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Polygon (MATIC) Price Fueled By Increase In Whale Activity

Polygon’s native coin MATIC continues to gain traction as the cryptocurrency experienced an impressive increase in whale transactions over the past 30 days, bolstering price growth for the digital asset and the ecosystem.

Whale Activities Propels Polygon MATIC’s Growth

Recently, Polygon MATIC’s whale transaction volume significantly increased over the past 30 days, which has sparked increased interest in the crypto asset. Whale transactions are classified as transactions that are over $100,000.

Data from on-chain analytics firm IntoTheBlock has revealed a 3,800% increase in whale transactions within the Polygon network. The increase in whale transactions might indicate the presence of active buying and selling maneuvers from institutional and large-scale investors.

“Institutional and whale demand has picked up strongly, with Bitcoin seeing an 80% increase in the volume of transactions of over $100k, Ethereum 170%, and Polygon over 3,800% compared to 30 days ago,” IntoTheBlock stated.

Initially, whale transactions from major players can influence the market dynamics of a cryptocurrency asset. This is one reason why MATIC’s price has experienced a significant uptick in recent weeks.

Furthermore, it was also revealed that wallets holding 100,000 to 1 million MATIC have amassed over 42.88 million of the token since October 24. In addition, 161 transactions totaling $100,000 or more were conducted in a single day—the most since July 2023. 

MATIC’s price is not the only asset this increase in whale activity has positively impacted in the last 30 days. The crypto’s market capitalization has also increased significantly following the whale activities and accumulation, recording a 62% increase in the past 30 days.

MATIC’s Performance Over The Past Week

Just last week, the cryptocurrency went past the $0.75 price mark, indicating an over 50% increase in price surge in the last 20 days. This means the crypto is showing significant strength, which could see it reaching the $1 mark by the end of the year. 

MATIC experienced a 33% year-to-date (YTD) decline in September but recovered within a month. The MATIC’s price rally puts it in a profit-making position.

Currently, the price of MATIC is $0.87, with a 24-hour trading volume of $943,748,349 as of the time of writing. Its market capitalization is valued at $943,748,349, with an over 4% increase in the past 24 hours, according to CoinMarketCap. 

In addition, the web3 gaming platform Immutable recent partnership with Ubisoft might also significantly affect the price of MATIC. This is because the platform is the first to establish a zero-knowledge (zk) scaling solution for the Ethereum (ETH) community, and Polygon will power the platform’s zkEVM. 

Polygon MATIC

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Polygon’s NFT Sales Skyrocket By 131% To $20 Million In Q3 2023

Polygon (MATIC), a  Layer 2 (L2) blockchain network, experienced remarkable growth in the third quarter of 2023. According to a report by Messari, the platform witnessed a significant increase in non-fungible token (NFT) sales, successful network upgrades, and the activation of a new token. 

Polygon NFT Sales Skyrocket

Per the report, in Q3 2023, Polygon witnessed a staggering 131% quarter-on-quarter increase in weekly NFT sales volume, reaching an impressive $20 million. This growth was primarily attributed to the success of DraftKings’ Reignmaker NFT collection, which became the top collection on the network. 

Polygon

The collection featured officially licensed cards from renowned sports organizations like the National Football League Players Association (NFLPA), Professional Golfers’ Association of America (PGA TOUR), and Ultimate Fighting Championship (UFC). Furthermore, through Q3, Polygon achieved significant milestones in terms of technological advancements. 

Moreover, Polygon activated the POL token on its mainnet during Q3 2023. POL serves as an upgrade to the existing MATIC token and offers holders the opportunity to contribute to network security across various chains within the Polygon ecosystem through a native re-staking protocol. 

The token features an inflationary model with an annual issuance rate that is subject to community governance, which, according to the report, enhances the overall security and decentralization of the platform.

Daily Active Addresses Surge Fueled By DeFi Dominance

During Q3, Polygon experienced a 1.4% quarter-on-quarter growth in daily active addresses, reaching an impressive 364,000. The decentralized finance (DeFi) sector accounted for the majority of the active addresses on the network, showcasing the platform’s strength and popularity within the decentralized finance space.

Polygon

What’s more, Polygon Labs unveiled Polygon 2.0, a comprehensive upgrade roadmap aiming to unify all Polygon protocols and blockchains using ZK technology. This initiative seeks to establish Polygon as the “Value Layer of the Internet” and introduces significant updates to protocol architecture, tokenomics, and governance. 

One of the key upgrades includes transitioning the network to a zkEVM Validium network, ensuring enhanced security while sharing the same level of robustness as Ethereum (ETH).

Furthermore, according to Token Terminal data, Polygon has shown positive momentum in price performance, network fees, and circulating market cap.

Polygon

The network’s native token, MATIC, has experienced an increase of 3.95% over the past 24 hours, trading at $0.6556, reflecting positive sentiment among investors. 

Over the past 30 days, the coin has experienced a notable increase of 13.01%, signaling a potential recovery from previous market downturns.

However, the six-month data shows a decrease of 34.97%, indicating the impact of market volatility on the long-term value of the token.

