Prev Arrow Cryptocurrencies

Polygon ($MATIC) Crypto Forecast: Down 6.6% Today

Morpher AI identified a bearish signal. The crypto price may continue to fall based on the momentum of the negative news.

What is Polygon?

MATIC is a cryptocurrency token that operates on the Polygon network, a layer-2 scaling solution for Ethereum. The token is used for various purposes within the network, including transaction fees and governance.

Why is Polygon going down?

MATIC crypto is down 6.6% on Jul 18, 2024 16:07

  • The bearish movement in MATIC today can be attributed to the upcoming transition from MATIC to the new POL token as part of Polygon's technical upgrade scheduled for September 4.
  • Investors might be uncertain about the impact of this token swap on the value and utility of MATIC, leading to a sell-off in the token.
  • The announcement of Polygon's mainnet date and the name change of the native token could also be causing uncertainty and volatility in the market, contributing to the bearish movement in MATIC.
  • The decision by a social media platform to sunset animated collectible expressions for Polygon NFTs may have added to the negative sentiment surrounding MATIC, further influencing the bearish trend in the market.

MATIC Price Chart

MATIC News

Polygon’s POL Upgrade: MATIC Token Transition Begins September 4

Polygon’s POL Upgrade: MATIC Token Transition Begins September 4

https://crypto-economy.com/polygons-pol-upgrade-matic-token-transition-begins-september-4/

News Article Image Polygon’s POL Upgrade: MATIC Token Transition Begins September 4

Ethereum Layer-2 Polygon Labs To Replace MATIC With POL Token In September Upgrade

Polygon Labs MATIC/USD, the key developer behind the Polygon Layer-2 network, has announced a significant technical upgrade scheduled for September 4, which will replace its current MATIC token with the new POL token. What Happened: This transition is part of the broader "Polygon 2.0" roadmap ...

https://www.benzinga.com/markets/cryptocurrency/24/07/39842952/ethereum-layer-2-polygon-labs-to-replace-matic-with-pol-token-in-september-upgrade

News Article Image Ethereum Layer-2 Polygon Labs To Replace MATIC With POL Token In September Upgrade

Polygon to Replace MATIC with POL Token, Price Impact Analysis

Polygon to Replace MATIC with POL Token, Price Impact Analysis

https://coinedition.com/polygon-to-replace-matic-with-pol-token-price-impact-analysis/

News Article Image Polygon to Replace MATIC with POL Token, Price Impact Analysis

Reddit Is Sunsetting Animated Collectible Expressions for Polygon NFTs

Reddit Is Sunsetting Animated Collectible Expressions for Polygon NFTs

https://decrypt.co/240449/reddit-is-sunsetting-animated-collectible-expressions-for-polygon-nfts

News Article Image Reddit Is Sunsetting Animated Collectible Expressions for Polygon NFTs

Polygon's Mainnet Date Has Been Announced! The Name of MATIC, the Native Token of the Network, is Changing! Here are the Details

Polygon's Mainnet Date Has Been Announced! The Name of MATIC, the Native Token of the Network, is Changing! Here are the Details

https://en.bitcoinsistemi.com/polygons-mainnet-date-has-been-announced-the-name-of-matic-the-native-token-of-the-network-is-changing-here-are-the-details/

News Article Image Polygon's Mainnet Date Has Been Announced! The Name of MATIC, the Native Token of the Network, is Changing! Here are the Details

Polygon Price History

18.06.2024 - MATIC Crypto was down 6.6%

  • The bearish movement in MATIC today can be attributed to the upcoming transition from MATIC to the new POL token as part of Polygon's technical upgrade scheduled for September 4.
  • Investors might be uncertain about the impact of this token swap on the value and utility of MATIC, leading to a sell-off in the token.
  • The announcement of Polygon's mainnet date and the name change of the native token could also be causing uncertainty and volatility in the market, contributing to the bearish movement in MATIC.
  • The decision by a social media platform to sunset animated collectible expressions for Polygon NFTs may have added to the negative sentiment surrounding MATIC, further influencing the bearish trend in the market.

18.06.2024 - MATIC Crypto was down 5.3%

  • The bearish movement in MATIC today could be attributed to Reddit sunsetting animated collectible expressions for Polygon NFTs, potentially impacting the token's utility and demand.
  • Additionally, the announcement of Polygon's mainnet date and the upcoming change in the name of the MATIC token might have caused uncertainty and selling pressure among investors.
  • The decision to eventually stop the use of MATIC could have led to concerns about the token's future relevance and adoption, contributing to the downward price action.
  • Overall, the negative sentiment surrounding MATIC today could also have been influenced by broader market factors and the news of the WazirX hack, creating a risk-off environment for cryptocurrencies.

17.06.2024 - MATIC Crypto was up 5.1%

  • MATIC's bullish movement could be attributed to the anticipation of a bullish breakout.
  • The introduction of Polygon Labs' innovative zero-knowledge proving system, Plonky3, may have boosted confidence in the project and its token, leading to increased investor interest.
  • The positive sentiment surrounding layer 2 crypto projects like MATIC could have also contributed to the token's upward price movement.
  • The emphasis on enhanced Web3 wallets driving crypto mass adoption might have created a favorable environment for MATIC and other cryptocurrencies, further fueling the bullish trend.

13.06.2024 - MATIC Crypto was up 5.1%

  • MATIC showed strong bullish movement despite concerns about oversold regions and nearing a low of $0.41, demonstrating resilience against possible downward pressure.
  • Interest from whales in MATIC might have influenced the price surge, illustrating the impact of large investors on market sentiment and price movement.
  • The significant transaction volume on Layer 2 solutions like Starknet could have indirectly benefited MATIC by showcasing the utility and potential of layer 2 scaling solutions, thereby enhancing investor confidence.
  • Even though most MATIC addresses are at a loss, the price increase and growing excitement surrounding MTAUR could have reignited interest and buying activity, propelling the bullish trend.

