MATIC price has seen a rebound in the buying pressure over the past 24 hours that has caused it to rise. This development comes after Coca-Cola announced the launch of its Polygon-based NFTs on July 3. After the announcement, the altcoin price gained 5% in a short time.
Polygon NFT scene will take off soon
Coca-Cola has announced that it will launch a Polygon NFT collection in collaboration with Rich Mnisi, an artist and advocate for the LGBTQIA+ community. Based on the website, these collections are made to celebrate the community. Accordingly, each piece “aims to shine a colorful light and spread a message of Love to members of the community.”
The announcement also reveals that all proceeds from the initial sale and resale of NFTs in Coca-Cola’s Pride collection will be donated to charities serving the LGBTQIA+ community. Another important update for the Polygon community is that Meta announced the launch of NFTs on Ethereum and Polygon. The company’s Product Manager, Navdeep Singh, shared the initial announcement on Twitter.
Altcoin founders share Polygon’s Web3 roadmap
Another major development is Polygon’s latest announcement of where the co-founders are taking the project. As we quoted as Kriptokoin.com, Polygon partner Micalip Bjelic said on Twitter today:
Mass adoption of Web3 will happen on mobile and 0xPolygon is preparing for that. Our strategy is not to make our own devices. Instead, we will integrate with existing manufacturers. Currently, we are proud to announce the first major integration.
Meanwhile, Polygon co-founder Sandeep Nailwal added that the company is “working on a different strategy by collaborating with existing Mobil heavyweights globally.”
MATIC price ready to explode
MATIC price retraces two resistance levels. Thus, it turned these levels into the $0.38 and $0.47 support levels. This development comes as MATIC is currently trading above the 8-day EMA at $0.48. In particular, the recovery rally that started on June 18 triggered significant price movements. MATIC price is likely to witness more gains provided it surpasses the 34-days EMA at $0.540.
This move paves the way for Polygon market makers to play at $0.57. Thus, market makers will collect the buy-stop liquidity. A reversal of the $0.57 resistance will put MATIC buyers against the key $0.68 resistance barrier. In some cases, there is a chance that the MATIC price may go beyond the above-mentioned level. MATIC could target price at $0.70. The upside here is likely capped for Polygon in the short term.
As the market searches for MATIC price, the assumption that the recovery rally will continue is dependent on the bulls breaking through multiple hurdles. Being rejected at any of these hurdles can bring Polygon down even more. Finally, according to analyst Akash Girimath, if MATIC price produces a four-hour candlestick below $0.38, it will invalidate the optimistic view and trigger more losses at the $0.23 support barrier.
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