MATIC Price Analysis: Price Fires Another Rebound Shot, Reddit Starts Airdrop of Polygon-Based “Collectible Avatars”

• At the time of publication, MATIC was changing hands at $0.81, up marginally on the day
• Reddit, a social media platform, has started airdropping its Polygon-based “Collectible Avatars”
• Circle’s Stablecoin USDC is now live on Travala through the Polygon network

Polygon (MATIC) price continues to gather another rebound attempt. At the time of publication, MATIC was changing hands at $0.81, up marginally on the day and also in the past 7 days. Reddit, a social media platform, has started airdropping its Polygon-based “Collectible Avatars” as the first step in a larger campaign to include blockchain technology. Based on their activity on the website over the previous week, some users were prompted to choose avatars from four collections: “The Singularity,” “Aww Friends,” “Drip Squad,” and “Meme Team.” When a user chose an item from one of the collections, the collectibles were made. The social media network started testing a feature earlier this year that let users set any NFT built on Ethereum as their profile photo. Circle’s Stablecoin USDC is now live on Travala through the Polygon network. This very first integration with Polygon will allow users to book more than 3,000,000 travel products around the world with USDC on the Polygon network.

Key Levels
Resistance Levels: $1.150, $1.000, $0.850
Support Levels: $0.750, $0.685, $0.475

MATIC/USD Daily Chart: Ranging

MATIC/USD Daily Chart

The MATIC/USD began the week’s trade by bouncing around the $0.77 mark while consolidating gains beyond the $0.80 mark on the daily time frame, limiting expected bearish potential. As seen technically, there will be no negative correction until the recently developed support levels of $0.750 and $0.685 are breached.

In the larger context, the gains from the $0.317 level are seen to continue upward, targeting the $1.150 level. The cluster resistance level at $1.245 is the next target for a rally. This could be the preferred scenario as long as the $0.750 support level holds. Despite the sideways trading, MATIC has a fair probability of returning above the region between $0.850 and $1.00.

MATIC/USD 4-Hour Chart: Ranging

MATIC/USD 4-Hour Chart

The intraday bias in MATIC/USD remains in a range on the 4-hour chart, with a target of the horizontal barrier at $0.850. The continuation of the rally from $0.317 and the anticipated goal of $0.850 to $1.150 could be confirmed a continuous split occurs here.

On the downside, the ranging outlook may downplay the significance of a break of the $0.750 minor support level in favor of focusing on the $0.685 support level. A decisive move lower could provide the bears with absolute leverage and worsen the short-term outlook, with a scenario below the $0.40 level.

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