Bentley Motors Announces September NFT Drop on Polygon

Key Insights:

• Polygon (MATIC) surged by 23.6% on Thursday. The breakout followed an 8.44% rally on Wednesday as investors responded to the launch of Polygon ID.
• This week, Bentley Motors also put Polygon in the spotlight, announcing a one-off NTF drop on Polygon in September.
• The technical indicators are bullish, with MATIC breaking out from the 200-day EMA.

On Thursday, Polygon (MATIC) surged by 23.56%. Following an 8.44% rally on Wednesday, MATIC ended the day at $0.5622.

A bullish session saw MATIC rally from an early morning low of $0.455 to a high of $0.5732 before easing back.

MATIC broke through the First Major Resistance Level at $0.4858 and the Second Major Resistance Level at $0.5166.

Despite a late pullback, MATIC held above the Second Major Resistance Level.

Thursday’s breakout session extended the winning streak to five sessions, with network news updates supporting the run towards $0.60.

News of the launch of Polygon ID delivered strong support this week.

Following yesterday’s breakout, Polygon was back in the news, with Bentley Motors drawing interest.

Bentley Motors Announces September NFT Drop on Polygon

This week, Bentley Motors announced a new venture into the NFT space.

Announcing on Twitter, Bentley Motors said,

“Today, we announce our first venture into the NFT marketplace with a one-time NFT drop on the carbon-neutral @OxPolygon network, scheduled for September 2022 and limited to just 208 pieces.”

According to the Bentley press release,

“The Bentley NFT collection will be minted on Polygon, an Ethereum scaling platform onboarding millions to Web3. Polygon recently attained carbon-neutral status and has pledged to go carbon negative by the end of 2022. As a result, all Bentley NFTs will be entirely carbon-neutral.”

Bentley added,

“With a commitment to achieving end-to-end carbon neutrality by 2030, the same year when all Bentley vehicles will be fully battery electric, it was vital that Bentley’s first venture into Web3 was in a sustainable way.”

Ryan Wyatt, CEO at Polygon, said,

“Polygon is excited to expand our partnerships in the automobile industry, by working with the most prestigious brand in its sector. Polygon will provide the sustainable, low-fee infrastructure Bentley requires for its foray into Web 3.”

Wyatt added,

“By embracing this novel tech, Bentley secures its position in the next iteration of the internet, and doing so via Polygon’s carbon-neutral network will assist the automaker on its journey toward attaining carbon-neutrality by 2030.”

MATIC Price Action

At the time of writing, MATIC was up 5.43% to $0.5927.

A bullish morning saw MATIC break through the First Major Resistance Level at $0.6053 to strike a morning high of $0.6248 before easing back.

Technical Indicators

Avoiding a fall through the $0.5303 pivot would support another breakout from the First Major Resistance Level at $0.6052.

An extended crypto rally would support a move through the morning high of $0.6248 to bring the Second Major Resistance Level at $0.6485 into play.

The Third Major Resistance Level sits at $0.7665.

A fall through the pivot would bring the First Major Support Level at $0.4871 into play. Barring an extended sell-off, MATIC should avoid sub-$0.48. The Second Major Support Level sits at $0.4121.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. MATIC sat above the 200-day EMA, currently at $0.5649. This morning, the 50-day EMA closed in on the 100-day EMA. The 100-day EMA narrowed to the 200-day EMA; MATIC price positive.

A bullish cross of the 50-day EMA through the 100-day EMA would support a run at $0.65. MATIC would need to avoid a fall through the 200-day EMA, however.