Polygon (MATIC) rallied by 19% on Wednesday, with the broader crypto market delivering support.
News of the Polygon inclusion in the Walt Disney (DIS) 2022 Disney Accelerator also delivered support.
Technical indicators are bullish, with MATIC sitting above the 50-day EMA.
On Wednesday, Polygon (MATIC) rallied by 19.21%. Reversing a 4.83% slide from Tuesday, MATIC ended the day at $0.6385.
A choppy session saw MATIC slide to a low of $0.5212 before making a move.
Steering clear of the First Major Support Level at $0.5157, MATIC rallied to a late high of $0.6451.
MATIC broke through the First Major Resistance Level at $0.5741 and the Second Major Resistance Level at $0.6126 to end the day at $0.6385.
While US inflation figures for June sent MATIC into the deep red, a broad-based crypto rebound delivered support.
Adding support was news of Walt Disney including Polygon in the 2022 Accelerator.
Polygon (MATIC) Joins the 2022 Disney Accelerator
On Wednesday, Walt Disney announced six companies joining the 2022 Disney Accelerator.
The Disney Accelerator is a business development program that supports the growth of innovative companies globally.
According to the announcement,
“This year’s Disney Accelerator class is focused on building the future of immersive experiences and specializes in technologies such as augmented reality (AR), non-fungible tokens (NFTs), and artificial intelligence (AI) characters.”
The announcement went on to say,
“Over the course of the program, each participant company will receive guidance from Disney’s senior leadership team, as well as a dedicated executive mentor.”
The companies listed in the 2022 Disney Accelerator include Flickplay, Inworld, Lockerverse, Obsess, Polygon, and Red 6.
“We are the only blockchain selected.”
“It speaks volumes to the work being done here, and where we’re going as a company.”
Polygon (MATIC) Price Action
At the time of writing, MATIC was up 0.31% to $0.6405
MATIC will need to avoid the $0.6016 pivot to target the First Major Resistance Level at $0.6821.
A broad-based crypto rally would support a breakout from the Wednesday high of $0.6451.
In the event of another extended rally, the bulls could target resistance at $0.70 and the Second Major Resistance Level at $0.7253.
The Third Major Resistance Level sits at $0.8494.
A fall through the pivot would bring the First Major Support Level at $0.5582 into play. Barring an extended sell-off, MATIC should steer clear of sub-$0.55 and the Second Major Support Level at $0.4774.
The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. This morning, MATIC sat above the 50-day EMA, currently at $0.5594.
The 50-day EMA pulled away from the 200-day EMA, with the 100-day EMA narrowing to the 200-day EMA, both bullish signals.
A hold above the 50-day EMA and a bullish cross of the 100-day EMA through the 200-day EMA would signal a breakout session.
This article was originally posted on FX Empire