Polygon Underperforming Massively: Can MATIC Hit $1 By April-End?

Polygon (MATIC), a popular Layer-2 scaling solution for Ethereum, has been underperforming massively in the cryptocurrency market, according to a recent tweet by prominent crypto analyst Michaël van de Poppe. The analyst described the MATIC chart as “absolutely disgraceful” and suggested that there might be better investment opportunities available in the market.

Van de Poppe stated that he might consider investing in MATIC if it drops another 30%, as this could potentially indicate a price rotation. However, the question remains: Can MATIC hit the $1 mark by the end of April?

Also read: Cryptocurrency: Top 3 AI Coins to Watch For Double Digit Gains

Factors Influencing Polygon’s Price Trajectory

Various market conditions, price action, developments, supply, and use cases will play a crucial role in determining whether Polygon can experience a significant price surge by the end of April. 

Despite the current underperformance, Polygon has been making strides in terms of partnerships, adoptions, and technological advancements. The platform has been actively working on improving its scalability, security, and interoperability, which could potentially drive increased demand for MATIC in the future.

Also read: Ripple (XRP) Forecasted To Hit $1.9 If This Happens

Expert Price Predictions for MATIC by April-End

Cryptocurrency experts at Changelly have analyzed Polygon’s behavior at the start of 2024. The experts also provided their price predictions for MATIC by the end of April. According to their Analysis, MATIC’s minimum price is anticipated to be $0.6642, while the maximum price is expected to reach $0.7551. Additionally, experts expect that MATIC will trade at an average price of $0.7341 during this timeframe.

These predictions suggest that while MATIC may not hit the $1 mark by the end of April, it could still experience a moderate price appreciation from its current levels. However, it is essential to note that these predictions are based on historical data and current market trends, and the actual price movement may vary depending on various external factors.

Also read:Shiba Inu or Dogecoin: Which Meme Coin To Buy For 10X Gain?

Source: CoinGecko

According to the latest data from CoinGecko, Polygon is currently trading at $0.75448681, with a 4% surge in value over the last 24 hours. This short-term price appreciation could indicate a potential shift in market sentiment and increased investor interest in MATIC.

However, as Michaël van de Poppe pointed out, Polygon has been underperforming massively compared to other cryptocurrencies in the market. This underperformance could be attributed to various factors, such as increased competition from other Layer-2 scaling solutions, regulatory uncertainties, and overall market volatility.

  • MATIC
  • Polygon

Comments

Post a Comment

Popular posts from this blog

Manta Network battles DDoS attack after TGE as new Telegram bot steals the show

Manta Network battles DDoS post-MANTA launch; 135M RPC requests flood, causing delays. Bitbot revolutionizes retail trading on Telegram with non-custodial, AI-backed solutions. BITBOT token presale unfolds across 15 stages, offering investors a structured opportunity. In a whirlwind of recent events, Manta Network faced a DDoS attack right after the successful launch of its MANTA token, causing a stir in the crypto community. Meanwhile, Bitbot, a Telegram trading bot, is making waves by empowering retail investors. Jin us as we delve into the challenges Manta Network is facing and explore Bitbot’s mission to put institutional-grade tools in the hands of individual investors. Manta Network DDoS attack Manta Network, a modular blockchain protocol renowned for its focus on zero-knowledge (ZK) application development, encountered a significant setback shortly after the launch of its governance token, $MANTA. The network experienced a Distributed Denial o...
Read more

DOGE price prediction as expert forecasts target above $0.10

Image
With the previous week bringing gains for the cryptocurrency market, some digital assets displayed promising signals that might indicate their future movement. Dogecoin (DOGE) is one of those. The TD Sequential has recently generated a buy signal on the 3-day chart for Dogecoin. The probability of a resurgence to $0.100 or beyond appears favorable, contingent upon the sustained stability of the $0.074 support cluster, per a post on X by crypto analyst Ali Martinez on January 14. TD sequential for Dogecoin on a 3-day price chart. Source: Ali Martinez The TD sequential is a robust tool crafted to pinpoint the precise moment of trend fatigue and subsequent price reversal. As a counter-trend instrument, it addresses the limitations observed in various technical Analysis indicators that prove profitable in trending markets but exhibit suboptimal performance in sideways or ranging markets. Another technical indicator is not so optimistic Many technical indicators should be employed t...
Read more

IRS, Treasury temporarily waive business crypto reporting requirements

IRS and Treasury say businesses do not have to report cryptocurrency receipts until new regulations are issued. In a press release on Jan. 16, the Internal Revenue Service (IRS) said in a joint statement with the U.S. Treasury Department that American business es do not have to report their receipts in crypto currencies the same way they do with cash. However, the regulators noted the exception will only last “until Treasury and IRS issue regulations.” “Treasury and the IRS intend to issue proposed regulations to provide additional information and procedures for reporting the receipt of digital assets, giving the public an opportunity to comment both in writing and, if requested, at a public hearing.” The IRS The announcement does not impact the rules in place before the Infrastructure Investment and Jobs Act for reporting cash received in the course of a trade or business, the IRS said, adding that cash transactions over $10,000 received in a trade or bu...
Read more