Polygon’s circulating market cap currently stands at $6.00 billion, exhibiting a 15.36% increase. However, the fully diluted market cap of $6.49 billion, which considers the total supply of tokens, has grown by 12.79%. 

The network’s fees over the past 30 days amounted to $1.21 million, representing a slight decline of 8.57%. However, on an annualized basis, the fees reached $14.68 million, indicating a downward trend of 20.24%. 

Featured image from Shutterstock, chart from TradingView.com 

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MATIC Price Downtrend Halted As Google Cloud Joins Polygon Network

Google Cloud, the renowned cloud computing service provided by Google, has made a significant move by becoming a validator on the Polygon (MATIC) network. 

This collaboration aims to bolster the security of the Polygon Proof-of-Stake (PoS) network, with Google Cloud employing its infrastructure, which powers popular platforms like YouTube and Gmail, to contribute to the network’s integrity.

Google Cloud Strengthens Polygon Network Security

Polygon Labs, the team behind the Polygon protocol, recently announced that Google Cloud has joined their validator set. This move brings Google Cloud into the fold of over 100 validators responsible for verifying transactions on the Layer 2 Ethereum (ETH) network offered by Polygon. 

In a statement shared on X (formerly known as Twitter), Polygon highlighted the significance of Google Cloud’s involvement, emphasizing utilizing the same infrastructure that underpins YouTube and Gmail to safeguard the fast and cost-effective Ethereum-based Polygon protocol.

According to the announcement, by joining forces with over 100 other validators, Google Cloud adds to the collective efforts to secure the Polygon PoS Network. 

Including reputable and security-focused validators like Google Cloud provides an additional layer of confidence for Heimdall, Bor, and the Polygon PoS ecosystem users.

The collaboration between Google Cloud and Polygon Labs extends beyond a validator partnership. It is described as an ongoing strategic collaboration, indicating a long-term commitment to advancing the adoption and development of Web3 technologies. 

As part of their joint efforts, Google Cloud APAC released a YouTube video titled “Polygon Labs is solving for a Web3 future for all,” further underscoring their shared vision for a decentralized web. The Google Cloud team further stated: 

Is there an easier way to build and grow Web3 products? That’s the mission of Polygon Labs, and with the help of Google Cloud, it’s one step closer to making this vision a reality. We are now serving as a validator on the Polygon PoS network, contributing to the network’s collective security, governance, and decentralization alongside 100+ other validators.

Overall, the involvement of Google Cloud, a prominent player in the cloud computing industry, as a validator on the Polygon network brings increased credibility and expertise to the ecosystem. 

This collaboration is expected to enhance Polygon’s network infrastructure’s overall security and reliability, benefiting users who rely on the platform for seamless and efficient blockchain transactions.

MATIC Breaks Free From 3-Month Downtrend

Polygon’s native cryptocurrency, MATIC, has successfully broken a 3-month downtrend that had pushed the token to reach a yearly low of $0.5040 on Wednesday. 

However, in the past 24 hours, there has been a notable rebound in MATIC’s price, experiencing a 1.7% surge and currently trading at $0.5240. 

This upward movement is further supported by the Squeeze Momentum Indicator, which has broken the downtrend pattern, indicating the initiation of a recovery phase for MATIC since Friday.

MATIC

It is important to note that MATIC’s ADX indicator displays a spike downwards, suggesting low volatility and a neutral battle between bullish and bearish forces in the cryptocurrency market.

Looking ahead, MATIC faces obstacles around the $0.5442 zone, which it failed to surpass on September 21. Conversely, if the uptrend continues, the next significant hurdle lies at $0.5951 before reaching the $0.6000 level, which has not been achieved since late August.

The sustainability of MATIC’s uptrend and its ability to strive towards its yearly high of $1,569, reached in February, remains uncertain and will require further observation.

Featured image from Shutterstock, chart from TradingView.com

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Polygon zkEVM Successfully Completes First Major Upgrade, Introduces Dragonfruit

Polygon (MATIC) zkEVM, a zero-knowledge scaling solution designed to be compatible with the Ethereum Virtual Machine (EVM), has achieved a significant milestone by completing its first upgrade. 

The upgrade, known as the Dragonfruit Upgrade, marks a significant step forward for Polygon zkEVM since its launch in mainnet beta in March 2023.

Polygon zkEVM Implements Key Improvements

As an EVM equivalent ZK rollup scaling solution, Polygon zkEVM aims to ensure seamless compatibility with existing smart contracts, developer tooling, and wallets. This compatibility allows for a “smooth transition” and continued operation without disrupting the ecosystem. 

Developers can leverage the benefits of Polygon zkEVM’s zero-knowledge proofs, specifically validity proofs, to reduce transaction costs and increase transaction throughput while maintaining the robust security provided by the Ethereum base layer.

The successful completion of the Polygon zkEVM Mainnet Beta upgrade, including bridge operations, signifies a notable achievement, according to the protocol’s announcement on September 20. 

