It is only right to say that no crypto token can be written off at any stage. Volatility affects digital assets, but only for some time. It then allows them to make a recovery, thereby fetching decent profits for holders. Similarly, Polygon’s MATIC remains a significant asset on the market today. There was a dip in the token value, but it has recovered notably. The last 24 hours themselves have seen the token rise by more than 4%, with the current rate being around 4.03%. MATIC is exchanging hands at $0.5717 at the press time.
The downward trend was triggered by the upswing to $0.6285. It has since experienced a fall, just like Bitcoin ($BTC) and Ethereum ($ETH). While a direct comparison may not make for an interesting report, the trend has garnered significant attention. Both the leading cryptocurrencies have been seen declining in recent times. MATIC likely followed in those footsteps.
The MATIC/USD pair formed a short-term top at $0.6286 before retracing its steps back to $0.600 and $0.5720. The price even climbed to a 23.6% Fib Retracement level.
What is holding optimism back is the decline in the last 7 days and 30 days. MATIC fell by 8.37% and 19.02% during their respective time frames. MATIC crypto price prediction, irrespective of traders’ sentiments, remains positive. It demonstrates that the token can reach as high as $1.31 by the end of the year, i.e., 2024. It builds on near-term predictions, where the next 5 days could see a surge to $0.731362 and the next 30 days could see a jump to $0.667572, up 17.28% from the current value.
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Future bullish predictions are based on three recent developments within the native ecosystem. Polygon announced that it is working closely with Ronin Network to build a zero-knowledge layer-2 solution. Furthermore, it highlighted Fox Corporation’s willingness to transition from the beta version of Verify. Finally, Azuro and Polygon have joined hands to host a $20,000 grant program to support development in the ecosystem.
Ronin empowers builders to create custom gaming blockchains using Polygon CDK. It is likely to provide the community with a large number of game options. Builders will take advantage of Ronin and Polygon’s active customer base. The end goal is to boost the scalability and efficiency of processing transactions.
Polygon’s partnership with Fox Corporation entails transitioning to an independent zero-knowledge blockchain from the beta version of Verify. Until now, all Fox-related companies have continued to contribute significantly, leveraging the benefits of content attestation and verification. More publishers are likely to join the list, starting with TIME, which is a confirmed participant at the press time.
Azuro and Polygon will roll out grants to developers based on the task they are undertaking. Developers are eligible to apply for $2,000 for feature additions in applications that are already in the ecosystem. The allocation can go up to $4,000 for adding complex features or a new decentralized application, dApp. Developers will be eligible for financial and technical support from Azuro at every stage, irrespective of how much grant they have secured.
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MATIC, while comparatively weak at the moment, has a lot to look forward to. The token is likely to have a bull run, especially since it has started marking an uptick in its value.
