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Polygon’s MATIC rose more than 3% after its partnership with Mastercard for Web3
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The network had a range of Web3 partnerships in 2022
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MATIC still lacks sufficient upside and is vulnerable at $0.77
Polygon (MATIC/USD), a Layer-2 scaling solution on Ethereum, is showing little signs of stopping in 2023. After the busy year 2022, the network has again inked a partnership with payments giant Mastercard. In the latest cryptocurrency news, Polygon will help Mastercard launch a Web3-focused incubator for artists. Polygon’s native token reacted to the positive development, adding an intraday of 3%.
According to the announcement, Mastercard’s accelerator program will launch in Spring 2023. It is expected to equip emerging artists – musicians, producers, and DJs with the skills and tools in a digital economy. Artists can build their brands through Web3 and virtual worlds through the program.
The partnership earmarks Polygon as a go-to protocol for major brands, governments, and NGOs entering Web3. Polygon Studios CEO Ryan Wyatt says Web3 has the potential to help artists expand their fan base. This is through new mediums of connection and expression that will be possible through the Matercard accelerator program. Other brands courting Polygon for Web3 include Starbucks, Nike, Meta, and the social platform Reddit. The partnerships helped MATIC remain relatively stable compared to peers as the crypto winter ravaged 2022.
MATIC struggles above the $0.77 support
MATIC/USD Chart by TradingView
A technical outlook shows MATIC struggling to recover at the $0.77 support. The cryptocurrency has been consolidating at this support for three weeks. Although the MACD indicator shows momentum has improved, it is still bearish.
What is likely next for MATIC?
The price of MATIC is vulnerable as long as bulls remain weak at the $0.77 support. Although buyers have defended the support successfully for a while, the limited upside is a reason to exercise caution.
A potential break below $0.77 could heighten bear pressure. In the meantime, consolidation is more likely unless buyers get excited by the latest development and push MATIC higher.
Where to buy MATIC
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Solana is emerging as an early winner as crypto investors begin to plan out their trading strategies for 2023 and aim to recoup losses from the previous year. Backed by disgraced crypto mogul Sam Bankman-Fried, the Solana SOL/USD price saw record-breaking depreciation in value in the months leading up to the new year. However, the SOL token has now gained more than 22% in just a couple of days entering into 2023.
Solana (SOL) Price Jumps On BONK News
The price of Solana (SOL) hit a new low last week that hadn’t been witnessed since February 2021. After over nine days of consecutive losses, that pushed the altcoin’s price to roughly $8 on Friday, increased by more than 12% in the past twenty-four hours on Tuesday.
BONK, a new memecoin with a Japanese guard dog theme, was a major driver behind the price increase of the 15th-ranked cryptocurrency, which also saw a bull run recently of 380% gains since its launch. The doppelganger of a Shiba Inu SHIB/USD that operates on the SOL blockchain has caused a major stir and is currently trending on Crypto Twitter.
BONK’s Wider Market Acceptance
As a result, Magic Eden — the largest NFT marketplace on the Solana network — is currently considering integrating BONK in the midst of the mass exodus of builders flocking to the Ethereum ETH/USD or Polygon MATIC/USD networks. Magic Eden smitten by the latest canine memecoin craze, took to Twitter to ask whether or not they should incorporate the recently created Solana-based cryptocurrency.
https://twitter.com/MagicEden/status/1610007500928991232
The cryptocurrency community as a whole has responded favorably to the sudden surge in popularity of the new memecoin. Additionally, the fact that people can take advantage of free airdrops of the BONK token, provided by a number of well-known crypto celebrities and NFT collectors has added more fuel to the SOL token’s price.
https://twitter.com/CryptoAnglio/status/1609979731453136897
BONK Helps Sinking Solana
Within the last twenty-four hours, the on-chain volumes of Bonk reached more than $19 million. Since it was first issued on December 25, Bonk has been owned by more than 85,000 investors as of Tuesday, giving it a market valuation of roughly $93 million. According to the statistics collected during the past week, users have completed more than 500,000 transactions utilizing bonk tokens.
Moreover, the news of the MEXC crypto exchange listing the Bonk token for trading with a USDT pair on Tuesday, has further ignited the interest of traders and investors alike.
As things stand, the Solana (SOL) price is currently being traded at $13. This represents an increase of 4.84% in the past one hour, in contrast to a whopping 22% during the last 24 hours as per crypto market tracker CoinMarketCap.
