Polygon’s native coin, MATIC, has been underperforming in the crypto market despite the announcement of several key partnerships. MATIC is currently trading below the $1 mark at $0.8748 per coin. However, the recent partnerships with AntiMetal and Horizon integrating Sequence’s wallet and developer stack on Polygon could potentially send MATIC’s price surging past $1.
Despite the potential for a rally, the broader cryptocurrency market’s fundamentals could still play a significant role in MATIC’s recovery. As Bitcoin continues to trade below $27k, it could continue to impact MATIC’s price. If the market sentiment persists, MATIC could be entering the oversold region since the 14-day relative strength index shows that it is at 52.
While the technical indicators on the 4-hour chart show that MATIC is outperforming the broader cryptocurrency market, it still has to contend with the current market conditions. However, the recent partnerships and Sandeep Nailwal’s announcement of a web3 fellowship program could stimulate more investor interest, leading to a potential rally for MATIC.
In conclusion, while the recent partnerships and announcements may suggest potential bullish movements for MATIC, the broader market’s fundamentals may still impact its price recovery. Regardless, investors are likely keeping a close eye on MATIC’s performance, particularly those interested in investing in Polygon’s ecosystem.