MATIC Price Sprouts 3.5%, Can Polygon Rally To $1 Under These Conditions?
MATIC price is in the green unlike Bitcoin and major altcoins, especially those in the top 20 bracket. The Ethereum Layer 2 solutions protocol has in the last 24 hours climbed 3.5% to $0.5614, flaunting $205 million in trading volume and $5.2 billion worth of market capitalization.
MATIC Price Bulls Ready For The $1-Bound Rally
The crypto market is generally worrying with experts like Rekt Capital predicting a slump in BTC price to lows around $15,500 ahead of the next bull market. Despite this weak market structure, Polygon live price appears to be coming up with an upper hand against the sellers.
Following the recent losses from July’s rally to highs nigh to $0.9, support came into the picture at $0.53, which has been instrumental in the ongoing trend reversal.
With most crypto pairs in the market not moving either up or down, traders are willing to take a chance on Polygon as it reacts to the announcement of a new partnership.
The bullish outlook can also be attributed to the buy signal recently confirmed by the Moving Average Convergence Divergence (MACD) indicator. As long as the blue MACD line holds above the red signal line, the path with the least resistance would stick to the upside.
Traders familiar with the Stochastic oscillator are likely to be aware of the return of bullish strength following the oversold conditions last week.
As this strength index climbs into the neutral area, eyeing the oversold region above 80, the recovery of at least to $0.75 becomes apparent based on the 61.8% Fibonacci retracement.
Profit booking for short-term traders and investors could start at $the 50-day Exponential Moving Average (EMA) (red) – slightly above the 23.6% Fibonacci level. Other traders may want to hold firmly for the climb to the 50% Fibo – marginally above the 100-day EMA (blue) while those who are stubbornly bullish are likely to hold on until the target at $0.75.
MATIC Price Celebrates New Partnership
The uptick in MATIC price boils down to the latest partnership with the manufacturer of Casio electronics ahead of the launch of the latter’s iconic G-Shock watch NFTs creator pass. According to the press release, the creator passes will give innovators access to a special Discord channel for the project.
The company is flaunting 15,000 NFT-based creator passes which will be ready for claiming starting September 23. The rollout of the creator passes has been divided into two phases, the pre-distribution stage from 23 to September 26 while the general phase will run from 26 to September 29.
Casio assured the community that the purpose of the creator pass is to promote inclusion and this is the main reason why they settled for Polygon, a Layer 2 protocol.
This partnership although not directly related to MATIC price, is an assurance that the ecosystem is growing.
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