• Wed. Feb 28th, 2024

Polygon’s MATIC clears resistance on Meta news. Here is the next potential target

It is another good day for Polygon (MATIC/USD). CoinJournal reported that tech giant Meta would use Polygon for its digital collectibles. Meta says that creators can make their own NFTs on Instagram, which they can sell to their fans. The company said it was testing the new digital collectibles features with the US creators but will expand to more countries soon.

The chance to help Meta in its NFT endeavours is significant news for Polygon’s native token, MATIC. The cryptocurrency traded up 18% on Friday, with sharp gains likely to continue. There is more notable news fueling MATIC.

After Meta news, reports emerged that JPMorgan had performed its first DeFi trade on the Polygon. The trade was in conjunction with Project Guardian, a pilot blockchain program by the Monetary Authority of Singapore. JPMorgan had selected Polygon instead of Ethereum because of its low transaction cost.

The latest developments are positive for the Ethereum Layer-2 scaling solution. The network has lately witnessed increased activity. As you already know, the Reddit platform has eyes on Polygon for its NFT plans. Recently, BitPay announced support for Polygon and MATIC. These developments have buoyed MATIC, which has remained bullish as other cryptocurrencies whipsawed.

MATIC outlook as price clears a resistance to a 6-month high

MATIC trades at a 6-month high of $1.154. The price has been reached after a key breakout at $0.96, which we use as a key pointer for further gains. 

Source – TradingView

Technically, MATIC has a bullish bias after a break above the $0.96 resistance. Besides, a recent 20-day MA crossover of the 50-day MA underlines a bullish momentum. The next resistance for the cryptocurrency lies at $1.347.

Should you buy MATIC?

MATIC is attractive, given the strong bullish momentum. The fundamentals around the cryptocurrency also support buying it, with higher prices possible.

The current MATIC price could pose minor resistance and force some correction. That could be followed by sharp upticks up to the $1.347 target. Investors should consider potential retracements as opportunities to buy.

Where to buy MATIC

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.


Buy MATIC with eToro today

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users.

It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets.

On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.


Buy MATIC with Capital.com today

The post Polygon’s MATIC clears resistance on Meta news. Here is the next potential target appeared first on CoinJournal.