MATIC is up by only 3% over the past seven days despite Polygon announcing a series of interesting partnerships.
Antimetal launched its AI-powered cloud cost optimization platform on Polygon.
MATIC could be eyeing the $1 mark, but the fundamentals of the broader crypto market could play a huge role.
MATIC continues to trade below $1
MATIC, the native coin of the Polygon ecosystem, is trading below the $1 mark. The coin has less than 1% of its value over the past 24 hours. At press time, the price of Polygon stands at $0.8748 per coin.
The performance comes despite Polygon announcing several key partnerships this week.
Earlier this week, AntiMetal launched its AI-powered cloud cost optimization platform on the Polygon blockchain.
The partnership was followed by Horizon integrating Sequence’s wallet and developer stack on Polygon providing enterprises and app developers the ability to customize and extend blockspace.
Building for the future of #Web3 🏗@0xHorizon will integrate @0xsequence’s wallet & developer stack #onPolygon providing enterprises & app devs the ability to customize & extend blockspace.
This strategic alliance will unlock improved scalability & security for web3 apps💻 pic.twitter.com/PWo5Mmz89N
— Polygon (Labs) (@0xPolygonLabs) May 17, 2023
In the same vein, Sandeep Nailwal, the CEO of Polygon, also launched a web3 fellowship program.
Will MATIC move past the $1 soon?
MATIC has been underperforming over the past few days due to the fundamentals of the broader cryptocurrency market.
The coin could rally past the $1 mark soon if the fundamentals of the broader cryptocurrency market improve. Bitcoin continues to trade below $27k and could likely drop lower if the bulls fail to defend the $26,400 support level.
The technical indicators on the 4-hour chart show that MATIC is outperforming the broader cryptocurrency market. The MACD line remains above the neutral zone, indicating that the bulls still continue to control the market.
The 14-day relative strength index of 52 shows that MATIC could be entering the oversold region if the market sentiment persists.
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