MATIC PRICE Analysis: How Will MATIC React to Launch of Apparel Giant Nike’s SWOOSH Web3 Studio on Polygon?

• A new generation of digital creators can now be added to the SWOOSH platform
• Nike’s premier Web3 project, SWOOSH, launches on January 25
• At the time of writing, Polygon (MATIC) is down 5.09% in the last 24 hours at $0.953

After numerous testing months, a new generation of digital creators can now be added to the SWOOSH platform. Its inaugural collection is inspired by Nike’s legendary Air Force 1 sneaker collection. Nike’s premier Web3 project, SWOOSH, launches on January 25, based on a remark made by Nike’s senior product manager, Jasmine Gao. This Wednesday, January 25, 2023, SWOOSH, a community-driven platform for Web3 digital art, launches. Since the middle of November 2022, the platform has been in development and beta testing. Its supporters agreed that the first works of digital art to be made available would be sneakers with AF1 design elements. Polygon Cofounder, Sandeep Nailwal tweeted about the launch: “This is gonna explode and bring millions of users to Web3.” Polygon announced partnerships with leading luxury brands Dolce & Gabbana and Bulgari in Q1 2022. At the time of writing, Polygon (MATIC) is down 5.09% in the last 24 hours and trading at $0.953.

Key Levels
Resistance Levels: $1.300, $1.150, $1.000
Support Levels: $0.900, $0.800, $0.700

MATIC/USD Daily Chart: Ranging

MATIC/USD Daily Chart

The MATIC/USD moved higher from the session low of $0.932 reaching a high of $0.972 as the pair seeks to break out from the $1.00 psychological zone. The $0.950 support level might hold back the sellers in the event the price returns lower. While the price seeks entry into the bullish zone, the RSI is moving south in the positive range.

The next horizontal level at $0.90 is the closest support that might arrest even deeper drops if the upward momentum is broken and prices shift lower. If it is broken, the focus may shift to the downside, and prices may decline toward the direction of the rising trendline support near the $0.800 level.

MATIC/USD 4-Hour Chart: Ranging

MATIC/USD 4-Hour Chart

MATIC/USD fell to $0.932 before returning past the $0.950 level. This week’s initial bias is still neutral. A breach of $0.900 support, on the other hand, would shift intraday bias downward and cause a retest of the $0.750 low region. In contrast, a break above $1.00 may aim for the resistance level between the $1.150 to $1.300 levels.

Consolidation around the $1.00, on the other hand, might restart the upward movement from a lower zone of $0.900 level. If the pair encounters more sellers beneath the moving average (MA 50) on the 4-hour chart, MATIC’s price might continue to decline under the $0.850 level.

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