MATIC is down by less than 1% despite Polygon’s recent partnership with Nubank. However, the coin could rally higher over the coming hours and days.
MATIC, the native coin of the Polygon network, is down by less than 1% in the last 24 hours. At press time, MATIC is trading at $0.8432 per coin.
The poor performance comes despite Polygon announcing a strategic partnership with Nubank, the leading fintech platform in Latin America.
#Polygon is taking @Nubank from #Web2 ➡️ #Web3!
In a strategic partnership with Polygon, Nubank is launching its own chain using #PolygonSupernets & thus its digital token Nucoin #onPolygon 🤝
This move will open the gateway for 70 mn+ Nubank users to the #Web3 space 🤯 pic.twitter.com/Fu06Vi7IpV
— Polygon | Aggregated (@0xPolygon) October 19, 2022
According to the terms of the deal, Nubank will launch its own chain using Polygon Supernets. Nubank will also launch its digital token Nucoin on the Polygon network.
MATIC’s performance comes as the broader cryptocurrency market is underperforming. The total cryptocurrency market cap stands at $923 billion, down by less than 1% in the last 24 hours.
Bitcoin is up by less than 1% and continues to maintain its price above the $19,000 support level. Ether, the second-largest cryptocurrency by market cap, is also up by less than 1% and is currently trading at $1,300 per coin.
Key levels to watch
The MATIC/USD 4-hour chart is bullish thanks to Polygon adding more than 14% to its value over the past seven days.
MATIC/USD Chart By TradingView
The MACD line is currently in the positive zone, indicating that MATIC is performing excellently at the moment. The 14-day relative strength index of 53 shows that MATIC is not close to the oversold region at press time.
The bulls are gaining control of the market and could push MATIC higher before the end of the day. MATIC could soar past the first major resistance level at $0.9055 over the next few hours.
However, MATIC would need the support of the broader market to rally toward the $0.9402 resistance level for the first time since August.
If the bears take full control of the market, MATIC could slip below the $0.8033 support level before the end of the day.