Polygon’s MATIC Blasts Through Resistance, Targets $1
MATIC has seen its price surge by nearly 37% over the past 36 hours.
The upswing correlated with Polygon’s entrance into Disney’s accelerator program.
Gains could be limited at $1 as on-chain data shows stiff resistance ahead.
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MATIC’s price action has stolen the crypto spotlight after the Walt Disney Company chose Polygon to participate in its accelerator program.
Polygon’s MATIC Overcomes Resistance
MATIC appears to be breaking out after Polygon was selected as one of six companies to participate in Disney’s accelerator program.
The American mass media and entertainment conglomerate will provide guidance to Polygon from its leadership team and offer dedicated mentorship. The main focus of disney’s initiative is to build the future of immersive experiences in technologies such as augmented reality, non-fungible tokens, and artificial intelligence.
Ryan Watt, CEO of Polygon Studios, noted that Polygon was “the only blockchain selected” to participate in the program. He added that this “speaks volumes to the work being done [at Polygon], and where we’re going as a company.”
MATIC has seen its price surge by nearly 37% since the announcement was made Wednesday. The Layer 2 scaling solution’s token went from a low of $0.53 to a high of $0.73. Further buying pressure around the current price level could result in more significant gains despite the current uncertainty in the cryptocurrency market.
Indeed, MATIC appears to have broken out of an ascending triangle that developed on its 12-hour chart. This technical formation anticipates a 47% upswing toward $1 as long as prices remain above $0.60.
On-chain data shows that MATIC likely faces no significant resistance on its way to $1; however, overcoming this hurdle may prove challenging. Data from IntoTheBlock shows that nearly 50,000 addresses holding over 4.15 billion MATIC may attempt to break even on their long positions at around $1. The potential spike in selling pressure could prevent MATIC from advancing further, limiting its upside potential.
Only a sustained close above $1 on the 12-hour chart could signal further higher highs. Until then, the short-term outlook for MATIC appears to favor the bulls.
Disclosure: At the time of writing, the author of this piece owned BTC and ETH.
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