Polygon (MATIC) exceeded expectations with regard to its trading value as it topped out of the top 15 cryptocurrencies by market capitalization in a span of seven days.
Trading at $1.11 as per the latest tracking from koingeco At press time, the altcoin has managed to climb 26% over the past week. Its biweekly and monthly performance is also impressive, increasing by 23% and 35%, respectively.
Let’s take a look at how MATIC is starting the new month.
- Continues to hold key $1 area to sustain hopes of another bullish
- A drop below $1 could mean a retest of the $0.8 support area for MATIC
- The altcoin is up 26% in the past seven days, surpassing Bitcoin and Ethereum in this department
If MATIC had been able to maintain its bounce today, this number could have been higher, allowing it to peak at $1.28. It has declined 8.6% since then.
Now, the focus of the crypto should be on maintaining the $1 marker as doing so will increase the chances of the price hitting higher such as the coveted $1.5 area.
Polygon shrinks for the crypto space this week
Altcoins performed well over the past week, many of which matched significant price pumps. Ethereum was able to cross the $1,600 marker and the first crypto, Bitcoin, was able to reclaim the $21K area.
However, if this week has had a rocky and volatile start, the crypto space has started to enter their respective price correction phases.
Bitcoin, for example, was trading at $19,701 at the time of writing, while Ethereum changed hands at $1,475, falling below the $1,500 marker.
Polygons on the other hand, remains constant For now because it’s still above the $1 marker. This is important as it could mean that the crypto is soon getting ready for another bullish breakout.
If MATIC succeeds in this direction, it could reach the $1.5 resistance area and even test the $2 area. If this happens, the altcoin will be well within reach of its all-time high (ATH) of $2.92, which it achieved in December last year.
However, if the cryptocurrency breaks out and drops below $1, its most likely destination is the $0.8 support level.
Partnerships with Big Businesses that Pay for Polygon
probably one of the reasons MATIC is enabled return creep deceleration What wants to take over the crypto marker once again is its network’s effort to partner with well-established companies.
Last week, on Thursday, the Polygon chain announced its partnership with Meta-owned Instagram, allowing its users to Mint and eventually sell non-fungible tokens (NFTs) through its platform.
Also, on the same day, global financial institution JPMorgan Chase Polygon Blockchain Used network to execute its first transaction in a decentralized finance (DeFi) environment.
These positive incentives continue to keep MATIC’s head above water as the larger crypto market is once again sailing in the red sea.
MATIC market cap at $10.19 billion on the daily chart | Featured image from The Economic Times, Chart: TradingView.com