Polygon’s Matic Blasts Through Resistance, Targets $1

Key Takeaways

  • MATIC has seen its value surge by practically 37% over the previous 36 hours. 
  • The upswing correlated with Polygon’s entrance into Disney’s accelerator program.
  • Positive aspects might be restricted at $1 as on-chain information exhibits stiff resistance forward. 

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MATIC’s value motion has stolen the crypto highlight after the Walt Disney Firm selected Polygon to take part in its accelerator program.

Polygon’s MATIC Overcomes Resistance

MATIC seems to be breaking out after Polygon was chosen as one in every of six corporations to take part in Disney’s accelerator program.

The American mass media and leisure conglomerate will present steerage to Polygon from its management group and supply devoted mentorship. The principle focus of disney’s initiative is to construct the way forward for immersive experiences in applied sciences equivalent to augmented actuality, non-fungible tokens, and synthetic intelligence.

Ryan Watt, CEO of Polygon Studios, noted that Polygon was “the one blockchain chosen” to take part in this system. He added that this “speaks volumes to the work being carried out [at Polygon], and the place we’re going as an organization.”

MATIC has seen its value surge by practically 37% for the reason that announcement was made Wednesday. The Layer 2 scaling resolution’s token went from a low of $0.53 to a excessive of $0.73. Additional shopping for stress across the present value degree might end in extra vital features regardless of the present uncertainty within the cryptocurrency market.

Certainly, MATIC seems to have damaged out of an ascending triangle that developed on its 12-hour chart. This technical formation anticipates a 47% upswing towards $1 so long as costs stay above $0.60.

Polygon MATIC price chart
MATIC/USD 12-hour chart. (Supply: TradingView)

On-chain information exhibits that MATIC seemingly faces no vital resistance on its solution to $1; nonetheless, overcoming this hurdle could show difficult. Knowledge from IntoTheBlock exhibits that just about 50,000 addresses holding over 4.15 billion MATIC could try to interrupt even on their lengthy positions at round $1. The potential spike in promoting stress might forestall MATIC from advancing additional, limiting its upside potential.

Polygon MATIC transaction history
MATIC on-chain exercise. (Supply: IntoTheBlock)

Solely a sustained shut above $1 on the 12-hour chart might sign additional increased highs. Till then, the short-term outlook for MATIC seems to favor the bulls.

Disclosure: On the time of writing, the writer of this piece owned BTC and ETH.

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