Another good day for Polygon (MATIC/USD).coin journal report Its tech giant Meta uses Polygon for its digital collections. Meta says creators can create their own NFTs of her on his Instagram and sell them to fans. The company said it’s testing the new digital collectibles feature with creators in the US, but plans to expand to more countries soon.
The chance to support Meta’s NFT efforts is significant news for MATIC, Polygon’s native token. The cryptocurrency surged 18% on Friday, and the sharp rally could continue. We have some notable news to boost MATIC.
After the meta news, reports emerged that JP Morgan has made its first DeFi deal on Polygon. The deal was made in partnership with Project Guardian, a pilot blockchain program by the Monetary Authority of Singapore. JP Morgan chose Polygon over Ethereum due to its lower transaction costs.
The latest development is positive for the Ethereum Layer 2 scaling solution. The network has recently witnessed an increase in activity. As you know, the Reddit platform is eyeing Polygon for his NFT plans. BitPay recently announced support for Polygon and MATIC. These developments help MATIC remain bullish as other cryptocurrencies plummet.
MATIC outlook as price clears resistance to 6-month high
MATIC is trading at $1.154, a six-month high. The price was reached after a major breakout at $0.96. Use this as a key pointer for further profit.
Source – TradingView
Technically, MATIC has a bullish bias after breaking out of the $0.96 resistance. Additionally, the recent crossover of the 20-day and 50-day moving averages underscores the bullish momentum. The next resistance for the cryptocurrency is $1.347.
Should I buy MATIC?
MATIC is attractive given the strong bullish momentum.We also support cryptocurrency fundamentals buy it, A higher price is possible.
The current MATIC price offers little resistance and may be forced to correct. After that, a sharp rally to his target of $1.347 is likely. Investors should view potential retracements as buying opportunities.
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