While the cryptocurrency markets faced challenging times in 2022, the price of MATIC Coin managed to stay relatively strong. Even though the first quarter of 2023 was positive, MATIC later felt the weakening influence of advertising and marketing on its price. The narrative around ZK networks lost its appeal as competitors moved faster. So, what’s next?
MATIC Coin 2024 Commentary
The popular cryptocurrency weakened due to increasing competition in its field. We had mentioned that the ecosystem might lose ground as it did not grow at the same pace with the proliferation of alternative layer1 and layer2 solutions.
The price of MATIC has been under the pressure of a decreasing resistance line since reaching its all-time high of $2.90 in December 2021. Despite upward movements, MATIC has been unable to break through the decreasing resistance trend line. Attempts in November and December 2023 also failed, and the massive surge in general market sentiment did not provide the expected support.
The reaction to the decreasing resistance line, which has been stagnant for 750 days, will determine the price performance in 2024. After the last unsuccessful attempt to break this resistance line, it now needs to be overcome with the relaxation of BTCD and focus on new targets. The RSI looks promising for a new attempt.
How Much Will MATIC Coin Be Worth?
Daily chart readings do not determine a clear direction. There are two different scenarios ahead for MATIC Coin. In these two scenarios based on Elliott wave counting, there are important regions that investors should monitor.
In the wave count supporting bullish predictions, the completion of the A-B-C corrective structure is observed. The rise on January 8th within the ascending parallel channel indicated the end of the decline. In this case, the price of MATIC Coin could rise by approximately 40% to the channel’s resistance line of $1.18.
Sandeep Nailwal mentioned that Matic 2.0 and the POL token will be launched this year, which will positively affect investor sentiment with more updates. POL Coin, being a multichain token, will also have a restaking mechanism, which could lead to an increase in demand.
On the downside, we see that the equal wave upward movement has completed and the fourth wave is a symmetrical triangle. According to the second scenario, the price, which is in the C wave, could retract to the support level of $0.65. In other words, MATIC investors face two paths: one leading to a 40% increase, the other to a 22% decrease.
