MATIC was one of the biggest winners in the race between multiple competing networks including, Bitgert, Cenx, Solano, and Ethereum.
While Bitgert was the clear favorite over the 30-day period, MATIC has been doing incredibly well recently, thanks in part to the partnership with Starbucks and a successful NFT loyalty program launched earlier this week. Investors and retail traders have been rallying behind the token for three days in a row.
The technical analysis predicts an even stronger growth
Despite the overall gloomy mood in the crypto market, some tokens managed to go up against the trend and reached new support levels. MATIC grew by 7% over the last 48 hours. The price climbed up from $0.8760 to $0.9280, with a clear bullish trend forming quickly. Support levels for short timeframes create a ladder and suggest that there is a potential for continuous upward movement.
Price retracements were moderate and did not hold the token back as it made its way to the monthly high. Polygon has been trading at a good pace and higher than the November median, meaning that the crypto community did not step back despite the pressure from the media.
While the 48-hour RSI is above 50 and the market data proposes that a price correction will be inevitable, the recovery should follow right after.
The 3-week RSI is showing that the asset is stabilizing at the moment, and a new trend will form in the immediate future with both bulls and bears ready to go out guns blazing.
The situation in the media is favorable
It is a good moment for the crypto community to create a rally behind MATIC. The network is doing great things by finally deploying the Starbucks loyalty program.
A series of other interesting products is on its way. The token is gaining momentum and demonstrates resilience when facing challenges presented by unforgiving market circumstances.
If Polygon manages to roll out a couple of similar successful projects in the first quarter of 2023, we will be looking at a very different MATIC with a strong bullish trend.