•Polygon’s native token MATIC is currently trading below $1 per coin.
•Polygon has recently announced several partnerships with companies like AntiMetal and Horizon.
•MATIC could rally past the $1 mark soon if the fundamentals of the broader cryptocurrency market improve.
Polygon’s native token MATIC is currently trading below $1 per coin, despite Polygon announcing a series of interesting partnerships this week. To determine whether or not MATIC will recover above the $1 mark, we need to consider both the fundamentals of the broader cryptocurrency market and recent developments in Polygon’s ecosystem.
Recent Developments In Polygon’s Ecosystem
This week, AntiMetal launched its AI-powered cloud cost optimization platform on Polygon. In addition, Horizon integrated Sequence’s wallet and developer stack on Polygon providing enterprises and app developers the ability to customize and extend blockspace. Furthermore, Sandeep Nailwal, the CEO of Polygon, also launched a web3 fellowship program.
The Broader Cryptocurrency Market
At press time, Bitcoin continues to trade below $27k and could likely drop lower if the bulls fail to defend the $26,400 support level. Therefore, any potential rally for MATIC could be largely dependent on how Bitcoin performs in coming weeks.
Technical Indicators For MATIC
The technical indicators on the 4-hour chart show that MATIC is outperforming the broader cryptocurrency market as MACD line remains above neutral zone indicating that bulls still control market. The 14-day relative strength index (RSI) also suggests that there is more room for growth in price as it stands at 62 points which indicate that it is still far away from reaching overbought territory.
MATIC could be eyeing higher highs but it all depends on how Bitcoin performs in coming weeks; any positive news regarding BTC could give a further boost to other altcoins including MATIC itself leading it to surpassing its previous all-time high of around $1 per coin .