Polygon’s MATIC jumps 3% on Mastercard partnership. Is it now bullish?

2023-1-8 11:36

Polygon’s MATIC rose more than 3% after its partnership with Mastercard for Web3

The network had a range of Web3 partnerships in 2022

MATIC still lacks sufficient upside and is vulnerable at $0.77

Polygon (MATIC/USD), a Layer-2 scaling solution on Ethereum, is showing little signs of stopping in 2023. After the busy year 2022, the network has again inked a partnership with payments giant Mastercard. In the latest cryptocurrency news, Polygon will help Mastercard launch a Web3-focused incubator for artists. Polygon’s native token reacted to the positive development, adding an intraday of 3%.

According to the announcement, Mastercard’s accelerator program will launch in Spring 2023. It is expected to equip emerging artists – musicians, producers, and DJs with the skills and tools in a digital economy. Artists can build their brands through Web3 and virtual worlds through the program. 

The partnership earmarks Polygon as a go-to protocol for major brands, governments, and NGOs entering Web3. Polygon Studios CEO Ryan Wyatt says Web3 has the potential to help artists expand their fan base. This is through new mediums of connection and expression that will be possible through the Matercard accelerator program. Other brands courting Polygon for Web3 include Starbucks, Nike, Meta, and the social platform Reddit. The partnerships helped MATIC remain relatively stable compared to peers as the crypto winter ravaged 2022.

MATIC struggles above the $0.77 support

MATIC/USD Chart by TradingView

A technical outlook shows MATIC struggling to recover at the $0.77 support. The cryptocurrency has been consolidating at this support for three weeks. Although the MACD indicator shows momentum has improved, it is still bearish. 

What is likely next for MATIC?

The price of MATIC is vulnerable as long as bulls remain weak at the $0.77 support. Although buyers have defended the support successfully for a while, the limited upside is a reason to exercise caution.

A potential break below $0.77 could heighten bear pressure. In the meantime, consolidation is more likely unless buyers get excited by the latest development and push MATIC higher. 

Where to buy MATIC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy MATIC with eToro today Disclaimer

Bitpanda

Bitpanda is a digital assets brokerage company. It has grown to become one of the most popular crypto exchanges in the world, as it offers a user-friendly interface, it has developed a bunch of great features and it offers a variety of coins to invest in. Bitpanda has also built a reputation for security, and it has never experienced a hack of its data before.

Buy MATIC with Bitpanda today

The post Polygon’s MATIC jumps 3% on Mastercard partnership. Is it now bullish? appeared first on CoinJournal.

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Matic Network (MATIC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.5485
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Цена в час новости $ 0.8031 (-100%)

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