13.06.2024 - MATIC Crypto was up 5.1%

  • Despite concerns about a potential decline, MATIC experienced a strong bullish movement today.
  • The surge in MATIC's price could be attributed to the hype building around the token, despite a majority of addresses being in a loss.
  • The investment by Square Enix in a Soccer Metaverse Game on the Polygon Blockchain may have also contributed to the positive sentiment surrounding MATIC.
  • The high transaction volume on Layer 2 solutions like Starknet could have further boosted interest in MATIC as a scalable cryptocurrency option.

08.06.2024 - MATIC Crypto was up 5.0%

  • MATIC had a strong bullish movement today, potentially fueled by positive developments such as Polygon outperforming Bitcoin and Ethereum in a major metric.
  • The upcoming AMA session with Cookie3 X BeInCrypto could have generated additional interest and hype around MATIC, contributing to its bullish momentum.
  • Speculation about Polygon investors potentially boosting MATIC could have also played a role in the token's positive price action.
  • Despite struggles at the $0.5 resistance level, the overall positive sentiment and news surrounding MATIC may have outweighed concerns, leading to the bullish movement observed today.

08.06.2024 - MATIC Crypto was down 7.7%

  • MATIC struggled to break through the $0.5 resistance level, indicating strong selling pressure and potential profit-taking by traders.
  • The exclusion of MATIC from a Grayscale fund could have negatively impacted investor sentiment, leading to a bearish movement in the token's price.
  • Speculation about MATIC's future price predictions, including reaching $2 in 2024, may have created uncertainty among investors, contributing to the downward trend.
  • The overall market sentiment, with some cryptocurrencies expected to reach a $5 billion market cap in July, could have also influenced traders to reallocate their investments, causing a bearish movement in MATIC.

07.06.2024 - MATIC Crypto was down 5.2%

  • The bearish movement in MATIC today could be attributed to the exclusion from a Grayscale fund. This news might have led to a lack of institutional investment interest in the token, causing a downward pressure on its price.
  • The price prediction speculating on MATIC reaching $2 in 2024 might have set unrealistic expectations for short-term gains, leading to profit-taking by traders and contributing to the bearish movement.
  • The overall market sentiment towards altcoins could have also played a role in the bearish movement of MATIC today, with investors potentially shifting their focus towards other tokens with higher growth potential in the short term.

06.06.2024 - MATIC Crypto was up 8.5%

  • The strong bullish movement of MATIC today could be attributed to the positive sentiment surrounding the cryptocurrency market.
  • The exclusion of MATIC from a Grayscale fund may have initially caused some uncertainty, but investors seem to have shrugged off this development and focused on the overall market trend.
  • The anticipation of two cryptocurrencies reaching a $5 billion market cap in July could have created a positive outlook for MATIC and contributed to its bullish movement.
  • Despite the delisting decision from Grayscale, the fact that MATIC was not the only cryptocurrency affected and that other altcoins are gaining attention this summer might have reassured investors about the token's potential, leading to its upward price movement.

06.06.2024 - MATIC Crypto was up 7.4%

  • MATIC experienced a strong bullish movement today despite concerns about a potential bear phase and a price target of $0.40.
  • The decision by Grayscale to remove MATIC from its funds could have initially caused some uncertainty in the market.
  • However, the positive sentiment surrounding MATIC, highlighting its potential for growth and market cap milestones, likely contributed to the bullish movement observed today.
  • Investors may have viewed the delisting news as a minor setback, focusing instead on the long-term prospects and utility of MATIC within the crypto space.

06.06.2024 - MATIC Crypto was up 7.5%

  • MATIC demonstrated a strong bullish movement despite recent developments, suggesting resilience in its value.
  • The decision impacting MATIC by a major investment firm may have caused temporary uncertainty and downward pressure on its price.
  • Positive market sentiment and potential growth opportunities in alternative coins could have prompted the bullish activity in MATIC.
  • Contrary to bearish predictions, positive market sentiment and growth prospects influenced the bullish trend in MATIC.

06.06.2024 - MATIC Crypto was up 5.2%

  • Grayscale's decision to delist MATIC from its funds could have initially caused uncertainty in the market.
  • However, the subsequent bullish movement suggests that investors may have viewed this as an opportunity to buy the dip.
  • The overall positive sentiment towards altcoins, as indicated by references to staking altcoins without hesitation, likely contributed to the bullish movement in MATIC.
  • Despite concerns raised about a potential bear phase, the market sentiment and investor interest in altcoins like MATIC seem to have outweighed these concerns, leading to the bullish movement.

06.06.2024 - MATIC Crypto was up 9.0%

  • A decision to remove Polygon (MATIC) from certain funds may have caused initial uncertainty and a brief bearish phase.
  • Despite this, market sentiment quickly turned bullish as investors recognized the potential for MATIC to succeed independently, leading to a strong upward trend.
  • Reports suggesting altcoins for staking alongside Bitcoin's challenges likely boosted confidence in MATIC's utility and value in the crypto ecosystem.
  • Despite initial doubts, MATIC's current bullish movement indicates ongoing investor optimism about its long-term prospects and role in the cryptocurrency space.
i
Disclaimer
Morpher is not liable for the content of the AI investment insights. Like most GPT-powered tools, these summaries may contain AI hallucinations and inaccurate information. Morpher is not presenting you with any investment advice. All investments involve risk, and the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. These summaries do not constitute investment advice.