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Polygon’s MATIC lost 2.49% on Wednesday
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Polygon partnered with LGND and Warner Music
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MATIC could correct back to the $0.77 support
Polygon’s (MATIC/USD) fell by 2.49% on Wednesday as the cryptocurrency continued to face resistance at $0.96. As of press time, MATIC was trading at $0.88 and on a slight slide from the resistance level. Should the bears continue to exert pressure on MATIC price, it could fall back to the $0.77 support. But key fundamental developments continue to pop up for MATIC.
Interactive platform builder and ecommerce LGND announced a multiyear partnership with Polygon and Warner Music Group. According to the announcement, Polygon will enable LGND to build a Web3 platform dubbed LGND Music. The platform will launch in January 2023 and support digital collectibles from other blockchains via a proprietary layer. Through the partnership, Warner Music artists will launch digital collectibles on the app and desktop platforms.
The announced partnership is a validation of the growing role of Polygon in Web3. The Layer 2 blockchain offers low fees and faster transactions, making it a top choice for firms entering Web3. Consequently, its native token has been relatively stable compared to most cryptocurrencies in a sustained bear market.
MATIC price outlook and analysis
MATIC/USD Chart by TradingView
The technical indicators show MATIC is slightly bearish. The RSI is slightly below the midpoint. The MACD indicator is neutral, although the momentum has weakened slightly. MATIC price dynamics show the token is correcting slightly.
When is MATIC likely to become bullish?
The trading is mixed for MATIC. A bullish view can be confirmed if the token closes above $0.96. Similarly, a bear market can be confirmed if the price closes below $0.77. At the moment, MATIC may continue to consolidate between support and resistance.
Where to buy MATIC
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
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Polygon has onboarded Indian retailer Flipkart for Web3 expansion
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The native token has hit a resistance
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A breakout is on the horizon if buyers continue to push the price higher
Polygon (MATIC/USD) bulls have successfully defended $0.77 against the bear insurgence. The token initiated a recovery at the crucial support zone and traded at $0.91 as of press time. MATIC must overcome a minor resistance of $0.96 to see further gains.
Once again, MATIC price is showing resilience amid growing adoption. On December 2, India’s leading e-commerce entity Flipkart announced a collaboration with Polygon. The collaboration will see Polygon help deploy a blockchain-based e-commerce platform for the retailer. The firms will also collaborate on research on other use cases of blockchain, Web3, and the metaverse.
Despite MATIC falling by 2% on the day after hitting resistance, the partnership is a validation of the Layer-2 solution. Already, Polygon is attracting interest from firms seeking entry into Web3, notably Reddit and Starbucks. Should the latest development attract buyers, MATIC could find levels above $1 next.
MATIC hits resistance in a bullish surge
MATIC/USD Chart by TradingView
Technically, MATIC trades slightly below a crucial resistance. A price recovery above the $0.77 support saw the RSI move above the midpoint. It suggests the entry of buyers at the crucial support zone.
Similarly, the MACD indicator shows that momentum is improving for MATIC. A bullish MACD crossover was initiated, although the indicator remains below the neutral zone.
Should you buy MATIC?
Buying MATIC now is premature as the cryptocurrency trades below a resistance level. We need a break above $0.96 to buy the token. Should a breakout occur at the resistance, MATIC could rise to $1.3. The level around $1.05 could offer some minor resistance for the cryptocurrency.
Conversely, if bears win the contest at the resistance, the support at $0.77 will be in sight. The level could also attract buyers based on the prevailing sentiment and price action. Investors should watch either price movement for a chance to buy MATIC.
Where to buy MATIC
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
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Polygon token has lost 2% in the day and 6% in a week
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Bulls continue to defend $0.77 amid weak momentum
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We need further price action to ascertain the potential direction for MATIC.
Polygon’s (MATIC/USD) is one of those cryptocurrencies that has endured the bear turbulence quite well. The cryptocurrency looked prime for a sustained recovery after hitting $1.30 in early November. However, a contagion of risks in the crypto sector pushed MATIC to the $0.77 support. As of press time, the token traded at $0.83, with an intraday loss of 2%.
Polygon has been exceptional in terms of onboarding projects into its ecosystem. The latest cryptocurrency news involved Nike launching an NFT marketplace on Polygon. The around-a-week-old development was welcome among the Polygon enthusiasts. Unique addresses on the network hit a record 190.95 million as of November 14. Nike’s partnership underlines big brands courting Polygon for their web3 plans. Meta is another entity that has announced plans to use Polygon for its NFT project.
The positive developments have allowed MATIC token to stay bullish, although a weekly loss of 6% should not go unnoticed.
