MATIC Price Analysis: MATIC Continues Its Push Against Key Barrier, Liverpool F.C. Launches NFT Collection on Polygon

• Polygon (MATIC) remains on the hunt for a move above the daily MA 200 at $1.73
• Liverpool Football Club is jumping into the metaverse
• Polygon has just Introduced Polygon ID

Polygon (MATIC) remains on the hunt for a move above the daily MA 200 at $1.73. MATIC price continues its consolidation under this key barrier for the third consecutive day as it presently trades at $1.68. Liverpool Football Club is jumping into the metaverse and NFT sector with the launch of the LFC Heroes Club collection on Polygon. The Reds are launching two categories of digital collectibles: Legendary and Hero Edition. The Legendary is a set of unique one-of-one NFTs featuring 24 LFC men’s team players. In other news, Polygon has just Introduced Polygon ID – a self-sovereign identity solution powered by zk cryptography. In a separate announcement, The Opera Crypto Browser now offers direct access to Ethereum Layer-2 and thousands of dApps on the Polygon network. Having completed its full integration with the Polygon ecosystem, Opera will now onboard millions of users to Web3.

Key Levels
Resistance Levels: $2.22, $2.00, $1.80
Support Levels: $1.65, $1.50, $1.33

MATIC/USD Daily Chart: Ranging

MATIC/USD Daily Chart

On the daily chart, a price drop below the moving average (MA 200) implies a price resistance region. Near-term range trading might continue as the 16th largest cryptocurrency fights to stay above the moving average (MA 50) support region at $1.56, which had previously served as a barrier in the prior week. Positive momentum is increasing as negative momentum is decreasing, thanks to a surge in positive bias.

After falling to the $1.245 level, MATIC has recovered some of its losses. Buyers’ appearance around the $1.50 handle might seek to strengthen the positive rebound after the loss produced nearly 4-week lows. The upside-bearing Relative Strength Index, which indicates an increased run in upward momentum, adds to the bounce from the yearly low of $1.24.

MATIC/USD 4-Hour Chart: Bullish

MATIC/USD 4-Hour Chart

Bulls are currently supporting further increases in the pair over the $1.700 mark, according to the short-term oscillators. Bears, on the other hand, might sell on rallies below the 4-hour moving average (MA 50) at $1.63. If buyers sustain the rally past this point, the barrier around $2.0 could become the first point of resistance on the upside.

If positive factors begin to fade, preliminary support might come in at $1.65, with the lower support level at $1.600. If the bearish trend continues, the price may aim for the rising MA 200 at around $1.52. The price of MATIC/USD is demonstrating an upside-like bias, and bulls must push the price over the $1.75 barrier to counter bears.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Image Credit: Shutterstock