Polygon Climbs 20% On Disney Glee – Can MATIC Sustain Gains This Month?
July 14 2022 - 10:14AM
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MATIC, the native token of Polygon, is the highest performing
cryptocurrency in CoinMarketCap’s top 50 list by market
capitalization over the past 24 hours, with gains of about 20%.
MATIC reached its highest level since early June, in the mid-$6.0
range, a day after Polygon was selected for Walt Disney’s benchmark
business growth program. According to a Disney release, Polygon is
one of the six organizations that will participate in the company’s
2022 Accelerator Program, a business and development initiative
created to promote the expansion of creative businesses globally.
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Bankrupt Polygon (MATIC) Rises 20% In Last 7 Days As of this
writing, MATIC is trading at $0.656, up 20.3% in the last seven
days, data by Coingecko show, Thursday, its highest level in a
month. In doing so, the token also surpassed its 50-day exponential
moving average (EMA), the sloping red resistance mark that had
constrained MATIC’s gains since January of this year. This week
marks the launch of the Disney Accelerator program, which aims to
explore new technologies inside augmented reality (AR),
non-fungible tokens, and artificial intelligence (AI). Image: The
Daily Hodl The recent rebound in MATIC is also significant from a
technical perspective and may portend a near-term turnaround in the
cryptocurrency’s fate. According to pundits, the new surge in the
token’s price paves the way for additional gains towards $7.50.
MATIC Faring Better Than BTC & ETH Polygon was once known as
Matic Network. MATIC is an Ethereum token that enables the Polygon
Network, an Ethereum scaling solution. Using Layer 2 sidechains,
which are blockchains that operate parallel to the Ethereum main
chain, Polygon intends to make Ethereum transactions faster and
more affordable. MATIC’s upward movement was synchronized with
intraday recovery moves observed elsewhere in the cryptocurrency
market. Polygon performed better than the majority of its
heavyweight competitors, including Bitcoin (BTC) and Ether (ETH).
Walt Disney may be the driving force behind MATIC’s improved
performance. MATIC total market cap at $5 billion on the daily
chart | Source: TradingView.com Suggested Reading | Loopring
Wobbles In Last 2 Months – Can LRC Stay In The Loop? A snapshot of
the cryptocurrency market reveals that the two largest
cryptocurrencies by market capitalization, BTC and ETH, have both
witnessed price declines during the past 24 hours. The price of
Bitcoin was down by 3.71 percent, while the price of Ethereum
fell by more than 6 percent, data by CoinMarketCap show. Meanwhile,
Wednesday saw 9,845 mentions of Polygon out of 1,792,394 social
media posts on Twitter and Reddit. Approximately 8,675 distinct
persons are discussing Polygon, and it is ranked #30 in terms of
the number of mentions and activity within collected posts.
Featured image from Crypto Economy, chart from TradingView.com
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