Polygon’s MATIC clears resistance on Meta news. Here is the next potential target
It is another good day for Polygon (MATIC/USD). CoinJournal reported that tech giant Meta would use Polygon for its digital collectibles. Meta says that creators can make their own NFTs on Instagram, which they can sell to their fans. The company said it was testing the new digital collectibles features with the US creators but will expand to more countries soon.
The chance to help Meta in its NFT endeavours is significant news for Polygon’s native token, MATIC. The cryptocurrency traded up 18% on Friday, with sharp gains likely to continue. There is more notable news fueling MATIC.
After Meta news, reports emerged that JPMorgan had performed its first DeFi trade on the Polygon. The trade was in conjunction with Project Guardian, a pilot blockchain program by the Monetary Authority of Singapore. JPMorgan had selected Polygon instead of Ethereum because of its low transaction cost.
The latest developments are positive for the Ethereum Layer-2 scaling solution. The network has lately witnessed increased activity. As you already know, the Reddit platform has eyes on Polygon for its NFT plans. Recently, BitPay announced support for Polygon and MATIC. These developments have buoyed MATIC, which has remained bullish as other cryptocurrencies whipsawed.
MATIC outlook as price clears a resistance to a 6-month high
MATIC trades at a 6-month high of $1.154. The price has been reached after a key breakout at $0.96, which we use as a key pointer for further gains.
Source – TradingView
Technically, MATIC has a bullish bias after a break above the $0.96 resistance. Besides, a recent 20-day MA crossover of the 50-day MA underlines a bullish momentum. The next resistance for the cryptocurrency lies at $1.347.
Should you buy MATIC?
MATIC is attractive, given the strong bullish momentum. The fundamentals around the cryptocurrency also support buying it, with higher prices possible.
The current MATIC price could pose minor resistance and force some correction. That could be followed by sharp upticks up to the $1.347 target. Investors should consider potential retracements as opportunities to buy.
Where to buy MATIC
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
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