- MATIC price has formed a rising wedge pattern on the 4H chart.
- Polygon has inked partnerships with companies like Flipkart and Disney.
Polygon MATIC price dropped to the lowest level since November 30 as cryptocurrencies recoiled. MATIC dropped to a low of $0.8732, which was slightly lower than this week’s high of $0.9495. It is about 17% above the lowest level this month and 28% above the lowest point this year.
Polygon partnerships
MATIC price has been under pressure in the past few weeks despite the strong growth of the ecosystem. In the past few months, some of the biggest companies in the world have chosen Polygon as their blockchain provider.
A few months ago, Robinhood, the fast-growing broker, selected Polygon to support its new crypto wallet. The wallet, which has over 10,000 users in its beta platform, makes it easy for people to buy and sell digital coins. The company selected Polygon because of its speed, low fees, and a robust ecosystem.
Robinhood is not alone. Meta Platforms, the parent company of Facebook, Instagram, and Whatsapp, announced that users will be able to mint and sell Polygon NFTs in Instagram. This was a major announcement since Meta is the biggest social media company in the world. Instagram has over 1 billion users.
The other major partnership was with Flipkart, the biggest e-commerce company in India. The two companies will launch the Blockchain-eCommerce Centre of Excellence. It will be used to build e-commerce solutions using blockchain technology.
MATIC price pulled back after the latest partnership with Warner Media Music. According to the statement, artists signed to the music label will release music NFTs using LGND music, a product that is powered by Polygon. LGND will launch in January and offer music as NFTs.
The other important Polygon news is that the network will start on The Graph’s network. The Graph is the biggest indexing and query layer of Web3. As a result, developers will be able to query large databases using The Graph’s network. Polygon also has a partnership with Walt Disney.
MATIC price forecast
The 4H chart shows that the MATIC price has been in a slow upward trend in the past few weeks. It has rallied from a low of $0.7652 to the current $0.8905. This week, however, the coin has made a strong pullback and moved below the 25-day and 50-day moving averages. The Relative Strength Index (RSI) has moved below the neutral level.
A closer look shows that the Polygon price has formed a rising wedge pattern that is shown in black. Therefore, there is a likelihood that the coin will likely continue falling as sellers target the next key support level at $0.80.
