Originally published on: July 14, 2022
Polygon, also known as MATIC, saw a significant increase in price on July 14, reaching an impressive $0.657 per token after being selected to participate in the Walt Disney Company’s prestigious business development program.
The price of MATIC surged by 22.5%, marking its highest level in a month and surpassing its 50-day exponential moving average, a key resistance level that had previously constrained its upward movement.
The positive momentum in MATIC’s price was part of a broader market trend, with Polygon outperforming other major cryptocurrencies such as Bitcoin and Ethereum.
The catalyst behind MATIC’s impressive performance is its inclusion in Disney’s 2022 Accelerator program, where it will work on developing augmented reality, non-fungible tokens (NFTs), and artificial intelligence solutions. This partnership makes Polygon the first blockchain platform to collaborate with Disney.
Exciting times lay ahead for MATIC as it tests a crucial resistance range between $0.61 and $0.67, with the potential for a breakout in July. A successful breach of this level could propel MATIC towards the $1.11 mark, signifying an 80% increase from its June levels.
However, factors such as higher inflation and potential interest rate hikes by the Federal Reserve could impact MATIC’s price in the near future. Nevertheless, the optimistic sentiment surrounding the project’s partnership with Disney paints a bright picture for Polygon’s future growth.
Stay informed about market trends and investment opportunities by subscribing to our Markets Outlook newsletter for weekly insights and analysis. Don’t miss out on valuable information to refine your trading strategies and make informed decisions.
