Polygon’s MATIC Blasts Through Resistance, Targets $1

Key Takeaways

  • MATIC has seen its worth surge by almost 37% over the previous 36 hours. 
  • The upswing correlated with Polygon’s entrance into Disney’s accelerator program.
  • Features could possibly be restricted at $1 as on-chain knowledge exhibits stiff resistance forward. 

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MATIC’s worth 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 considered one of six corporations to take part in Disney’s accelerator program.

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

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

MATIC has seen its worth surge by almost 37% for the reason that announcement was made Wednesday. The Layer 2 scaling answer’s token went from a low of $0.53 to a excessive of $0.73. Additional shopping for strain across the present worth stage might lead to extra vital positive aspects 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.

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

On-chain knowledge exhibits that MATIC possible faces no vital resistance on its strategy to $1; nonetheless, overcoming this hurdle could show difficult. Information from IntoTheBlock exhibits that almost 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 strain 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 larger highs. Till then, the short-term outlook for MATIC seems to favor the bulls.

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

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