Polygon (MATIC/USD) jumps 3% on Mastercard partnership. Is it now bullish?

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  • Polygon’s Matic Soars Over 3% After Partnering With Mastercard For Web3

  • The network had a series of Web3 partnerships in 2022

  • MATIC still has substantial downside and remains weak at $0.77

Polygon (MATIC/USD), a layer-2 scaling solution on Ethereum, is showing little signs of halving in 2023. After a busy year 2022, the network has partnered again with payments giant Mastercard. latest in cryptocurrency news, will help Mastercard launch a Web3-focused incubator for artists. Polygon’s native token reacted positively to the development, adding a day of 3%.

According to the announcement, Mastercard’s accelerator program will launch in spring 2023. It is expected to equip emerging artists – musicians, producers and DJs – with the skills and tools to thrive in the digital economy. Through the program artists can build their brand through web3 and virtual world.

The partnership marks Web3 as the go-to protocol for major brands, governments and non-governmental organizations entering the web. Studios CEO Ryan Wyatt says Web3 has the potential to help artists expand their fan base. It is through new means of connection and expression that will be made possible through the Mattercard Accelerator Program. Other brands coming to Web 3 include Starbucks, Nike, Meta and social platform Reddit. The partnership helped MATIC remain relatively stable compared to peers as the crypto winter ravaged 2022.

MATIC is struggling above the $0.77 support

MATIC/USD Chart by TradingView

A technical approach shows that MATIC is struggling to recover at the $0.77 support. The cryptocurrency has been consolidating on this support for three weeks. Although the MACD indicator is showing an improvement in momentum, it remains bearish.

What’s next for Matic?

matic price It is vulnerable as long as the bulls remain weak at the $0.77 support. Although buyers have successfully defended support for some time, the limited upside is reason for caution.

A possible break below $0.77 could increase the pressure. Meanwhile, consolidation is more likely unless buyers get enthused by the latest development and push MATIC higher.

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