Polygon (MATIC) gets backing from Starbucks while Avalanche (AVAX)'s current price targets crucial resistance level.
Polygon (MATIC) and Avalanche (AVAX) getting closer to big moves
The Polygon (MATIC) price briefly jumped following a high-profile deal with multinational coffee chain Starbucks.
MATIC is among the few cryptos that managed to stage an increase last week after inflation concerns brought sentiment down. Its competitor, Avalanche (AVAX), fell 1.29% on the same day.
Polygon (MATIC) Wins Starbucks Project, Price Jumps
Polygon (MATIC) jumped after securing Starbucks’ Odyssey Project. The coin was seen trading at $0.86, up by 61% during last Thursday’s trading.
The coffee giant awarded Polygon its NFT-based loyalty program that will allow customers to earn digital collectible stamps aside from the traditional way of earning Starbucks rewards.
The new project means a lot to Polygon (MATIC) as it adds to a number of high-profile NFT program deals it secured this year, along with Coca-Cola and Reddit.
MATIC’s price was up 167% from its cycle low recorded in June 2022 which dumped its price to $0.32. The news is expected to provide the coin some support in the near term and target the $0.93 resistance
Avalanche (AVAX) Price Struggles With Pressure
Avalanche (AVAX) has been struggling during the recent bearish crypto market. The coin is down 3.54% in the 24-hour charts at the time of writing. The AVAX price is currently $17.20, a significant decrease for AVAX investors.
AVAX has suffered along with the rest of the crypto market this week as prices have slumped. It’s been a long and difficult crypto winter for crypto investors, with gains being difficult to come by.
Avalanche (AVAX) bulls did recently attempt a price run, which led the AVAX price to $23.00 but AVAX has since encountered a huge selling pressure at $22.60 which sent prices tumbling back down.
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Dan Burgin