The price of MATIC has seen a rebound in buying pressure in the past 24 hours which has caused it to rise. This development comes after Coca-Cola announced the launch of its Polygon-based NFTs on July 3. After the announcement, the altcoin price gained 5% in a short time.
The Polygon NFT scene will take off soon
Coca-Cola has announced that it will launch a Polygon NFT collection in collaboration with Rich Mnisi, artist and supporter of the LGBTQIA + community. Based on the website, these collections are made to celebrate the community. Consequently, each piece “aims to illuminate a colored light and spread a message of Love to the members of the community”.
The announcement also reveals that all proceeds from the initial sale and resale of NFT in Coca-Cola’s Pride collection will be donated to charities serving the LGBTQIA + community. Another major update for the Polygon community is that Meta announced the launch of NFT on Ethereum and Polygon. The company’s Product Manager, Navdeep Singh, shared the initial announcement on Twitter.
Altcoin founders share Polygon’s Web3 roadmap
Another major development is Polygon’s latest announcement of where the co-founders are taking the project. cryptocurrency.com As reported, Polygon partner Micalip Bjelic said on Twitter today:
Mass adoption of Web3 will take place on mobile devices, and 0xPolygon is bracing for it. Our strategy is not to create our own devices. Instead, we will integrate with existing manufacturers. Currently, we are proud to announce the first major integration.
Meanwhile, Polygon co-founder Sandeep Nailwal added that the company is “working on a different strategy by partnering with existing Mobil heavyweights globally.”
MATIC price ready to explode
The MATIC price retraces two resistance levels. Therefore, it turned these levels into the $ 0.38 and $ 0.47 support levels. This development comes as MATIC is currently trading above the 8-day EMA at $ 0.48. In particular, the recovery rally that began on June 18 triggered significant price swings. The price of MATIC is likely to witness further gains provided it breaks out of the 34-day EMA at $ 0.540.
This move paves the way for Polygon market makers to play at $ 0.57. Therefore, market makers will collect buy-stop liquidity. A reversal of the $ 0.57 resistance will put buyers of MATIC against the key $ 0.68 resistance barrier. In some cases, there is a possibility that the MATIC price may exceed the above level. MATIC could aim for a price of $ 0.70. The upside here is likely limited for Polygon in the short term.
As the market searches for the MATIC price, the assumption that the recovery rally will continue hinges on the bulls breaking through more hurdles. Being rejected at any of these barriers can cause Polygon to collapse even further. Finally, according to analyst Akash Girimath, if the price of MATIC produces a four-hour candle below $ 0.38, it will invalidate the optimistic view and trigger further losses at the $ 0.23 support barrier.
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