MATIC could rally higher as Nike enters the Polygon ecosystem
MATIC is up by more than 1% in the last 24 hours as the broader cryptocurrency market continues to recover from last week’s slump.
MATIC, the native coin of the Polygon network, is up by more than 1% in the last 24 hours. The performance comes as the broader crypto market slowly recovers from its poor outing last week.
The positive performance can be attributed to Nike revealing that it would be entering the Polygon ecosystem.
Grab your kicks 👟
+ BRING 👏🏽 YOUR 👏🏽 A 👏🏽 GAME 👏🏽@Nike is building their web3 experiences exclusively #onPolygon 💪🏾This is the first step of the journey, and we can’t wait to see how Nike engages its community through #web3https://t.co/bk19RLNodX
— Polygon – MATIC 💜 (@0xPolygon) November 14, 2022
The Polygon team revealed that Nike, one of the leading sports apparel manufacturers in the world, will build its web3 experience on Polygon.
The performance also comes as the broader cryptocurrency market continues to maintain its positive start to the week.
The total cryptocurrency market cap stands around $845 billion, up by less than 1% in the last 24 hours. Bitcoin is closing in on the $1,700 resistance level after adding 1% to its value today.
Ether, the second-largest cryptocurrency by market cap, is also up by less than 1% today and is now trading at $1,259 per coin.
Key levels to watch
The MATIC/USD 4-hour chart remains bearish despite MATIC adding more than 1% to its value today. The technical indicators show that MATIC is recovering from last week’s poor performance.
MATIC/USD Chart By TradingView
The MACD line is currently below the neutral zone, indicating that the bears still control a large chunk of the market.
The 14-day relative strength index of 47 shows that MATIC is no longer in the oversold region. At press time, MATIC is trading at $0.938 per coin. If the positive trend is maintained, MATIC could trade at around $0.9893 before the end of the day.
MATIC could surge past the second major resistance level at $1.0641 in the near term if it gets support from the broader cryptocurrency market.
Where to buy Polygon now
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
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.