MATIC trades with weak momentum, but bulls defend $0.77
MATIC/USD Chart by TradingView
On the daily chart, momentum is weak for MATIC, with the MACD indicator dipping further into the bearish territory.
A recovery above the $0.77 support was curtailed by the 50-day moving average, which has since forced a correction. The cryptocurrency trades below the 20-day and 50-day MA.
What next for MATIC?
The price of MATIC is mixed. The technical indicators show that the cryptocurrency is bearish. However, the bulls have successfully defended a crucial $0.77 support. It means any potential bullish reversal should begin from the level. Further price action is needed to make a bullish or bearish call.
Where to buy MATIC
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
After a series of developments, Polygon (MATIC/USD) is again making airwaves. This time around, the network is entering the metaverse – a new milestone.
On November 12, Polygon announced it was taking the first airport to the metaverse. The blockchain announced that BLR Airport was entering the virtual world. BLR will benefit by showcasing its services to customers in a virtual space. On the other hand, a successful endeavour could see more metaverse projects building on Polygon and raising its token’s utility.
It is still early to speculate how much of a success Polygon’s metaverse endeavours will be. However, we already know that the virtual reality world grew immensely last year, boosting tokens of associated platforms. Thus, the latest cryptocurrency news should be well received by Polygon fans.
Meanwhile, Glassnode data shows that the total number of MATIC addresses has been increasing over the past month. The growth happens amid a largely bear crypto market, indicating that investors hold Polygon highly. Consequently, MATIC has been relatively stable compared to peers in a bear market.
MATIC price outlook as it hits resistance
Source – TradingView
On the daily chart, momentum is weak for MATIC amid a bearish MACD crossover. However, MATIC is stable, as bulls defended the $0.77 level when the market crashed last week. The cryptocurrency is pushing higher, but the $0.96 resistance is holding it back.
Is MATIC about to become bullish?
MATIC’s price has recovered slightly, but there is no indication the token could become bullish soon. The cryptocurrency has to clear $0.96 to consider a bullish bias.
The cryptocurrency is open to consolidation at the current level if the price does not get the catalyst to break higher. Investors should wait for a breakout at the key level.
Where to buy MATIC
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
Crypto buyers are disillusioned after what looked like a gradual recovery went haywire this week. This time, a renowned crypto exchange FTX went south in a liquidity crunch. Although this scenario is not new, the fact that it touches an exchange that was touted as sound remains a concern. Investors have reacted by liquidating positions, which has resulted in a bloody market week. But Polygon (MATIC/USD) could be one of those still displaying resilience.
While most tokens have lost by double digits in a week, MATIC is down just a single percentage point. It is not a coincidence, as MATIC has been performing well lately, driven by strong fundamentals. The latest ones include collaboration with Meta Platforms and JPMorgan. Polygon is also readying for a tour across India as part of its global growth. The tour will see the company meet the next-gen developers and creators. Seven Guild events will be covered, and 50 college campuses.
Investors searching for a relief token to buy in the bear market should pay attention to MATIC. The technical outlook also shows why MATIC could remain resilient.
MATIC initiates recovery at a support zone
Source – TradingView
Following the FTX-inspired crash, MATIC retreated to test the long-term support zone at $0.77. The level was a breakout zone, meaning any possible recovery could start here.
The token initiated a recovery and tested the resistance at $1.0. The price has retreated slightly. The RSI shows a reading of 49, slightly below the midpoint, although the indicator signals a recovery.
Should you buy MATIC now?
Polygon’s token is showing resilience as other cryptocurrencies proceed lower. The strength underlines MATIC as a good buy cryptocurrency.
Nonetheless, with the bear market still on, we need further confirmation before buying MATIC. Bullish price action signals around $0.77 or a break above $1 could welcome buyers.
If the bear market continues to grip MATIC, breaking below $0.77, the next support will be $0.58. We should watch the prevailing sentiment and price action to find an appropriate buying time for MATIC.
Where to buy MATIC
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
While most altcoins struggle in light of the bearish cryptocurrency market, Polygon MATIC/USD has been outperforming the apex Bitcoin BTC/USD, Ethereum ETH/USD and even Elon Musk’s favorite Dogecoin DOGE/USD.
What Happened: MATIC is up by 9.50% in the last 24 hours, trading at $0.97 at the time of writing, according to data from Benzinga Pro. On Oct. 13, MATIC was trading at $0.73, since then the price increased by 32%, according to CoinMarketCap.
See More: How to buy Polygon?
