent surge in March, where the price rose to a year-high of $1.2714. A similar surge might be expected if the token could break breakout to $0.77 or more. However, the continuous dip has been restricting it for days now. The breakout also seems contradictory for now, as the crypto market isn’t on its best performance. The global crypto market cap is resting at $2.31 Trillion, with a 24-hour trading volume of %57.19 Billion.

As the fear and greed index has reported a neutral zone, MATIC charts are moving sideways with no improvement. This is because the buying and selling pressure is balanced, providing no benefits to any side.

What’s Coming Next For MATIC Price?

Despite the current falls, MATIC has a history of performing well in the market. The token has gained quite a community over the years, supporting its value for years, even in losses. Presently, 410,564,568 addresses have been holding the MATIC token, which is still decent after its continuous falls.

Also Read: 3 Cryptocurrencies To Buy Before May

With Robinhoods involvement with the Polygon network, the demand for the network is continuously rising, whose impact will also be visible in MATIC’s case. The recent collaboration talks about the cross-chain swaps on the Polygon, where 23 Million Robinhood users can access it.

Robinhood Wallet has enabled crosschain swaps on Polygon PoS for tokens supported by @0xProject and @lifiprotocol.

enabling onchain access to over 23 million users on @RobinhoodApp pic.twitter.com/JbUGxUdiVT

— Polygon | Aggregated (@0xPolygon) April 26, 2024

Polygon has worked on great partnerships and projects to attract investors recently, boosting the market presence of the network. The increased network demand in this bearish trend can impact MATIC prices. As a result, a simple market push might be enough for MATIC’s price to surge higher, but that might take a few days or weeks.

Conclusion

MATIC has been going through a few hardships with its price, which has halted its value to around $0.7 despite its potential to rise above $1. Analysts believe that in the case of market recovery, a major improvement might happen in the case of MATIC.

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The post MATIC Price Revival Chances Decline With Continuous Dip: Sell or HODL? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am