Polygon (MATIC) Price Prediction and Analysis in June 2021
Following the recent developments between Matic and Ethereum, we decided to issue this MATIC price prediction and analysis for June. MATIC, which was recently rebranded to Polygon, is the 17th cryptocurrency with a market capitalization of $10,406,996,524. It has a circulating supply of 6.16B MATIC, with a maximum and total supply of 10B MATIC. Over the last 24 hours, the token has recorded a trading volume of $3,336,153,041.
MATIC Price Prediction: Analysis
MATIC started the year at lows of $0.02936, as illustrated in the graph below.
At the end of April, MATIC was trading at $0.8819, as indicated in the chart below.
But since then, it has maintained a steady bullish momentum. On May 15th, the fortunes of the altcoin changed. Over the past month, from April 18th to May 18th, the token touched an ATH of $1.8. Subsequently, it has witnessed a price rally, with the highest being $2.18 and the lowest – $0.3234, as demonstrated in the same chart.
From the above chart, we can see that MATIC has registered a strong bullish rally that has attracted retail investors to its counter.
It is noteworthy that although Matic is correlated with Ethereum, by 9th of May, Ethereum experienced a stunted price rally. However, MATIC continued to record gains largely because most of it was wiped from exchanges. Within a span of only four months, over 1.2 billion MATIC have been wiped from spot exchanges. This is a clear indication that investors are increasingly getting bullish on the long-term prospects of the coin.
Similarly, unlike other speculative coins, MATIC has proved its worth in the utility arena, thereby driving investors to its counter.
WalletInvestor provides the following technical details to help you in your trading activities:
- Resistance Level (R3): 2.115;
- Resistance Level (R2): 1.943;
- Resistance Level (R1): 1.826;
- Pivot Point: 1.655;
- Support Level (S1): 1.537;
- Support Level (S2): 1.366;
- Support Level (S3): 1.249.
MATIC is the cryptocurrency that powers transactions and pays fees on the Matic Network. Despite rebranding to Polygon in February 2021, it is still the token that powers the network. In April, Matic launched a fund that aims to enable end-users to access decentralized finance easily. The fund seeks to onboard users to DeFi platforms and products. These developments have played a vital role in attracting investors to purchase the token.
As most developers aim to scale their solutions on the Ethereum network, the latter’s landscape is proving to be complex and less scalable. That is why Polygon undertook to enhance the Ethereum network for more scalability. Ultimately, Polygon seeks to scale crypto projects and decrease the high fees commonly charged by Ethereum. As expected, this will reflect on Polygon price movements in the long-term.
MATIC Price Predictions: Market Opinions
Here are some of the best market opinions from thought leaders in cryptocurrency predictions that will help you make an informed decision.
Coinpedia predicts that if MATIC manages to surmount the resistance level of $2.0, the coin may hit the $3.01 mark as its next upside. Furthermore, with several collaborations and more users, the coin may trade at $5.0 by the end of 2021. On the flip side, if the network doesn’t attract users, the value of the coin may drop to as low as $0.2.
Gov.Capital‘s MATIC price prediction based on a day to day forecast is rather pessimistic. It reveals that the best price for June will be $ 2.0378 on the last date of the month. The entire prediction for the moth is shown below:
|Calendar date||Regular||Least possible price||Best possible price|
|2021 June 01, Tuesday||1.316||1.1186||1.5134|
|2021 June 02, Wednesday||1.379||1.17215||1.58585|
|2021 June 03, Thursday||1.243||1.05655||1.42945|
|2021 June 04, Friday||1.048||0.8908||1.2052|
|2021 June 05, Saturday||1.172||0.9962||1.3478|
|2021 June 06, Sunday||1.190||1.0115||1.3685|
|2021 June 07, Monday||1.220||1.037||1.403|
|2021 June 08, Tuesday||1.411||1.19935||1.62265|
|2021 June 09, Wednesday||1.477||1.25545||1.69855|
|2021 June 10, Thursday||1.326||1.1271||1.5249|
|2021 June 11, Friday||1.113||0.94605||1.27995|
|2021 June 12, Saturday||1.246||1.0591||1.4329|
|2021 June 13, Sunday||1.266||1.0761||1.4559|
|2021 June 14, Monday||1.298||1.1033||1.4927|
|2021 June 15, Tuesday||1.505||1.27925||1.73075|
|2021 June 16, Wednesday||1.576||1.3396||1.8124|
|2021 June 17, Thursday||1.408||1.1968||1.6192|
|2021 June 18, Friday||1.177||1.00045||1.35355|
|2021 June 19, Saturday||1.320||1.122||1.518|
|2021 June 20, Sunday||1.343||1.14155||1.54445|
|2021 June 21, Monday||1.377||1.17045||1.58355|
|2021 June 22, Tuesday||1.599||1.35915||1.83885|
|2021 June 23, Wednesday||1.674||1.4229||1.9251|
|2021 June 24, Thursday||1.490||1.2665||1.7135|
|2021 June 25, Friday||1.241||1.05485||1.42715|
|2021 June 26, Saturday||1.394||1.1849||1.6031|
|2021 June 27, Sunday||1.419||1.20615||1.63185|
|2021 June 28, Monday||1.455||1.23675||1.67325|
|2021 June 29, Tuesday||1.694||1.4399||1.9481|
|2021 June 30, Wednesday||1.772||1.5062||2.0378|
Digitalcoinprice predicts that the lowest price of MATIC will be $1.24, while the highest will be $4.29. In a year’s time, they anticipate that the coin will be worth up to $1.45. However, they are optimistic that MATIC’s price will increase in the future.
MATIC price prediction: Verdict
Based on technical analysis and the prevailing developments in the realm of dApps, our MATIC price prediction shows that the price of the token will grow incrementally. Currently, it is competing with Polkadot in trying to improve the Ethereum ecosystem by offering scalability solutions. Having onboarded notable developers in their initiative, they have a head start that will see them reap the resources earlier.
Moreover, the development of dApps presents a fertile environment for the bullish sentiment expected to continue on MATIC. Ultimately, Polygon price movements seem to be headed to an upwards trajectory as long as it uses Ethereum in the development of dApps and smart contracts. Therefore, it is a good buy for the patient investor.