On the other hand, Bitcoin is down 0.70% in the last 24 hours, and 2.19% in the last seven days. Ethereum continues to hover around the $1500 markdown by 2.40% over the past 24 hours. Dogecoin also witnessed a 5.39% fall in the last 24 hours, as per CoinMarketCap.
Why Is This Happening: MATIC’s rise over the past seven days can be attributed to two likely reasons:
- JP Morgan’s execution of the first on-chain trade on the Polygon network: The trade was facilitated by the Monetary Authority of Singapore’s (MAS) Project Guardian on Nov. 2, which was established as part of a pilot program to “explore potential decentralized finance (DeFi) applications in wholesale funding markets.”
- Meta’s META decision to allow Instagram users to mint Polygon-based Nonfungible tokens (NFTs).
Read Next: What The Fed’s Latest Interest Rate Hike Means For The Crypto World
It is another good day for Polygon (MATIC/USD). CoinJournal reported that tech giant Meta would use Polygon for its digital collectibles. Meta says that creators can make their own NFTs on Instagram, which they can sell to their fans. The company said it was testing the new digital collectibles features with the US creators but will expand to more countries soon.
The chance to help Meta in its NFT endeavours is significant news for Polygon’s native token, MATIC. The cryptocurrency traded up 18% on Friday, with sharp gains likely to continue. There is more notable news fueling MATIC.
After Meta news, reports emerged that JPMorgan had performed its first DeFi trade on the Polygon. The trade was in conjunction with Project Guardian, a pilot blockchain program by the Monetary Authority of Singapore. JPMorgan had selected Polygon instead of Ethereum because of its low transaction cost.
The latest developments are positive for the Ethereum Layer-2 scaling solution. The network has lately witnessed increased activity. As you already know, the Reddit platform has eyes on Polygon for its NFT plans. Recently, BitPay announced support for Polygon and MATIC. These developments have buoyed MATIC, which has remained bullish as other cryptocurrencies whipsawed.
MATIC outlook as price clears a resistance to a 6-month high
MATIC trades at a 6-month high of $1.154. The price has been reached after a key breakout at $0.96, which we use as a key pointer for further gains.
Source – TradingView
Technically, MATIC has a bullish bias after a break above the $0.96 resistance. Besides, a recent 20-day MA crossover of the 50-day MA underlines a bullish momentum. The next resistance for the cryptocurrency lies at $1.347.
Should you buy MATIC?
MATIC is attractive, given the strong bullish momentum. The fundamentals around the cryptocurrency also support buying it, with higher prices possible.
The current MATIC price could pose minor resistance and force some correction. That could be followed by sharp upticks up to the $1.347 target. Investors should consider potential retracements as opportunities to buy.
Where to buy MATIC
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
Is Polygon’s (MATIC/USD) one of the most attractive cryptocurrencies below $1?
Probably yes, given the stability it has exhibited amid the bear market. After an inflation-inspired flash crash on Thursday, MATIC is back to winning ways. As of press time, MATIC had made an intra-day recovery of 11%. The gains were widespread across the crypto sector. However, the token’s gains were noticeable and looking likely to continue.
Once again, Polygon is making positive headlines with the latest news. As CoinJournal reported, Polygon will power the first-ever blockchain-based enforcement portal for the Indian police. The news is encouraging and shows governments are slowly embracing blockchain for critical missions. The blockchain solution is meant to help curb corruption and power complaint mismanagement within the Indian police force.
With Polygon at the centre of the important development, it explains why MATIC rose strongly on Friday. In a sector awash with negative sentiment, the development sparked social interest in Polygon. The cryptocurrency saw increased mentions on the social trading platform Stocktwits.
Besides, we all know that MATIC is now part of Grayscale’s large-cap crypto fund. The addition was done about a week ago as part of the asset manager’s quarterly rebalancing. The addition increases investors’ exposure to cryptocurrencies, which boosts the liquidity of the tokens. The positive development has been a plus for MATIC. But is the price bullish now?
MATIC jumps from a bullish pin bar at the support
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
Source – TradingView
On the technical front, MATIC formed a bullish pin bar at the $0.77 support. That was after the price crashed below the level following hot inflation numbers.
Ideally, pin bars forming at key resistance or support zones are reversal signals. They communicate a price rejection on the side of the candlestick’s long wick (pin). Its appearance at the support suggests that bulls have successfully defended $0.77.
Should we expect MATIC to go higher?
The bullish pin bar implies that a higher price looms for MATIC. The recent surges confirm that. Nonetheless, for a sustained surge, MATIC must overcome a descending trendline shown in the daily chart. Potentially, a consolidation could follow before a breakout occurs.