Polygon (MATIC) has become a famous name in the crypto space, thanks to its parachain technology that has found applications on networks like Ethereum. Currently, it has a market cap of about $9,283,220,091, a circulating supply of 6.29 billion, and a maximum supply of 10 billion. Are you an investor trying to get information on the asset? This MATIC price prediction will give you an idea of what is likely to happen to the asset in July and the rest of 2021.
MATIC Price Prediction: Technical Analysis
The year 2021 has been a great year for MATIC; in fact, it is the only year when it has seen any level of price growth. From January, it grew roughly 700% to reach an all-time high of $2.45 in May. This was followed by a slow but steady drop that has characterized the entire market for weeks now. Despite the pullback, it happens to be one of the cryptocurrencies still holding onto a significant percentage of its gains.
After entering what seemed to be a consolidation, MATIC broke upward on 11 June with a fairly sharp rise in price. The upward rise is still intact even though a single red candle has appeared as it is followed by another green. The trend has been bearish since the end of May, but the bearish trend is weakening, as shown in the indicator below. The transition from red to pink bars shows that a trend reversal is likely unless something goes wrong that makes the price drop further.
The Relative Strength Index is currently at 51 since it bounced from 36 on 11 June. This leaves a lot more room for the price to grow, as it is considered overbought only when it reaches 70 or higher. The 50 and 20 moving averages are still below the price, suggesting they could serve as support if the price tries to dip. This is a good sign that the price has a greater tendency of going up than going down.
The following are the important support and resistance levels that traders of this asset should keep in mind. The calculations were done by market prediction website Walletinvestor:
- Resistance Level (R3): 1.767;
- Resistance Level (R2): 1.702;
- Resistance Level (R1): 1.589;
- Pivot Point: 1.523;
- Support Level (S1): 1.410;
- Support Level (S2): 1.345;
- Support Level (S3): 1.231.
MATIC Price Prediction: Market Opinions
We bring you market opinions on MATIC price prediction from top market forecast websites.
MATIC Price Forecast for July
MATIC price prediction from 30rates forecasts that the asset will start July at $1.38. It is expected to reach $1.47 by 21 July. The lowest price within the period is $1.00, while the expected maximum is $1.57.
According to Gov.capital‘s MATIC price prediction, the maximum price for the month will be $3.0935, while the minimum price will be $1.7221. The predicted closing price for July is $2.236.
|Calendar date||Regular||Least possible price||Best possible price|
|2021 July 07, Wednesday||2.184||1.8564||2.5116|
|2021 July 08, Thursday||2.247||1.90995||2.58405|
|2021 July 09, Friday||2.079||1.76715||2.39085|
|2021 July 10, Saturday||1.922||1.6337||2.2103|
|2021 July 11, Sunday||2.018||1.7153||2.3207|
|2021 July 12, Monday||2.215||1.88275||2.54725|
|2021 July 13, Tuesday||2.422||2.0587||2.7853|
|2021 July 14, Wednesday||2.313||1.96605||2.65995|
|2021 July 15, Thursday||2.378||2.0213||2.7347|
|2021 July 16, Friday||2.197||1.86745||2.52655|
|2021 July 17, Saturday||2.026||1.7221||2.3299|
|2021 July 18, Sunday||2.129||1.80965||2.44835|
|2021 July 19, Monday||2.339||1.98815||2.68985|
|2021 July 20, Tuesday||2.556||2.1726||2.9394|
|2021 July 21, Wednesday||2.441||2.07485||2.80715|
|2021 July 22, Thursday||2.509||2.13265||2.88535|
|2021 July 23, Friday||2.315||1.96775||2.66225|
|2021 July 24, Saturday||2.131||1.81135||2.45065|
|2021 July 25, Sunday||2.240||1.904||2.576|
|2021 July 26, Monday||2.463||2.09355||2.83245|
|2021 July 27, Tuesday||2.690||2.2865||3.0935|
|2021 July 28, Wednesday||2.569||2.18365||2.95435|
|2021 July 29, Thursday||2.640||2.244||3.036|
|2021 July 30, Friday||2.432||2.0672||2.7968|
|2021 July 31, Saturday||2.236||1.9006||2.5714|
Longforecast’s MATIC price prediction for July is that the opening price for the month will be $1.47. The minimum and maximum prices will be $0.93 and $1.57, respectively. The closing price for July is predicted to be $1.46.
MATIC Price Forecast for the Rest of the Year
The MATIC price prediction, according to this website, is that after July, the maximum price the asset will reach is $2.59. The lowest will be $2.16, while the closing price will be $2.17 in December.
|Month||Average Price ($)||Change (%)|
|Aug 2021||$2.42 USD||60.57 %|
|Sep 2021||$2.1 USD||39.41 %|
|Oct 2021||$2.07 USD||37.67 %|
|Nov 2021||$2.41 USD||59.78 %|
|Dec 2021||$2.1 USD||39.61 %|
Tradingbeasts is also bullish on MATIC this year. Their MATIC price prediction is that it will reach a maximum of $2.49 in December. They expect the price to experience a slow but steady increase up to the end of the year. The least expected price after July is $1.62, while the predicted average closing price is $1.99.
|Month||Minimum Price||Maximum Price||Average Price||Change|
|August 2021||1.62904||2.39565||1.91652||25.26 %|
|September 2021||1.64386||2.41744||1.93396||26.40 %|
|October 2021||1.65936||2.44024||1.95219||27.59 %|
|November 2021||1.67657||2.46554||1.97243||28.92 %|
|December 2021||1.69435||2.49170||1.99336||30.28 %|
Latest News and Happenings Concerning Polygon
Polygon provides Layer 2 solutions for networks such as Ethereum that have become congested and unscalable. As scalability is becoming a major concern for many crypto projects, there is a rising demand for Polygon’s solution to help scale such networks. While Ethereum is the first known to team up with Polygon, DeFi projects are not left behind.
Even though the gas fees on Ethereum have dropped significantly, thanks to Polygon, DeFi projects are still flocking to Polygon’s Layer 2 solution, a report by CoinDesk says. Projects such as Sushiswap, Aave, and other top DeFi projects, are running to Polygon to further cut transaction fees and block time.
Sushiswap, for instance, has at least 15,000 unique active wallets on Polygon and less than 5,000 on Ethereum. Aave also reportedly has a far greater transaction volume on Polygon than on Ethereum to avoid high gas fees.
Institutional investors and other whales are not left out of the number of investors crowding Polygon’s Layer 2 network on Ethereum. As of the beginning of June 2021, roughly 65% of the daily stablecoin transaction volume on Polygon had a value of $1 million or more. This could be what is driving the optimism for the MATIC price, polygon’s native token, as shown by the predictions above.
MATIC Price Prediction: Verdict
This Matic price prediction outlines that the asset has a bright future and has shown much strength even in the current market downturn. This is confirmed by the predictions that the asset is likely to recover its all-time high price and even go higher before the year ends. Therefore, if you wish to invest in MATIC, now may be the time before the price starts a major recovery.