() initiated a bullish movement on Monday, shortly after announcing the partnership and a new panel.

Polygon notification that they have partnered with Alpha Venture and Icetea Labs to launch an accelerator program for startups . The program aims to impart resources, education and business acumen to Web3 companies worldwide.

The first group of this program consists of Five projects:

  1. Victory Point: An FPS (first-person shooter) game built on
  2. Trouble Punk: A play-to-earn game
  3. Nexity Network: A blockchain-based supply chain circle
  4. TooNFT: Platform
  5. Octan Network: A blockchain application dedicated to Game Finance

In addition, Polygon has also notification about starting the Polygon Bootcamp Africa, a two-month educational course that aims to put Africa on the web3 map of the world.

Immediately after the announcement, the price started an uptrend and is still ongoing.

MATIC is about to reach new highs

When looking at the bullish movement since June 18, it is clear that MATIC has completed a five-wave rally. This increase led to a $ 1.05 peak on Aug. 14.

After that, the next downward movement resembles an ABC correction structure. The drop led to a low of $ 0.69, confirming the 0.5 Fib retracement support at $ 0.685. The overlap (red line) between the low of wave A and the current high indicates that the correction is complete.

Read more  Solana's 2 "hundred million dollar" investment funds disappoint

If true, that means MATIC will rise to new highs. A move above the August high at $ 1.05 would confirm this possibility.

MATIC chart/ Daily | Source: TradingView

MATIC starts to reverse to the upside

The figures from the weekly chart are also in line with those from the daily chart, as MATIC broke above the long-term descending resistance line. This line has been forming since the all-time high in December 2021.

The most interesting development comes from the weekly RSI, which is in the process of breaking above both the bearish divergence (black) and the 50 level (red circle). If this happens, it will confirm that a reversal to the upside has begun.

In this case, MATIC is expected to rally towards the next long-term resistance at $ 1.64. This is the 0.5 Fib retracement resistance and the horizontal resistance area.

MATIC chart/ weekly | Source: TradingView

Join our channel to get the latest investment signals!