Polygon Price Prediction: MATIC Lost 11% in 24 Hours; Will It Recover Soon?

Polygon (MATIC) has taken a massive hit today, emerging among the top losers, second only to Maker (MKR). In just one day, the price of MATIC dropped over 11%.

This sudden downturn comes amid the ongoing MATIC to POL upgrade, where all MATIC on Polygon POS and those staked on Ethereum will be automatically converted to POL tokens by September 4.

POL Upgrade | Everything to Know

Users w/ MATIC on Ethereum can upgrade today via Polygon Portal Interface: https://t.co/Ibs1ONels1

There is no deadline for users to upgrade. All MATIC on Polygon PoS & staked MATIC on Ethereum will upgrade automatically on Sept 4. pic.twitter.com/qKnyYFrlqH

- Polygon | Aggregated (@0xPolygon) August 27, 2024

MATIC is trading around $0.44, down over 11% in the past 24 hours. Over the past month, the asset has declined 13.70%.

The question remains: Will MATIC recover soon, or will the downturn continue? Let's explore the technical charts and analysts' opinions for hints about its next possible move.

Polygon MATIC's Technical Analysis: Red Flags and Potential Turnaround

The MATIC/USDT 4-hour chart is bearish, with MATIC dropping below the 50-day and 200-day Simple Moving Averages (SMAs). This suggests that sellers are in control and might make it harder for MATIC to climb back up soon.

Also, the MACD line is below its signal line and displays red bars, showing the significant downward pressure. In addition, the Bollinger Bands also paint a bearish picture. MATIC's price is around the lower band, suggesting that sellers are still in charge.

In a few hours, the PVT has dropped from 4.3 million to 3.6 million. This big drop suggests that both volume and price are falling together, another sign that sellers are dominant.

Given all these signals, traders might want to exercise caution, and waiting could be a better approach.

Will MATIC Bounce Back?

To turn things around, MATIC must find strong support around $0.38 or $0.35 (potential retracement levels). If buyers step in at these levels, we might see the price increase again. However, a drop below these points could signal further downturns

Despite this bearish outlook, some analysts are still optimistic. They think MATIC could surge soon. While the current signs point down, MATIC's fortunes could turn around if market sentiment shifts.

Polygon (MATIC) Breaks Free from Downtrend: Analyst Predicts Possible Surge

On August 20, crypto analyst World of Charts said Polygon has broken out of a six-month descending trendline. A descending channel usually signals a downward trend. However, if MATIC breaks out of this channel, it could suggest a potential upward reversal.

$Matic#Matic Testing Crucial Area Breakout Can Lead Massive Recovery In Towards 1$ In Coming Days https://t.co/OBmVBDLeFh pic.twitter.com/bpMsLrIe4t

- World Of Charts (@WorldOfCharts1) August 21, 2024

Based on the chart, the price broke above this trendline on August 20. Therefore, the analyst predicts MATIC could reach $1, a potential 143% increase from its breakout point of $0.44.

This breakout is significant as it shows a shift in market sentiment and could set a new upward path for the coin. Also, if MATIC can hold above its support levels ($0.35 -$0.38), this breakout could fuel its recovery.

It might attract more buyers, potentially pushing the price higher. However, while MATIC's future remains speculative, a new alternative, Crypto All-Stars, is gaining traction.

Crypto All-Stars: A Revolutionary Meme Coin Staking Platform

Crypto All-Stars is shaking up the memecoin world with its new staking platform, MemeVault. This platform lets you stake various meme coins and earn $STARS tokens as rewards.

This innovative system is attracting considerable attention, and some experts think Crypto All-Stars could grow ten times its current value. Already, the presale has raised over $800,000, and it is only a few inches from hitting the $1 million milestone.

What is Crypto All-Stars?

Crypto All-Stars is introducing the one-stop avenue for meme coin staking, unifying investment in popular coins like Dogecoin, Shiba Inu, and Pepe. Users can now earn money from their coins without selling them.

MemeVault uses a novel technology called ERC-1155, which enables it to work with memecoins from any blockchain.To use MemeVault, you need to hold $STARS tokens. The more $STARS you have, the more returns you earn.

Currently, $STARS is in its presale phase and trades at $0.0014078 per token. Early buyers can start staking their tokens immediately.

The current staking rewards are pretty high; early investors can earn up to 1,763% in rewards. But this rate will likely decrease as more people join, so getting in early could be smart. You can buy $STARS tokens using Ethereum (ETH), USDT, or a bank card.

The project has solid tokenomics, allocating 20% for the presale, 25% for staking rewards, 10% for exchange liquidity, and 20% for marketing. The last 25% is saved for future growth.

Crypto All-Stars has attracted the attention of top crypto pundits. Popular YouTuber Umar Khan predicted the project surge 100X when launched.

What's Next for Crypto All-Stars?

Crypto All-Stars looks set for big moves in the market. Its unique staking system could be the game changer, making a potential viral memecoin in 2024.

While coins like MATIC face challenges, Crypto All-Stars offers a fresh opportunity. It's MemeVault that could change how people use meme coins.

Check out the official X page and Telegram channel to learn more. You can also visit their website to join the presale.

Remember, like all crypto investments, Crypto All-Stars might have its own risks. Investors should always conduct due diligence before investing.

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