Značka: MATIC Price

MATIC price eyes 200% gains on Polygon adoption by Instagram, JPMorgan

Polygon (MATIC) emerged as the best-performing asset among the top-ranking cryptocurrencies on Nov. 3 as the market’s attention turned to the latest Instagram and JPMorgan announcements.Polygon in high-profile partnershipsNotably, Meta, the parent company of Instagram, named Polygon as its initial partner for its upcoming nonfungible token (NFT) tools that allow users to mint, showcase and sell their digital collectibles on and off the social media platform.Meanwhile, banking giant JPMorgan used Polygon to conduct its first live trade (worth about $71,000) on a public blockchain, marking a concrete step toward integrating cryptocurrencies into traditional financial frameworks. MATIC, a utility and staking token within the Polygon blockchain ecosystem, rose over 13% to $0.985 after the announcements, accompanied by an uptick in daily trading volume.MATIC/USD daily price chart. Source: TradingViewMATIC’s upside move came as a part of a broader recovery rally across the crypto sector that started in mid-June. MATIC’s price has rebounded by more than 200%, a trend that will likely sustain in the coming months.MATIC’s price nears cup-and-handle breakoutThe first cue for MATIC’s bullish continuation comes from a classic technical setup.On the daily chart, MATIC has painted a cup-and-handle setup, which comprises a U-shaped recovery followed by a downward drifting channel. The token is now eyeing a decisive breakout above the pattern’s neckline range (the red bar in the chart below) to reach $2.89, its primary upside target.MATIC/USD daily price chart featuring cup-and-handle pattern. Source: TradingViewAs a rule of technical analysis, a cup-and-handle pattern’s target is measured after adding the distance between the cup’s bottom and neckline to the potential breakout point. As a result, MATIC is now eyeing a 200% price rally by the end of Q1 2023.Fundamentally, MATIC’s demand could keep growing, given Polygon’s growing NFT projects launched by mainstream companies. Related: Warren Buffett-backed neobank picks Polygon for Web3 token — MATIC price eyes 100% rallyFor instance, Polygon’s list of prominent NFT partners includes names such as Disney, Robinhood and Starbucks. Furthermore, Polygon had a strong Q3, wherein its number of active wallets reached a record high of 6 million, primarily driven by the launch of Reddit’s NFT marketplace on its blockchain.Polygon NFTs had the strongest Q3 performance in 2022. Source: MessariOn the other hand, macro risks continue to threaten the ongoing crypto market recovery, which may hurt Polygon despite its growing partnerships with big-name brands. That being said, a strong pullback from the cup-and-handle pattern neckline range could invalidate the bullish setup altogether.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Is MATIC price about to double? Polygon's Reddit hype pushes exchange balance to 9-month lows

A sharp rebound in the Polygon (MATIC) market in the last four months has increased its price by 200% when measured from its June 2022 bottom of $0.31. And now, the token is showing signs of undergoing another major market rally.MATIC exchange balance hits nine-month lowNotably, the MATIC supply held by all crypto exchanges fell to 802.15 million on Oct. 26, its lowest level since January 2022. The plunge came as a part of a broader downtrend that has witnessed over 600 million MATIC leaving exchanges in the last four months, data on Santiment shows.MATIC balance on exchanges versus price. Source: SantimentA declining crypto balance across exchanges is perceived as bullish by the market since traders typically withdraw their funds from trading platforms when they want to hold the tokens long term.The MATIC chart above shows a similar albeit erratic negative correlation between its price and supply on exchanges. As a result, a period of decline in MATIC reserves at exchanges has historically coincided with an uptrend in price, and vice versa. Therefore, the latest plunge in MATIC supply across exchanges hints at more upside for the token in the coming weeks.Reddit using Polygon to mint collectible NFT avatarsMore cues for a potential MATIC price rally come from the news of Polygon’s adoption by mainstream fintech companies.Notably, Nubank, a Brazilian neobank bank backed by Warren Buffett’s Berkshire Hathaway, picked Polygon to build its native Web3 ecosystem. Since the Oct. 20 announcement, MATIC price has rallied by nearly 12% and was trading for $0.95 as of Oct. 26.Furthermore, the massive MATIC outflow from exchanges coincides with the soaring trading and sales volume of Reddit nonfungible token (NFT) avatars. These digital collectibles are minted as NFTs on the Polygon blockchain.Reddit NFTs sales volumes. Source: Dune AnalyticsFrom a technical perspective, MATIC has broken out of a bullish continuation pattern, dubbed a bull flag, whose profit target sits almost double the token’s current valuation, as shown below.MATIC/USD three-day price chart. Source: TradingViewMATIC also shows similar strength against Bitcoin (BTC), according to a technical setup shared by Kaleo, an independent market analyst.”The predominate structure is a HTF [higher timeframe] flag dating back to May of ’21 that looks ready for another leg higher,” the analyst wrote while citing the chart below.MATIC/BTC daily price chart. Source: TradingView”I’m expecting a small retrace before breaking out / continuing higher,” he added.Related: Bitcoin will shoot over $100K in 2023 before ‘largest bear market’ — TraderThe MATIC/BTC setup could propel the pair to 0.000065 BTC by early 2023 versus the current price of 0.0000458 BTC, a 30% price rally.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Warren Buffett-backed neobank picks Polygon for Web3 token — MATIC price eyes 100% rally

