According to experts, the cryptocurrency market this week was relatively stable and low volatile. However, on July 14, 2022, the Polygon (MATIC) token, a scaling solution and a platform for building decentralized applications (dApps), suddenly increased in price by more than 10% in a day. Analysts explained the reasons.
They noted that market capitalisation showed the most successful result among all the top 50 cryptocurrencies. According to market experts, the primary catalyst for the rally was the announcement that Polygon is the only blockchain project selected to participate in Disney Accelerator 2022. This business development program is designed to accelerate innovative technology companies’ growth worldwide.
After this news, the value of the virtual asset began to increase. The experts noted that on the 4-hour timeframe in the MATIC/USD pair, the chart turned bullish. The MACD line was above the neutral zone, indicating positive momentum, while the 14-day RSI of 61 indicated that MATIC is not in the oversold zone and may rise to the overbought zone in the coming hours or days.
As of 14:20 Moscow time, the virtual asset was trading at $0.6224, up 11.44% from the same period 24 hours ago. The total capitalization of the project amounted to $5.01 billion, and daily trading volumes reached $1.31 billion.
According to experts, if the rally continues, then the MATIC rate can overcome the first fundamental resistance level at $0.70 before the end of the current day.
The Crypto.ru editors reported that the Polygon (MATIC) rate increased by 23% per day from June 22 to June 23, 2022. Moreover, at that time, the asset’s value rose from $0.3232 to $0.5158, which amounted to 59% in just four days.