Polygon (MATIC) initiated an upward movement on Monday, shortly after announcing a partnership and a new workshop.
Polygon announced that it had teamed up with Alpha Venture DAO and Icetea Labs in order to launch an accelerator program for blockchain startups. The program aims to funnel resources, mentorship education and business acumen to Web3 companies across the world.
The first cohort of this program consists of five projects:
- Victory Point: A first-person shooter built on the Polygon blockchain
- Trouble Punk: An online battle royale play-to-earn game
- Nexity network: A blockchain-based circular supply chain
- TooNFT: A non-fungible token (NFT) platform
- Octan Network: An application-specific blockchain for Game Finance.
On top of this, Polygon also announced the beginning of Polygon Bootcamp Africa, a two-month education course that aims to put Africa on the world’s web3 map.
Shortly after the announcement, the MATIC price began an upward movement that is still ongoing.
MATIC prepares for new highs
When looking at the upward movement since June 18, it is clear that MATIC has completed a five-wave upward movement. This increase led to the $1.05 high on Aug. 14.
Afterward, the ensuing downward movement resembles an A-B-C corrective structure. The decrease led to a low of $0.69, which validated the 0.5 Fib retracement support level at $0.685. The overlap (red line) between the low of wave A and the current high suggests that the correction is complete.
If correct, it would mean that MATIC will increase towards new highs. A movement above the Aug. high of $1.05 would confirm this possibility.
Bullish reversal starts
The readings from the weekly chart are also in alignment with those from the daily one, since MATIC has already broken out from a long-term descending resistance line. The line had previously been in place since the Dec. 2021 all-time high.
The most interesting development comes from the weekly RSI, which is in the process of breaking out both from the bearish divergence trend line (black) and the 50 line (red circle). If this were to occur, it would confirm that a bullish reversal has begun.
In this case, MATIC would be expected to increase towards the next closest long-term resistance at $1.64. This is the 0.5 Fib retracement resistance level and a horizontal resistance area.
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