The price of Polygon’s MATIC (MATIC) coin could double by the end of 2022 or early 2023 due to a mix of extremely bullish fundamental and technical indicators.Polygon wins high-profile clientsMATIC rose by nearly 6.5% four days after Nubank, a Brazilian fintech company backed by Warren Buffett’s Berkshire Hathaway and Softbank, confirmed that it selected Polygon’s “Supernets technology” for its blockchain and digital token, dubbed Nucoin.“Nubank plans to airdrop the digital token to its customers in the first half of 2023,” the official announcement read, adding: “These tokens will serve as the basis for its customers loyalty rewards program and will have benefits such as discounts and other advantages.”#Polygon is taking @Nubank from #Web2 ➡️ #Web3!In a strategic partnership with Polygon, Nubank is launching its own chain using #PolygonSupernets & thus its digital token Nucoin #onPolygon This move will open the gateway for 70 mn+ Nubank users to the #Web3 space pic.twitter.com/Fu06Vi7IpV— Polygon – MATIC (@0xPolygon) October 19, 2022As a result of the rally, MATIC was changing hands for $0.90 on Oct. 24, its highest level in three weeks.Polygon Supernets is an enterprise-level solution that removes the complexity of blockchain development for companies looking to build their native chains. Interestingly, before Nubank, gaming company GameSwift employed the product to launch its custom blockchain.The growing demand for Polygon products may bring a similar boom for its native token, MATIC, which serves as a utility and staking asset within the Polygon blockchain ecosystem.MATIC eyes bull flag breakoutThe Nubank news surfaces as MATIC paints what appears to be a bullish continuation pattern on its lower-timeframe chart.Dubbed a “bull flag,” the pattern emerges when the price consolidates inside a parallel, descending channel after a strong move upward. As a rule, it resolves after the price breaks out of the range to the upside and rises by as much as the previous uptrend’s height.MATIC/USD 3-day chart featuring bull flag breakout setup. Source: TradingViewTherefore, MATIC’s breakout above the flag’s upper trendline could have it test $1.85 as its primary upside target. In other words, it could see a 100% price rally by the end of 2022 or at the beginning of 2023.Related: 3 reasons why DeFi investors should always look before leapingConversely, a pullback from the flag’s upper trendline could lead MATIC toward the lower trendline near $0.67.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Polygon rallies 22% on Disney invitation euphoria — will MATIC price gains swell in July?

