MATIC rallies by 10% after Meta enables Polygon-powered NFT minting on Instagram
MATIC is one of the best performers amongst the top 20 cryptocurrencies by market cap after Meta announced an important update.
MATIC, the native coin of the Polygon network, is the second-best performer amongst the top 20 cryptocurrencies by market cap, only behind Litecoin.
The coin has added more than 10% to its value in the last 24 hours, outperforming the broader cryptocurrency market.
The rally comes after Meta (Facebook’s parent company), announced that it would soon allow users to mint and sell Polygon-powered NFTs on Instagram.
The social media giant revealed it would soon test these new features with a small group of creators in the United States, with the intention of expanding to other countries in the coming months.
MATIC’s positive performance as the broader crypto market continues its bearish trend. The total crypto market cap stands at $1 trillion, down by less than 1% in the last 24 hours.
Bitcoin is also down by less than 1% today and is still trading above the $20k support level. Ether has maintained its position as the second-largest cryptocurrency by market cap and is still trading above $1,500 despite losing 2% of its value so far today.
Key levels to watch
The MATIC/USD 4-hour chart has turned positive after Polygon added more than 10% to its value in the last 24 hours. The technical indicators show that MATIC is outperforming the broader crypto market.
MATIC/USD Chart By TradingView
The 14-day relative strength index of $68 shows that MATIC could soon enter the overbought region if the rally continues. The MACD line has entered the positive zone, indicating bullish momentum.
At press time, MATIC is trading at $0.965 per coin. If the positive trend continues, MATIC could surge past the $1.089 resistance level for the first time since May.
However, MATIC would need the support of the broader cryptocurrency market to move past the second major resistance level above $1.105.
Where to buy MATIC now
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