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Polygon (MATIC) surpassed expectations with regard to its trading price as it ended up being the top gainer in a seven-day period right now among the top 15 cryptocurrencies in terms of market capitalization.
Trading at $1.11 according to the latest tracking from Coingecko at press time, the altcoin managed to climb by 26% for the past week. Its biweekly and monthly performances are also impressive, increasing by 23% and 35%, respectively.
Here’s a quick glance at how MATIC is ushering in the new month.
Polygon continues to hold the crucial $1 territory to preserve hopes of another bullish run
A decline below $1 could mean a revisit to the $0.8 support region for MATIC
The altcoin is up by 26% over the last seven days, surpassing Bitcoin and Ethereum in this department
Those numbers could have been higher if MATIC was able to sustain its surge today which allowed it to peak at $1.28. It has declined by 8.6% since then.
Now, the crypto’s focus must be on maintaining the $1 marker as doing so will boost its chances of hitting higher prices such as the coveted $1.5 region.
Polygon Shrugs Off Shaky Start For Crypto Space This Week
Altcoins had a remarkable run last week with many of them tallying significant price pumps. Ethereum was able to surpass the $1,600 marker and the maiden crypto, Bitcoin, was able to reclaim the $21K territory.
However, the crypto space if off to a rocky and shaky start this week as its frontrunners started to enter their respective price correction phases.
Bitcoin, for instance, is trading at $19,701 at the time of writing while Ethereum fell below the $1,500 marker to change hands at $1,475.
Polygon, on the other hand, remains steady for now as it is still above the $1 marker. This is crucial as this could mean the crypto is priming itself for another bullish breakout soon.
If MATIC is successful on this end, it could hit the $1.5 resistance region and even test the $2 territory. Should that happen, the altcoin will be within striking distance of its all-time high (ATH) of $2.92 which it achieved in December last year.
However, if the cryptocurrency crumbles and falls below $1, its most likely destination is the $0.8 support level.
Partnership With Large Businesses Paying Off For Polygon
Perhaps one of the reasons why MATIC is able to turn back the creeping bearish momentum that is looking to take over the crypto market once again is its network’s efforts to partner with well-established companies.
Just last week, on Thursday, the Polygon chain announced its partnership with Meta-owned Instagram, giving its users the ability to mint and eventually sell non-fungible tokens (NFTs) through its platform.
Moreover, on that same day, global financial institution JPMorgan Chase used the Polygon blockchain network to execute its first transaction in a decentralized finance (DeFi) environment.
These positive stimuli continue to keep MATIC’s head above water as the larger crypto market is once again sailing on a sea of red.
MATIC market cap at $10.19 billion on the daily chart | Featured image from The Economic Times, Chart: TradingView.com