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Polygon’s MATIC increased by more than 3% after partnering with Mastercard for Web3
The network had various Web3 partnerships in 2022
MATIC still does not have enough upside and is vulnerable at $0.77.
Ethereum’s Layer 2 scaling solution, Polygon (MATIC/USD), shows little sign of stopping in 2023. After a busy 2022, the network has once again signed a partnership with payments giant Mastercard.in the latest cryptocurrency newsPolygon helps Mastercard launch a Web3-focused incubator for artists. Polygon’s native token reacted to the positive development, rising 3% during the day.
According to the announcement, Mastercard’s accelerator program will launch in spring 2023. The program is expected to provide emerging artists such as musicians, producers and DJs with the skills and tools in the digital economy. Through the program the artist can build his brand through Web3 and virtual worlds.
This partnership will designate Polygon as the go-to protocol for major brands, governments and NGOs to enter Web3. Polygon Studios CEO Ryan Wyatt says Web3 has the potential to help artists grow their fan base. This is due to a new medium of connection and expression made possible through the Matercard Accelerator program. Other brands adopting Polygon for Web3 include Starbucks, Nike, Meta, and his Reddit social his platform. This partnership has allowed MATIC to remain relatively stable compared to its peers as the 2022 crypto winter has been devastating.
MATIC/USD chart by TradingView
The technical outlook shows that MATIC is struggling to recover from the $0.77 support. Cryptocurrencies have been integrated in this support for three weeks. The MACD indicator shows improved momentum, but remains bearish.
of matic price As long as the bulls remain weak at the $0.77 support, they are vulnerable. Buyers have successfully defended the support for some time, but caution should be exercised as the upside is limited.
A break below $0.77 is likely to increase bearish pressure. In the meantime, unless the buyer gets excited about the latest developments and he pushes MATIC, the chances of consolidation are high.
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