One of those cryptocurrencies that has fared well during the bear market turmoil is Polygon's (MATIC/USD). After reaching $1.30 in early November, it appeared that the cryptocurrency was ready for a sustained recovery. However, a ripple effect of uncertainties in the cryptocurrency market drove MATIC to the $0.77 level. The coin has a 2% intraday loss as of the time of publication, trading at $0.83.

When it comes to integrating new projects within its ecosystem, Polygon has excelled. In the most recent cryptocurrency news, Nike announced the opening of an NFT market on Polygon. The roughly one-week-old development was well received by fans of Polygon. By November 14, there were a record 190.95 million unique addresses on the network. Nike's collaboration demonstrates how major companies are seeking Polygon for their web3 aspirations. Another organisation, Meta, has declared that it intends to employ Polygon for its NFT project.

Despite a weekly loss of 6%, the positive developments have allowed MATIC token to maintain a bullish stance.

Although MATIC trades with sluggish momentum, bulls support $0.77.

Momentum for MATIC is poor on the daily chart, and the MACD indicator is moving farther into the bearish zone.

The 50-day moving average prevented a rally over the $0.77 support, which prompted a pullback. The 20-day and 50-day MA are below the price of the cryptocurrency.

What will MATIC do next?

The cost of MATIC varies. The cryptocurrency is negative, according to the technical indications. However, a vital $0.77 support has been successfully held by the bulls. This indicates that any prospective bullish reversal should start at the level. A bullish or bearish call must wait for more price movement before being made.