MATIC to Gain Support From Polygon’s Expansion Into NFTs
On Friday, Polygon (MATIC) seems to have steadied itself after experiencing a dip, making its way towards the $1.05 mark. At the time of writing, MATIC/USD is trading around $1.04.
The Level-2 Ethereum scaling solution had a mild week in terms of trading activity, registering less than 0.5% gains over the past week. However, there are several promising reasons that could drive MATIC towards bullish moves in the near term, as long as the sentiment in the overall crypto market remains upbeat.
One of the biggest factors to look forward to is Polygon’s serious push into the exciting NFT space. After its recent IDO, the company is planning to use around $100 million from its treasury fund to partner with NFT platform Meme.com towards generating higher revenues from this rapidly expanding space.
The company recently set up its arm Polygon Studios which will focus on NFTs and GameFi, and the metaverse hub recently completed its integration with Lazy.com – billionaire investor Mark Cuban’s NFT platform. Following this development, users can connect their Polygon wallets to the digital art gallery and can use their MATIC tokens to purchase NFTs from the platform.
Polygon’s CEO, Sandeep Nailwal, offers an optimistic outlook about his project’s future prospects, especially since it promises levels of scalability a single blockchain network such as Ethereum cannot offer. In a recent interview with Yahoo Finance, he noted, “The biggest thing is, as a protocol, we have very high level of defensibility, meaning that all our competitors are building some kinds of specific types of technology to scale Ethereum.”
Key Levels to Watch
Taking a look at the H4 chart of MATIC/USD, we can see the moving averages as well as leading technical indicators MACD and momentum suggesting a strong bullish bias. Polygon’s price is holding steady above the pivot point which sits at the $1.03 mark.
The next key level of interest is that of the first resistance, which buyers will encounter at $1.14. A break above this can take Polygon’s price above the important $1.20 mark, to test the next resistance at $1.24.
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