It is another good day for Polygon (MATIC/USD). CoinJournal reported that tech giant Meta would use Polygon for its digital collectibles. Meta says that creators can make their own NFTs on Instagram, which they can sell to their fans. The company said it was testing the new digital collectibles features with the US creators but will expand to more countries soon.
The chance to help Meta in its NFT endeavours is significant news for Polygon’s native token, MATIC. The cryptocurrency traded up 18% on Friday, with sharp gains likely to continue. There is more notable news fueling MATIC.
After Meta news, reports emerged that JPMorgan had performed its first DeFi trade on the Polygon. The trade was in conjunction with Project Guardian, a pilot blockchain program by the Monetary Authority of Singapore. JPMorgan had selected Polygon instead of Ethereum because of its low transaction cost.
The latest developments are positive for the Ethereum Layer-2 scaling solution. The network has lately witnessed increased activity. As you already know, the Reddit platform has eyes on Polygon for its NFT plans. Recently, BitPay announced support for Polygon and MATIC. These developments have buoyed MATIC, which has remained bullish as other cryptocurrencies whipsawed.
MATIC outlook as price clears a resistance to a 6-month high
MATIC trades at a 6-month high of $1.154. The price has been reached after a key breakout at $0.96, which we use as a key pointer for further gains.
Source – TradingView
Technically, MATIC has a bullish bias after a break above the $0.96 resistance. Besides, a recent 20-day MA crossover of the 50-day MA underlines a bullish momentum. The next resistance for the cryptocurrency lies at $1.347.
Should you buy MATIC?
MATIC is attractive, given the strong bullish momentum. The fundamentals around the cryptocurrency also support buying it, with higher prices possible.
The current MATIC price could pose minor resistance and force some correction. That could be followed by sharp upticks up to the $1.347 target. Investors should consider potential retracements as opportunities to buy.
Where to buy MATIC
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.
It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.
eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Buy MATIC with eToro today
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
Buy MATIC with Binance today
