MATIC fails to rally despite Bitpay adding support for Polygon
MATIC is up by more than 1% today and could rally higher after Bitpay added support for Polygon and its native token.
MATIC, the native coin of the Polygon network, is up by more than 1% in the last 24 hours. The coin is underperforming the broader crypto market, which has added more than 3% to its value today.
The total cryptocurrency market cap is now above $1 trillion for the first time in nearly two months. Bitcoin is closing in on the $21k resistance level after surging by more than 1% today.
Ether, the second-largest cryptocurrency by market cap, is up by less than 1% and is trading above $1,500 per coin.
MATIC is underperforming compared to the broader crypto market despite Polygon announcing that it is now supported by Bitpay.
🪙@BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, has announced support for #Polygon and $MATIC. Beginning this week, you can1️⃣Buy2️⃣Store3️⃣Swap4️⃣Spend$MATIC within the BitPay app. pic.twitter.com/NCCYlXQG9n
— Polygon – MATIC 💜 (@0xPolygon) October 26, 2022
Bitpay is one of the leading providers of Bitcoin and cryptocurrency payment services in the world. It has added support for Polygon and MATIC, allowing its users to buy, store, swap, and spend MATIC and several other supported ERC-20 tokens on Polygon.
Key levels to watch
The MATIC/USD 4-hour chart is bullish as Polygon has added more than 11% to its value since the start of the week. The technical indicators show that MATIC’s performance could improve in the near term.
The MACD line crossed into the positive zone earlier this week and has remained there, indicating that the bulls are currently in charge of the MATIC market.
The 14-day RSI of 64 also shows that MATIC could enter the overbought region if the current market momentum is sustained.
At press time, MATIC is trading at $0.934 per coin. If the positive momentum is maintained, MATIC could surge past the first major resistance level at $1.004 per coin. That would be the first time MATIC is trading above $1 since August.
However, it would need the support of the broader market to surge past the $1.057 resistance level in the near term.
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