Polygon MATIC has been one of the best performing cryptocurrencies, showing upside power that could take it higher.
The MATIC cryptocurrency, native to the Polygon network, has been rising strongly recently, gaining more than 130% since the low of $0.26 marked in mid-June.
At the time of writing, MATIC is trading at $0.74. It accumulates a loss of 10.18% in the last 24 hours, as a general correction occurs in the crypto market.
Now it seems that everyone is waiting for the FED, waiting for interest rates to rise again tomorrow, Wednesday. This would cause an increase in the price of the dollar and a fall in risk assets.
In a survey conducted on the KEY ALERTS channel, we see that the majority think that the price of Bitcoin will go down after the FED announcement, which would undoubtedly affect other coins, including MATIC.
What’s Behind the Polygon Rise?
While this coin’s bullish rally started alongside the crypto market’s rally, excitement quickly mounted when Disney chose Polygon for its accelerator program.
The program that Disney is carrying out aims to accelerate the development of augmented reality, characters generated from virtual reality, and the issuance of non-fungible tokens (better known as NFTs).
It is not yet clear what role the Polygon network will play in this project, however, positivity immediately increased for MATIC.
On Twitter, Ryan Wyatt, CEO of @PolygonStudios, posted that, “We were the only Blockchain selected. It speaks volumes to the work being done here, and where we’re going as a company.”
MATIC has been one of the few coins that has managed to significantly offset the losses of the first half of the year.
This may be due to the high activity on this Blockchain, which, in fact, is currently higher than when the MATIC price is at all-time highs, signifying a major divergence.
Polygon MATIC Technical Analysis
The price is wrapped in a clear short-term uptrend, thanks to the continuous higher lows and higher highs that the price has been forming.
Currently, a reversal of this trend is in process. It seems that the support level to visit is $0.70.
Due to the uncertainty that permeates the entire risk asset market, it is possible that the current fall will last much longer, before regaining the dominant force.
To think that the bulls are back in control, the resistance at $0.95 must be overcome, leaving the ground clear for gains to as low as $1.34.
Has MATIC Hit Rock Bottom?
After falling to as low as $0.31, the Polygon MATIC rally has shown a lot of determination, heralding a possible resumption of the long-term trend.
Near $0.30 there is a large area of demand that stopped the fall. In the event that the price seeks to visit it again, it is likely that purchases there will be encouraged again.
Recently, we saw the price break through immediate resistance on the weekly chart at $0.55, heralding a transition from the medium-term trend.
Now the ground is clear to $1.34. While we may see crypto market participants in trouble in the short term, once the turmoil passes we could see a rally in coins like this one, which has already been showing quite a bit of bullish determination.
By Audy Castaneda