Polygon (MATIC) reached lofty price levels this July 14, a day after getting selected for the Walt Disney Company’s benchmark business development program.MATIC’s price surged 22.5% to $0.657 a token, its highest level in a month. In doing so, the token also climbed above its 50-day exponential moving average (50-day EMA; the red wave), a curvy resistance level that had been capping MATIC’s upside attempts since January 2022.MATIC/USD daily price chart. Source: TradingViewPolygon enters the Disney WorldMATIC’s move upside appeared synchronous with similar intraday recovery actions witnessed elsewhere in the crypto market. Nonetheless, Polygon fared better than most of its top-ranking rivals, including the cryptocurrencies Bitcoin (BTC) and Ether (ETH).And at the core of MATIC’s better performance could be the Walt Disney Company.The multinational mass media and entertainment conglomerate announced six companies that would join its 2022 Disney Accelerator to build augmented reality (AR), nonfungible tokens (NFTs), and artificial intelligence (AI) solutions. Polygon made it to Walt Disney’s list, thus becoming the only blockchain platform to have done so ever. As a result, MATIC, Polygon’s native utility and staking token, rallied better than most of its rival digital assets.HUGE for $MATICEvery day feels like another prominent Web 2 platform embracing what’s coming, and Polygon is always involved, especially when it comes to NFTs. Excited to see what they cook up https://t.co/MDNBkivZDd— N03LVentures (@N03LVentures) July 13, 2022Key MATIC R/S flip aheadPolygon now tests a resistance confluence, defined by a support-turned-resistance range of $0.61-0.67 and a Fibonacci retracement line near $0.63, for a potential breakout in July.MATIC/USD three-day price chart. Source: TradingViewA decisive move above the confluence could have MATIC pursue a run-up toward the 0.618 Fib line near $1.11, providing the token also closes above its 50-3D (red) and 200-3D (blue) EMAs. That would mean almost an 80% jump from today’s price level.#MATIC IS READY FOR A +80% PUMP. Bullish Ascending Triangle. $MATIC #CRYPTO #BTC pic.twitter.com/I3g1x98T2u— TAnalyst (@AurelienOhayon) July 14, 2022

Conversely, a pullback from the confluence would risk crashing MATIC toward the $0.29-$0.35 area, similar to how it retraced downward in June.Related: 3 key metrics suggest Bitcoin and the wider crypto market have further to fallMATIC could also erase its recent gains due to higher inflation. Notably, the crypto markets like their traditional finance counterparts have responded negatively to a persistently rising U.S. consumer price index.MATIC/USD and NASDAQ weekly correlation coefficient. Source: TradingViewOn July 13, the latest inflation data reached its four-decade high of 9.1%. As a result, investors anticipate the Federal Reserve would raise benchmark rates by a full percentage point, with Atlanta Fed President Raphael Bostic saying that the option “is in play.”A 1% rate hike in July would risk putting downward pressure on the entire crypto market, including Polygon.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Polygon price jumps 60% in four days amid 'pretty big' MATIC accumulation

Polygon (MATIC) took a break from its prevailing bearish course, posting one of sharpest rebound in the crypto market this week.Notably, MATIC’s price has risen to $0.50 this June 23, four days after hitting $0.317, its lowest level since April 2021. This amounts to roughly a 60% gain, surpassing the performances of even Bitcoin (BTC) and Ether (ETH) in the same timeframe. MATIC/USD daily price chart. Source: TradingViewNevertheless, MATIC is still down significantly from its December 2021 high of $2.92, coinciding with the overall crypto bear market and a hawkish Fed putting pressure on risk-on assets. MATIC “in a pretty big accumulation”Meanwhile, some of its richest investors have been accumulating MATIC tokens despite the general downtrend, on-chain data suggests.Notably, the so-called MATIC sharks and whales have been in accumulation, according to data provided by Santiment. That includes the tiers of Polygon token holders ranging from 10,000 to 10 million coins, which have “collectively added 8.7% more to their bags” since May 9. $MATIC sharks and whales have been in a pretty big accumulation trend for about six weeks. The tiers of holders ranging from 10k to 10m coins held have collectively added 8.7% more to their bags in this timespan. https://t.co/oasCn72rxt pic.twitter.com/lm4au2fWkn— Santiment (@santimentfeed) June 22, 2022Interestingly, MATIC’s price has fallen by 50% in the same period, underscoring that many whales are confident about its long-term recovery. Inverse head and shouldersFrom a technical point of view, MATIC/USD appears to be heading toward a new multi-week high.In detail, the Polygon token has been breaking out of its “inverse head and shoulders,” or IH&S pattern, since June 22. IH&S is a bullish reversal setup that forms after the price forms three troughs in a row while hanging upside down by a common support line called the “neckline.” Also, an IH&S’s middle trough (the head) is deeper than the other two, called right and left shoulders, respectively. Ultimately, the setup resolves after the price breaks above the neckline, and, as a rule of technical analysis, rises by as much as the distance between the head and the neckline.MATIC/USD four-hour price chart. Source: TradingViewAs a result of its IH&S pattern, MATIC’s price could rally toward $0.60 in June or early July, up about 20% from today.Caution for MATIC bullsWhale buying is not necessarily a bullish signal, and the IH&S pattern has a failure rate of 16.5%. So, a further price rally could also prompt whales to flip MATIC for a quick profit, given the tight conditions elsewhere in the cryptocurrency and traditional markets that could result in false recovery signals.Related: ‘Bitcoin dead’ Google searches hit new all-time highAdditionally, the MATIC balance across all the crypto exchanges has jumped from 1.21 billion to 1.37 billion between May 1 and June 23, according to data from CryptoQuant, indicating additional potential sell-pressure in the near term. Polygon exchange reserves. Source: CryptoQuantThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Ascending channel pattern sets Polygon (MATIC) up for a potential 30% rally

