Coca-Cola Celebrates International Friendship Day with Polygon (MATIC)

Key Insights:

• Polygon (MATIC) slipped by 0.08% on Sunday to end the week with a 2.34% loss.
• The Sunday loss came despite Polygon announcing the Coca-Cola launch of sharable collectibles on Polygon to celebrate International Friendship Day.
• Technical indicators are bullish, with MATIC sitting above the 50-day EMA.

On Sunday, Polygon (MATIC) slipped by 0.08%. Following a 2.15% slide on Saturday, MATIC ended the week down by 2.34% to $0.9071.

A bearish start to the session saw MATIC slide to a low of $0.8928 before making a move.

Finding support at the First Major Support Level at $0.8936, MATIC rallied to a late high of $0.9253. However, falling short of the First Major Resistance Level at $0.9316, MATIC fell back to end the day at sub-$0.91.

While down for the week, the July news of Walt Disney (DIS) including Polygon in the 2022 Accelerator gave MATIC a new lease of life. At $0.90, MATIC sits well above the June 18 current year low of $0.3159.

On Sunday, Polygon was back in the news.

Polygon Studios Announces Coca-Cola Digital Collectible Drop on Polygon

Polygon Studios took to Twitter (TWTR) on Sunday, announcing a Coca-Cola (COKE) digital collectible drop on Polygon.

In a series of tweets, Polygon Studios tweeted,

“@cocacola just launched first-of-a-kind, generative, and shareable collectibles #onPolygon to celebrate International Friendship Day.”

Polygon Studios went on to say,

“The collectibles have a unique share-to-reveal functionality where each artwork will reveal after being shared with a friend.”

The Coca-Cola Company shared the news with the headline “Coca-Cola Marks First Anniversary in the Metaverse with Collectibles Drop on International Friendship Day.”

Coca-Cola went on to say,

“We will continue to learn in this fast-moving space through limited-edition collectible launches tied to key cultural moments, with a focus on building our virtual ecosystem by surprising and delighting fans.”

Coca-Cola has reportedly created more than 4,000 digital collectibles, starting on International Friendship Day 2021. The soft-drinks company has celebrated a series of cultural moments with digital collectibles, including

• International Friendship Day 2021.
• International Burger Day.
• and International Pride Day.

For Polygon and MATIC, collaborations and partnerships with companies such as Disney and Coca-Cola can only be positive.

Polygon (MATIC) Price Action

At the time of writing, MATIC was up 0.20% to $0.9089

Technical Indicators

MATIC will need to avoid the $0.9084 pivot to target the First Major Resistance Level (R1) at $0.9240 and the Sunday high of $0.9253.

A broad-based crypto rally would support a return to $0.92.

In the event of another extended rally, the bulls could target the Second Major Resistance Level (R2) at $0.9409 and the Saturday high of $0.9411.

The Third Major Resistance Level sits at $0.9743.

A fall through the pivot would bring the First Major Support Level (S1) at $0.8915 into play. Barring an extended sell-off, MATIC should steer clear of sub-$0.89 and the Second Major Support Level (S2) at $0.8759.

The Third Major Support Level sits at $0.8434.

Looking at the EMAs and the 4-hourly candlestick chart (below), it was a bullish signal. This morning, MATIC sat above the 50-day EMA, currently at $0.9054.

The 50-day EMA pulled away from the 200-day EMA, with the 100-day EMA widening from the 200-day EMA, both bullish MATIC price signals.

A hold above the 50-day EMA would support a return to $0.92 to target the Major Resistance Levels. However, a fall through the 50-day EMA would leave S1 in play. However, MATIC should avoid the 100-day EMA, currently at $0.8780, and S2 ($0.8759).