Polygon's Native Coin MATIC Trades Below $1 Despite Announcing Multiple Partnerships - Will it Break the $1 Mark Soon?
Polygon's (MATIC) native coin has been trading below the $1 mark for a while now and the coin has only increased by 3% in the last seven days despite Polygon announcing several partnerships.
MATIC, currently trading at $0.8748 at press time, has lost less than 1% of its value in the past 24 hours. Polygon announced partnerships with AntiMetal, who introduced their cloud-cost optimization platform on Polygon, and Horizon, who integrated Sequence's wallet and developer stack to offer businesses and app developers the opportunity to customize and expand their block space.
Polygon CEO Sandeep Nailwal also launched a Web3 scholarship program. Even with these strategic partnerships and Web3 initiatives, MATIC has been unable to break the $1 mark.
The fundamental data of the wider cryptocurrency market may be playing a big role in this. Bitcoin continues to trade below $27,000 and may fall even lower if the bulls fail to defend the $26,400 support level. If the fundamentals of the broader cryptocurrency market improve, MATIC could break the $1 mark soon.
On the 4-hour chart, the technical indicators show that MATIC is outperforming the broader cryptocurrency market. The MACD line remains above the neutral zone, indicating that the bulls are still in control. The 14-day Relative Strength Index of 52 suggests that MATIC may enter the oversold range if the market sentiment persists.
For those looking to buy MATIC, eToro and Bitstamp are both reputable platforms to consider. eToro is a global brokerage company for social investing that offers investments in over 75 cryptocurrencies. Bitstamp, on the other hand, is a leading cryptocurrency exchange that allows trading in fiat currencies or popular cryptocurrencies.
In conclusion, while MATIC may have been unable to break the $1 mark, Polygon's strategic partnerships and Web3 initiatives show promise for the future of the platform. Whether or not MATIC breaks the $1 mark depends on the fundamental data of the broader cryptocurrency market.
