MATIC Price Analysis: MATIC Jumps More Than 18%; Car Maker, Mercedes Benz, Leverages Polygon Blockchain

• Polygon (MATIC) is up more than 18% in the last 24 hours
• Mercedes Benz has launched its own blockchain-based data sharing platform, Acentrik
• Transactions are executed on public blockchains

Polygon (MATIC) is up more than 18% in the last 24 hours following the latest market rebound. At the time of publication, MATIC was changing hands at $0.88, up 3.31% in the week. Mercedes-Benz has launched its own blockchain-based data sharing platform, Acentrik, which is mainly targeted at enterprise users. The data is not stored on the blockchain, but a non-fungible token (NFT) which represents each dataset, and a metadata hash is stored with it. Transactions are executed on public blockchains, Polygon, or the Ethereum Rinkeby test network. However, MATIC is required to pay Polygon gas fees. The last six months also saw a dizzying number of huge Web2 and Web3 names announce they’re building on Polygon: from Meta to Flipkart, the NFL to eBay. Presently, the number of apps running on Polygon has reached 19,000 milestones as of April (up from about 7,000 in January).

Key Levels
Resistance Levels: $1.30, $1.20, $1.00
Support Levels: $0.750, $0.685, $0.565

MATIC/USD Daily Chart: Ranging

MATIC/USD Daily Chart

MATIC price is rising, hitting daily highs of $0.891, and at present, it has recorded about 18% in 24 hours. The prior day’s candlestick pattern on the daily chart shows a hammer. Also, the relative strength index (RSI) exhibits increasing bullish momentum as it approaches the 70 levels, indicating a potential for additional price increases in the ensuing sessions.

If the rally persists, MATIC’s price may eventually reach its daily moving average (MA 200) at $1.20 and ultimately the $1.30 range. In the meanwhile, a slide in the MATIC/USD pair can turn to the technical levels that have come before them for support. In particular, pay attention to the levels around $0.75, $0.685, and the MA 50.

MATIC/USD 4-Hour Chart: Bullish

MATIC/USD 4-Hour Chart

After a brief period of rebound, MATIC surpassed its 4-hour MA 50 at $0.850 to reach intraday highs of $0.891. Even though the price is going higher, the positive outlook appears to be weak. As momentum traders entered, the $1.00 and $1.20 levels would be the next stops. The 4-hour RSI is flirting with 65 territories, which boosts the enthusiasm of buyers to increase their stakes.

If MATIC attempts to maintain its gains and a retracement occurs, $0.75 serves as the next support. The second line of defense would be $0.685, which is close to the top band of the prior consolidation range. Overall, it is anticipated that MATIC/USD would strive for further rises in the ensuing sessions. As an alternative, if the market turns out to be overbought, MATIC may consolidate before the next price.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock