Polygon (MATIC) rose as much as 10% following a string of positive news for its ecosystem. At the time of writing, MATIC was changing hands at $0.56, up 9.57% since the past day and up 25.21% weekly. Reddit is introducing a brand-new NFT-based avatar marketplace where users can pay a set price to buy blockchain-based profile photos. The social network claimed that it is launching 90 designs, with “tens of thousands” of NFTs available for purchase during this early-access phase. Reddit has partnered with Layer 2 scaling platform Polygon to mint these avatars on-chain, and NFTs may be stored and managed using Reddit’s native blockchain wallet, Vault. Reddit has now added its name to a lengthy list of businesses testing NFTs. eBay bought NFT marketplace KnownOrigin in June after introducing its collection of digital art in May. In other news, MATIC ERC-20 deposit and withdrawal support is now available on the stock brokerage app, Robinhood.
Key Levels
Resistance Levels: $0.850, $0.750, $0.620
Support Levels: $0.475, $0.317, $0.250
MATIC/USD Daily ChartA price resistance area is represented on the daily chart by a price attempt to breach the moving average (MA 200) at $0.55. If MATIC continues to battle to stay above the moving average (MA 50) near-term resistance region, which had previously functioned as a barrier in the previous week, near-term range trading may persist.
Due to an increase in positive bias, positive momentum is increasing while negative momentum is decreasing. After dropping to the $0.317 mark, MATIC has somewhat recouped some losses. When buyers show up around the $0.565 handle, it might try to enhance the successful rebound after the loss led to lows that were nearly four weeks in duration.
MATIC/USD 4-Hour ChartAccording to the short-term oscillators, bulls are currently backing additional gains in the pair over the $0.565 level. While bulls might buy on rallies over the 4-hour horizontal barrier of $0.565, bears might sell. The price barrier around $0.626 could act as the first area of resistance on the upside if buyers continue the advance past this level.
Preliminary support might be found at $0.475, with the lower support level at $0.317 intact. If the supportive factors start to wane. The price may aim for the rising MA 200 at about $0.626 if the adverse trend persists. Bulls need to push the price of MATIC/USD above the $0.750 resistance level to defeat bearish sentiment as the price is showing an upside-like bias.
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