MATIC price is trading in the green zone, unlike Bitcoin and other major altcoins, especially those in the top 20. The Ethereum Layer 2 solution protocol, Ethereum, has seen a 3.5% increase in the past 24 hours, reaching $0.5614 with a trading volume of $205 million and a market value of $5.2 billion.
The Future of MATIC Coin
The crypto market is generally concerning due to experts like Rekt Capital predicting that BTC price will drop to around $15,500 before the next bull market. Despite this weak market structure, Polygon’s live price seems to provide an advantage against sellers.
After the recent losses that approached $0.9 following the July surge, a support level of $0.53 has emerged, which has contributed to the reversal of the ongoing trend. While most crypto pairs are stagnant, traders seem willing to give Polygon a chance in response to the announcement of a new partnership.
The bullish outlook can also be attributed to the recent buying signal confirmed by the Moving Average Convergence Divergence (MACD) indicator. As long as the blue MACD line remains above the red signal line, the path of least resistance will be upwards. Investors familiar with the stochastic oscillator may be aware of the potential reversal of bullish momentum after last week’s oversold conditions.
As the strength index climbs into neutral territory, a recovery based on the 61.8% Fibonacci retracement, potentially reaching at least $0.75, becomes more apparent, considering the oversold region above 80.
For short-term traders and investors, the turnaround process may begin just above the 50-day Exponential Moving Average (EMA) (red) and slightly above the 23.6% Fibonacci level. Other traders may want to hold on tightly to climb towards the 50% Fibo, marginally above the 100-day EMA (blue), while those persistently bullish may aim for the $0.75 target.
MATIC Price and New Partnership
The increase in MATIC price is based on the latest partnership with Casio, an electronics manufacturer, and the release of the iconic G-Shock watch NFTs creator pass. According to the press release, these creative passes will grant access to a special Discord channel for innovative individuals.
The company will showcase 15,000 NFT-based creative passes, ready to be claimed starting from September 23. The distribution process is divided into two stages, with the pre-distribution phase taking place from September 23 to 26, and the general phase from September 26 to 29.
Casio stated that the purpose of the creative pass for the community is to encourage participation and their decision to choose Polygon as a Layer 2 protocol. Although this partnership may not directly impact the MATIC price, it could serve as an assurance that the ecosystem is growing.
