Polygon has onboarded Indian retailer Flipkart for Web3 expansion
The native token has hit a resistance
A breakout is on the horizon if buyers continue to push the price higher
Polygon (MATIC/USD) bulls have successfully defended $0.77 against the bear insurgence. The token initiated a recovery at the crucial support zone and traded at $0.91 as of press time. MATIC must overcome a minor resistance of $0.96 to see further gains.
Once again, MATIC price is showing resilience amid growing adoption. On December 2, India’s leading e-commerce entity Flipkart announced a collaboration with Polygon. The collaboration will see Polygon help deploy a blockchain-based e-commerce platform for the retailer. The firms will also collaborate on research on other use cases of blockchain, Web3, and the metaverse.
Despite MATIC falling by 2% on the day after hitting resistance, the partnership is a validation of the Layer-2 solution. Already, Polygon is attracting interest from firms seeking entry into Web3, notably Reddit and Starbucks. Should the latest development attract buyers, MATIC could find levels above $1 next.
MATIC hits resistance in a bullish surge
MATIC/USD Chart by TradingView
Technically, MATIC trades slightly below a crucial resistance. A price recovery above the $0.77 support saw the RSI move above the midpoint. It suggests the entry of buyers at the crucial support zone.
Similarly, the MACD indicator shows that momentum is improving for MATIC. A bullish MACD crossover was initiated, although the indicator remains below the neutral zone.
Should you buy MATIC?
Buying MATIC now is premature as the cryptocurrency trades below a resistance level. We need a break above $0.96 to buy the token. Should a breakout occur at the resistance, MATIC could rise to $1.3. The level around $1.05 could offer some minor resistance for the cryptocurrency.
Conversely, if bears win the contest at the resistance, the support at $0.77 will be in sight. The level could also attract buyers based on the prevailing sentiment and price action. Investors should watch either price movement for a chance to buy MATIC.
Where to buy MATIC
eToro
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Buy MATIC with eToro today
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
Buy MATIC with Bitstamp today
The post Polygon’s MATIC becomes bullish. When to buy the token? appeared first on CoinJournal.
