Will MATIC Price Remain Above $1 or Drop Further?

Bittime – Polygon (MATIC) price got back above $1 this week after barely closing below that level. However, despite the successful recovery, investors' interest in these altcoins has not revived, which may lead to another price decline.

Will MATIC maintain its price above $1 or will it fall further? I'd like to discuss it in this article.

Polygon Investors Are on the Sidelines

Polygon investors play a large role in influencing the direction of the MATIC price, and their interest is currently decreasing. After the recent price correction and fears that MATIC will lose the $1 level forever, investors have decided to temporarily take a wait-and-see stance.

This can be seen from the decline in the participation of MATIC holders in the blockchain. Addresses carrying out transactions on the network fell to 314,000 from an average of 408,000 over the past week.

Existing investors aren't the only ones whose interest is waning. Potential investors are also influenced by bearish market signals.

The formation of new addresses on the network is also affected. Potential MATIC investors postpone their investment due to doubts. As a result, network growth fell to its lowest point since December 2023.

This suggests that Polygon's native token will likely be available for some time before returning to the favor of investors old and new.

Check Today's Crypto Market:

Today's MATIC Price

Source: Bittime

MATIC is green. The current price is IDR 16,896 or $1.07 after experiencing an increase of +4.19%. In the last 24 hours, MATIC had the highest price of IDR 16,948 and the lowest price was IDR 16,054. 

With the lowest price still above $1, will MATIC maintain this price, or will it fall below $1 next month?

MATIC Price Prediction: Important Support Levels

MATIC price is currently trading above the $1 support level, approaching the $1.02 resistance level. However, considering the factors mentioned above, the chances of a drop below $1 remain high.

If the price does drop below $1, the next support level is at $0.92, which could extend to $0.88. This will be MATIC's lowest price for this month.

However, if the $1.02 level is successfully broken, MATIC price may turn the $1.09 resistance level into support, which will invalidate the predicted price decline. This also allows altcoins to recover from recent losses.

Factors Driving MATIC Price Increases

Several things that can push MATIC prices up are:

1. Positive News

Positive news surrounding Polygon, such as wider adoption or strategic partnerships, could increase investor confidence and drive price increases.

2. Better Market Conditions

If the overall cryptocurrency market experiences an increase, it can bring positive sentiment to MATIC and cause its price to rise.

3. Increased Activity on the Network

If more users make transactions on the Polygon network, this will increase demand for MATIC and potentially drive the price up.

However, if the above factors do not materialize, MATIC may find it difficult to maintain the $1 level and could fall further.

Also read How to Buy Crypto:

Conclusion

Based on the analysis above, MATIC's price is currently in a vulnerable situation. Exiting investors and slowing network growth are putting downward pressure.

To avoid a price drop below $1, MATIC needs to regain investor interest and increase activity on its network.

How to Buy Polygon (MATIC) on Bittime

You can buy and sell Polygon (MATIC) easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Polygon (MATIC) is available on Bittime with the market pair MATIC/IDR. To be able to buy MATIC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Polygon (MATIC) on Bittime. 

Monitor the price chart movements of Polygon (MATIC), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.

Read Also: 

MATIC Staking: Definition, Benefits & Tutorial

Is It Appropriate to Stake Polygon (MATIC) during the 2024 Bear Market?

Polygon (MATIC): Positive Trend and Predicted to Touch ATH?

DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.