- MATIC price slides below $1 to continue the bearish leg.
- Polygon partners with Community Gaming to provide scalable e-sports tournaments.
- MATIC bulls must target closing the day above the 200-SMA start a recovery.
MATIC price started the day on Tuesday trading in the red after closing the day below $1 after holding onto this support since June 22. With the downtrend set to continue in the near term, Polygon is now staring at massive losses that may test a major support level at around $0.7.
Polygon Partners with Community Gaming to Enable Scalable E-Sports Events
Polygon has teamed up with Community Gaming to scale esports events. The partnership will see a lot of improvements that will allow tournament organizers with little or no knowledge of how smart contracts or wallets work to seamlessly deploy their e-sports tournaments.
After the partnership, Community Gaming will power the tournaments but they will eb deployed on the Polygon smart contracts. The partnership will result in a number of benefits including instant payments to players.
Combining online gaming, match automation and payment technology through smart contracts make it easy for stakeholders to organise events on Community Gaming. The Community Gaming platform was primarily developed to simply the creation of custom e-sports by grassroot tournament organisers.
MATIC Remains Bearish Despite the News on the Partnership
MATIC price continued on the decline to slide below $1 despite the news on the crucial partnership. Perhaps the impact will be felt later as the collaboration takes root. At the time of writing, Polygon was exchanging hands at $0.98, after losing ground from $1. Support at $0.96 is expected to delay the bearish advances, and give way to an upward price action in the next trading sessions.
If you want to make a go at trading MATIC, our How to Buy Cryptocurrency guide might be very useful to you.
Note that MATIC must break above the 200-day Simple Moving Average (SMA) to ascertain the bullish outlook, aiming for a recovery towards $1.16. Upward resistance is expected at $1.25 and $1.5 as seen on the 12-hour chart.
MATIC Price (MATIC/USD) 12-Hour Chart
On the downside MATIC price seems to be consolidating between the $0.96 and $1.06 levels. Since the $1 level has been breached, Polygon could re-test the $0.69 support level before another bounce back.
Moreover, the Moving Average Convergence Divergence (MACD) validates the bearish narrative. A sell signal flashed recently when the MACD line (blue) crossed beneath the signal line (orange). This bearish outlook will remain if the MACD remains and moves further away from the zero line.
Read our crypto signals guide to find out which signals to look out for when seeking to sell MATIC.
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Nancy Lubale
