After a series of developments, Polygon (MATIC/USD) is again making airwaves. This time around, the network is entering the metaverse – a new milestone.
On November 12, Polygon announced it was taking the first airport to the metaverse. The blockchain announced that BLR Airport was entering the virtual world. BLR will benefit by showcasing its services to customers in a virtual space. On the other hand, a successful endeavour could see more metaverse projects building on Polygon and raising its token’s utility.
It is still early to speculate how much of a success Polygon’s metaverse endeavours will be. However, we already know that the virtual reality world grew immensely last year, boosting tokens of associated platforms. Thus, the latest cryptocurrency news should be well received by Polygon fans.
Meanwhile, Glassnode data shows that the total number of MATIC addresses has been increasing over the past month. The growth happens amid a largely bear crypto market, indicating that investors hold Polygon highly. Consequently, MATIC has been relatively stable compared to peers in a bear market.
MATIC price outlook as it hits resistance
Source – TradingView
On the daily chart, momentum is weak for MATIC amid a bearish MACD crossover. However, MATIC is stable, as bulls defended the $0.77 level when the market crashed last week. The cryptocurrency is pushing higher, but the $0.96 resistance is holding it back.
Is MATIC about to become bullish?
MATIC’s price has recovered slightly, but there is no indication the token could become bullish soon. The cryptocurrency has to clear $0.96 to consider a bullish bias.
The cryptocurrency is open to consolidation at the current level if the price does not get the catalyst to break higher. Investors should wait for a breakout at the key level.
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