Polygon’s Daily Active Addresses Up 200% Since The Start Of 2024 — MATIC Price Doesn’t Follow
Polygon active addresses are up by 200% since the start of 2024, but the price is down 47%. Will we see an upturn?
Key Takeaways
- MATIC hit a yearly high at $1.30 in March.
- Recent trading shows potential for further price drops.
- Possible new bullish phase if MATIC rebounds from $0.50.
Polygon has seen a 200% increase in active addresses since the start of the year, although this growth hasn’t translated into higher MATIC prices, which have fallen over 20% since June.
The surge in Polygon’s activity contrasts with MATIC’s sideways and then bearish price movements, characterized by lower highs and lower lows.
MATIC Price Analysis
On March 13, MATIC hit its yearly high of $1.30, a significant rise from the $0.70 low on January 24, representing an 85% increase. The price then retreated, dropping below $0.60 by April 13. This was a modest dip compared to mid-September of the previous year, marking the start of a notable upward trend that led to the March peak.
By June 14, MATIC revisited its April low as it dipped below its descending trendline and is currently trading even lower. The daily chart’s Relative Strength Index (RSI) has fallen to 32%, suggesting a potential low point is near, though it hasn’t reached oversold levels, indicating possible further declines.
If the peak in March was the culmination of a five-wave impulse, then the recent downturn could be a corrective phase in the bull cycle, notably ending at a higher low than the one in September. This hypothesis needs further confirmation, which would come from an upward price trend.
MATIC Price Prediction
Since its all-time high, MATIC has been forming a descending triangle, and a breakout upward has yet to occur. The rally from September might have been the beginning of such a breakout, but the subsequent decline has pushed the price below the 0.786 Fibonacci retracement level. A retest of the horizontal support at $0.50 seems more probable before a significant bull phase can commence.
Should MATIC rebound from the $0.50 level, it could initiate a new five-wave impulse upwards, potentially revisiting the March high of $1.30. This rise could represent just the initial phase of a larger five-wave sequence, with the nature of the subsequent correction providing further insights into this trend’s strength and sustainability.
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