Will MATIC rally higher after Nike announces plan to build its web3 experience on Polygon?

MATIC is up by more than 1% in the last 24 hours as the broader cryptocurrency market continues to recover from last week’s slump.

MATIC, the native coin of the Polygon network, is up by more than 1% in the last 24 hours. The performance comes as the broader crypto market slowly recovers from its poor outing last week.

The positive performance can be attributed to Nike revealing that it would be entering the Polygon ecosystem.

Grab your kicks 👟
+ BRING 👏🏽 YOUR 👏🏽 A 👏🏽 GAME 👏🏽@Nike is building their web3 experiences exclusively #onPolygon 💪🏾

This is the first step of the journey, and we can't wait to see how Nike engages its community through #web3https://t.co/bk19RLNodX

— Polygon – MATIC 💜 (@0xPolygon) November 14, 2022

The Polygon team revealed that Nike, one of the leading sports apparel manufacturers in the world, will build its web3 experience on Polygon. 

The performance also comes as the broader cryptocurrency market continues to maintain its positive start to the week. 

The total cryptocurrency market cap stands around $845 billion, up by less than 1% in the last 24 hours. Bitcoin is closing in on the $1,700 resistance level after adding 1% to its value today.

Ether, the second-largest cryptocurrency by market cap, is also up by less than 1% today and is now trading at $1,259 per coin.

Key levels to watch

The MATIC/USD 4-hour chart remains bearish despite MATIC adding more than 1% to its value today. The technical indicators show that MATIC is recovering from last week’s poor performance.

The MACD line is currently below the neutral zone, indicating that the bears still control a large chunk of the market.

The 14-day relative strength index of 47 shows that MATIC is no longer in the oversold region. At press time, MATIC is trading at $0.938 per coin. If the positive trend is maintained, MATIC could trade at around $0.9893 before the end of the day.

MATIC could surge past the second major resistance level at $1.0641 in the near term if it gets support from the broader cryptocurrency market. 

Where to buy Polygon now