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Polygon (MATIC) Eyes Return to $0.60 on Polygon ID Launch

·3 min read

Key Insights:

  • Yesterday, Polygon (MATIC) rallied by 8.44% to wrap up the day at $0.455 and extend the winning streak to four sessions.

  • News of the launch of Polygon ID supported a fourth consecutive day in the green.

  • The technical indicators are bullish, with MATIC breaking out from the 100-day EMA.

On Wednesday, Polygon (MATIC) rallied by 8.44%. Following a 4.77% gain on Tuesday, MATIC ended the day at $4.55.

A mixed start to the day saw MATIC fall to a morning low of $0.3944 before making a move.

Steering clear of the Major Support Levels, MATIC broke through the First Major Resistance Level at $0.4515 to strike a late high of $0.4709.

Despite a late pullback to sub-$0.46, MATIC extended its winning streak to four. The upside came amidst a bearish session for the broader crypto market that reacted to Fed Chair Powell’s testimony on Capitol Hill.

Network news updates delivered the breakout session, with MATIC now sitting well clear of the Saturday current-year low of $0.3159.

The upswing continued today, with a bullish crypto morning adding further support through the morning session.

Polygon ID Delivers a MATIC Boost and a Look at $0.60

On Wednesday, Polygon announced Polygon ID x Polygon DAO integration launches to create new ZK-based governance frameworks.

The announcement stated,

“Today, we’re launching the first iteration of Polygon ID – a private and self-sovereign identity solution powered by zero-knowledge cryptography. To start, Polygon ID enables a whole host of features previously inaccessible to DAOs. It will be integrated with Polygon DAO beginning today, and many more DAOs to come soon.”

Polygon went on to say,

“Too often, we’re forced to trade personal data for access to the most basic of services on the web. At the same time, developers need ways to ensure that their users are interacting with other real humans on the platforms they participate in, among many other identity-based needs.”

Polygon concluded by saying,

“Polygon ID puts users in complete control of their digital identity, allowing them to prove specific aspects of their identity without revealing any personal information.”

The announcement also provided details on how Polygon ID works and in-depth detail on Polygon DAO’s integration of Polygon ID.

As far as web3 is concerned, Polygon could not have better timed the launch of Polygon ID.

MATIC Price Action

At the time of writing, MATIC was up 10.33% to $0.502.

A bullish morning saw MATIC break through the First Major Resistance Level at $0.4859 to strike a morning high of $0.5133.

MATICUSD 230620 Daily Chart
MATICUSD 230620 Daily Chart

Technical Indicators

Avoiding a fall through the First Major Resistance Level and the $0.4402 pivot would support another run at the Second Major Resistance Level at $0.5166.

An extended crypto rally would support a breakout from the morning high of $0.5133.

In the event of a move through to $0.52, MATIC could target the Third Major Resistance Level at $0.5931 and resistance at $0.60.

A fall through the First Major Resistance Level and the pivot would bring the First Major Support Level at $0.4094 into play. Barring an extended sell-off, MATIC should avoid sub-$0.40. The Second Major Support Level sits at $0.3636.

MATICUSD 230620 Hourly Chart
MATICUSD 230620 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. MATIC sat above the 100-day EMA, currently at $0.4679. This morning, the 50-day EMA closed in on the 100-day EMA. The 100-day EMA narrowed to the 200-day EMA; MATIC price positive.

A move through the 200-day EMA, currently at $0.5626, would bring $0.60 into play.

MATICUSD 230620 4-Hourly Chart
MATICUSD 230620 4-Hourly Chart

This article was originally posted on FX Empire