Coca-Cola is celebrating International Friendship Day with a new digital asset collection drop. Polygon, on the other hand, was back in the news over the weekend with the partnership in this business. Despite this news, Polygon (MATIC) closed the week with a loss of 2.34%, losing 0.08% on Sunday. According to crypto analyst Bob Mason, its technical indicators are bullish and the altcoin is sitting above the 50-day EMA.
Coca-Cola collaborates with Polygon Studios
cryptocoin.com As we reported, Polygon Studios announced a Coca-Cola digital collection drop on Polygon on Twitter on Sunday. In a series of tweets, Polygon Studios shared:
To celebrate International Friendship Day, Coca-Cola has launched the first of its kind, productive and shareable Polygon collections. Collections have a unique share-show functionality, where each piece of art will be revealed after being shared with a friend.
The Coca-Cola Company shared the news with the headline “Coca-Cola celebrates its first anniversary in the metaverse with a drop of collectibles on International Friendship Day”. Coca-Cola continued:
We will continue to learn in this fast-moving space through limited edition collection launches tied to key cultural moments, with a focus on building our virtual ecosystem that surprises and delights fans.
Coca-Cola has reportedly created more than 4,000 digital collections starting with International Friendship Day 2021. The soft drink company celebrated a series of cultural moments with its digital collectibles. Collaborations and partnerships with companies like Disney and Coca-Cola for the altcoin can only be positive, according to the analyst.
Altcoin price action
A bearish start to the session saw MATIC drop to $0.8928 before making a move. Finding support at the First Major Support Level at $0.8936, MATIC rallied to $0.9253. However, falling below the First Major Resistance Level at $0.9316, MATIC closed the day below $0.91.
While the week was on the decline, the July news of Walt Disney’s (DIS) 2022 accelerator including Polygon gave MATIC new life. MATIC sits at $0.90, well above the June 18 low of $0.3159, the current year low. At the time of writing, MATIC is up 0.84% to $0.9276
Where do technical indicators point for altcoin
Here’s how Bob Mason analyzes Polygon (MATC) price action. MATIC’s First Major Resistance Level (R1) is $0.9240. It will also need to avoid the $0.9084 pivot to target Sunday’s high of $0.9253. A broad-based crypto rally would support a return to $0.92. In the case of another extended rally, it is possible for the bulls to target the Second Major Resistance Level (R2) at $0.9409 and Saturday’s high of $0.9411. The Third Major Level of Resistance is at $0.9743.
A drop in pivot would bring the First Major Support Level (S1) into play at $0.8915. Except for an extended sell-off, MATIC needs to stay clear of the Second Major Support Level (S2) below $0.89 and $0.8759. The Third Major Support Level is at $0.8434.
Looking at the EMAs and the 4-hour candlestick chart (below), this was a bullish signal. This morning MATIC settled above the 50-day EMA, currently at $0.9054. The 50-day EMA has moved away from the 200-day EMA. The 100-day EMA has expanded from the 200-day EMA. Both are bullish MATIC price signals.
A hold above the 50-day EMA would support a return to $0.92 to target Major Resistance Levels. However, a drop from the 50-day EMA would leave S1 in play. However, MATIC needs to avoid the 100-day EMA, which is currently $0.8780 and S2 ($0.8759).