Polygon prices look poised to rise by at least 30% in the wake of a key Jan. 18 upgrade that would push a considerable portion of its native MATIC token out of circulation.Dubbed EIP-1559, the improvement proposal originally came to light as part of Ethereum’s so-called London Hard Fork upgrade on Aug. 5. The proposal effectively started destroying, or “burning,” a part of the fees paid to miners via Ether (ETH).Traders and investors raised their bids for Ether before and after the EIP-1559 upgrade, noting that it made Ether a deflationary asset for the first time in history. For example, a model created by Ethereum co-founder Justin Drake claimed that EIP-1559 would reduce Ether’s annual supply by 1.6 million ETH.MATIC looks for new record highsPolygon, which acts as a layer-2 protocol built to scale Ethereum’s prevailing scalability issues, rolled out a testing implementation of EIP-1559 on Dec. 14, 2021. After the test net launch, MATIC price rallied by almost 30% to $2.35, which includes a brief run-up to its record high near $3.MATIC/USD daily price chart. Source: TradingViewIn theory, a lower supply against a rising demand would make the asset more valuable in the eyes of its bidder. This classic economic reference has assisted in boosting demand for cryptocurrencies like Bitcoin (BTC) before. Issuance would be halved every four years against a limited supply cap of 21 million units. This begs the question, could the MATIC price rally in the same way? Mineplex co-founder Alexander Mamasidikov thinks yes.Mamasidikov told Cointelegraph that EIP-1559 would impact MATIC price positively, adding that it could easily rally toward its current record high following the technical upgrade.”In periods of price recovery, investors are often on the lookout for both technical and fundamental features to hang onto in order to back a coin, and Polygon brandishes both,” he said, adding: “While Polygon remains a better version of Ethereum in terms of lower transaction costs, it is also the delight of retail investors with respect to its low price at this time when compared with Ethereum or other smart contract networks.”What do Polygon’s technicals say?MATIC has been trending higher inside an ascending channel pattern since July 2021, confirmed by at least two reactive highs and two reactive lows.The token recently retested the channel’s lower trendline around $1.89 as support, a move that was followed up with a bullish retracement toward $2.50. It now acting as resistance and the $2.50 level also turned out to be near the 1.00 Fib line near $2.44.MATIC/USD daily price chart featuring ascending channel pattern. Source: TradingViewThat being said, MATIC may attempt a break above the $2.44-resistance around the EIP-1559 upgrade on Jan. 18. The move would set itself on a course to test its interim upside target near $3, which is approximately a 30% jump.Related: Polygon network activity spikes as NFT sales reach new heightMeanwhile, if the EIP-1559 factor plays out any longer than anticipated, MATIC price may even attempt an extended run-up toward the 1.618 Fib line around $3.52. Conversely, a rejection at $2.44 could have Polygon retest the ascending channel support for a negative breakout.Such a move would risk invalidating the bullish setup, as discussed above. All of this is in conjunction with exposing MATIC to a correction toward $1.77 or lower.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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