The crypto market started its price adjustment as most cryptos retraced lower. In the past 2 days, cryptocurrencies dipped by an average of 5%. Most analysts however attribute this drop to profit-taking after an extended surge in prices. MATIC is one of those altcoins that rose from $1 to $1.23, but today stands around $1.09. Is it smart to buy MATIC at current prices? Will MATIC go down further or retrace higher? Let’s analyze in this MATIC price prediction article.
What is MATIC Coin?
MATIC is a cryptocurrency that powers the Polygon network, which is a Layer 2 scaling solution for Ethereum. The Polygon network was created to address some of the scalability and usability issues of Ethereum, such as high transaction fees and slow confirmation times.
MATIC has gained popularity due to the rapid growth of the Polygon network and the increasing demand for Layer 2 scaling solutions for Ethereum. As of March 2023, MATIC is ranked among the top 50 cryptocurrencies by market capitalization. However, as with all cryptocurrencies, the value of MATIC can be highly volatile and subject to market fluctuations.
Why is MATIC important?
Well, there are many reasons as to why MATIC is important:
- It helps to address the scalability issues of Ethereum: Ethereum is a popular blockchain platform for decentralized applications, but it has been facing scalability issues due to the limited number of transactions it can process per second. The Polygon network provides a Layer 2 scaling solution for Ethereum, enabling it to process more transactions at a lower cost and with faster confirmation times.
- It enables faster and cheaper transactions: As a utility token on the Polygon network, MATIC helps in paying for transaction fees, which are much lower than those on the Ethereum mainnet. This makes it easier and more affordable for users to transact on the network.
- It facilitates decentralized finance (DeFi) applications: DeFi has become a popular use case for blockchain technology, but it can be expensive and slow on the Ethereum mainnet. The Polygon network, powered by MATIC, provides a more efficient and cost-effective platform for DeFi applications to operate.
- It enables staking and governance: MATIC can be staked on the Polygon network to earn rewards and participate in network governance. This allows token holders to have a say in the development of the network and earn passive income from their holdings.
How to Buy MATIC Coin?
There are currently many good exchanges that offer to trade and hold MATIC coins. Here’s a list of known exchanges that are currently in good standing:
MATIC Price analysis: is MATIC down?
MATIC prices started to increase with the beginning of the year 2023. In fact, prices managed to make more than 100% in a couple of weeks. However, prices retraced lower from the high of $1.5 and reached the strong support of $1. From there, prices attempted to retrace higher, but failed as the crypto market collapsed with the events of SVB bank and the USDC unpeg.
MATIC Prediction: Will MATIC price increase?
For the short term, MATIC prices are looking bearish and can continue to drop and reach the $1 price mark again. However, from there, it would be the perfect buy zone as prices are anticipated to go higher and reach the ATH of 2023 again at $1.5. This would translate into a potential 50% return.
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