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Polygon’s MATIC lost 2.49% on Wednesday
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Polygon partnered with LGND and Warner Music
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MATIC could correct back to the $0.77 support
Polygon’s (MATIC/USD) fell by 2.49% on Wednesday as the cryptocurrency continued to face resistance at $0.96. As of press time, MATIC was trading at $0.88 and on a slight slide from the resistance level. Should the bears continue to exert pressure on MATIC price, it could fall back to the $0.77 support. But key fundamental developments continue to pop up for MATIC.
Interactive platform builder and ecommerce LGND announced a multiyear partnership with Polygon and Warner Music Group. According to the announcement, Polygon will enable LGND to build a Web3 platform dubbed LGND Music. The platform will launch in January 2023 and support digital collectibles from other blockchains via a proprietary layer. Through the partnership, Warner Music artists will launch digital collectibles on the app and desktop platforms.
The announced partnership is a validation of the growing role of Polygon in Web3. The Layer 2 blockchain offers low fees and faster transactions, making it a top choice for firms entering Web3. Consequently, its native token has been relatively stable compared to most cryptocurrencies in a sustained bear market.
MATIC price outlook and analysis
MATIC/USD Chart by TradingView
The technical indicators show MATIC is slightly bearish. The RSI is slightly below the midpoint. The MACD indicator is neutral, although the momentum has weakened slightly. MATIC price dynamics show the token is correcting slightly.
When is MATIC likely to become bullish?
The trading is mixed for MATIC. A bullish view can be confirmed if the token closes above $0.96. Similarly, a bear market can be confirmed if the price closes below $0.77. At the moment, MATIC may continue to consolidate between support and resistance.