With the completion of the upgrade, the system has resumed full activity, providing users with enhanced functionality and improved scalability.

Regarding the PUSH0 opcode support, Polygon zkEVM Mainnet Beta is now included in the list of EVM networks that support this opcode. 

Including Polygon zkEVM Mainnet Beta alongside Ethereum demonstrates its compatibility with existing Ethereum-based networks and further expands the options available to developers.

Completing the first major upgrade for Polygon zkEVM represents a notable advancement in zero-knowledge scaling solutions. 

By combining the benefits of zero-knowledge proofs, lower transaction costs, increased throughput, and Ethereum’s base-layer security, Polygon zkEVM aims to provide an efficient and secure environment for decentralized applications and blockchain development.

With the successful upgrade and its continued commitment to compatibility and scalability, Polygon zkEVM strengthens its position as a scaling solution within the broader Ethereum ecosystem. 

Developers and users alike can leverage the capabilities of Polygon zkEVM to build and interact with decentralized applications while enjoying the benefits of improved efficiency and reduced costs.

MATIC Sees Modest Gain, Holding Significant Seven-Day Increase

Despite ongoing developments within the Polygon ecosystem, the native token of the protocol, MATIC, has remained range-bound for the past two days, failing to test upper resistance levels. 

Currently, the token is consolidating between the price range of $0.536 and $0.5472, trading at $0.5426. It has maintained relative stability for over 24 hours, with a slight gain of 0.5% during this time frame.

Polygon

However, MATIC has still held significant gains over the seven days, with a 5.9% increase. This allowed the token to reclaim the $0.500 level after losing it and experiencing a decline to $0.419 on September 11, following the overall market trend. This marked the lowest point of the year for MATIC.

MATIC faces resistance at two key levels, namely $0.5587 and $0.5930. These resistance walls pose challenges for the token’s recovery and upward momentum. MATIC must surpass these obstacles in the short term before it can regain the $0.600 mark.

On the other hand, a concerning factor is that MATIC only has a support level at a 1-year low of $0.4614. Bulls must defend this threshold to prevent a significant downtrend leading to new yearly lows. 

However, MATIC could break free from the lower lows zone if the market conditions become more favorable for altcoins, potentially leading to a price surge.

Featured image from iStock, chart from TradingView.com 

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MATIC Price Prediction: Rallies 10%, Polygon Bulls Aim Big

MATIC price started a fresh increase from the $0.920 support zone. Polygon bulls are now aiming more gains above the $1.12 resistance zone.

  • MATIC price started a fresh rally above the $0.98 resistance against the US dollar.
  • The price is trading above $0.98 and the 100 simple moving average (4-hours).
  • There was a break above a key contracting triangle with resistance near $1.02 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to rise towards the $1.18 and $1.20 resistance levels.

Polygon’s MATIC Price Rallies Above $1

This week, polygon’s price formed a strong base above the $0.900 zone.  MATIC remained stable and started a fresh increase above the $0.95 resistance zone.

There was a strong move above the $1.0 level and the 100 simple moving average (4-hours). Besides, there was a break above a key contracting triangle with resistance near $1.02 on the 4-hours chart of the MATIC/USD pair.

The price traded to a new yearly high at $1.1298 and is currently consolidating gains. It is trading above $0.98 and the 100 simple moving average (4-hours). It is also trading near the 23.6% Fib retracement level of the upward move from the $0.942 swing low to $1.129 high.

It is up over 10% in a day, outperforming bitcoin and ethereum. On the upside, an immediate resistance is near the $1.12 level. The first major resistance is forming near the $1.15 zone.

Polygon’s MATIC Price Rallies Above $1

Source: MATICUSD on TradingView.com

If there is an upside break above the $1.12 and $1.15 resistance levels, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.20 level.

Dips Limited in MATIC?

If MATIC price fails to rise above the $1.12 and $1.15 resistance levels, it could start a downside correction. An immediate support on the downside is near the $1.080 level.

The main support is near the $1.050 level or the 50% Fib retracement level of the upward move from the $0.942 swing low to $1.129 high. A downside break below the $1.050 level could open the doors for a fresh decline towards $0.98. The next major support is near the $0.92 level.

Technical Indicators

4-hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.

Major Support Levels – $1.05 and $0.98.

Major Resistance Levels – $1.12, $1.15 and $1.20.

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MATIC Price Prediction: Rally Could Resume Above $1.05

MATIC price started a fresh increase from the $0.80 support zone. Polygon bulls are now aiming a another increase above the $1.05 resistance zone.

  • MATIC price started a decent increase above the $0.85 resistance against the US dollar.
  • The price is trading above $0.92 and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.955 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to rise towards the $1.08 and $1.20 resistance levels.

Polygon’s MATIC Price Eyes More Upsides

This past month, polygon’s price declined below the $0.80 support zone. MATIC even broke the $0.75 support zone and the 100 simple moving average (4-hours).

However, the bulls were active near the $0.70 support zone. A base was formed above the $0.75 level and the price started a fresh increase. The price was able to clear the $0.80 and $0.85 resistance levels. The bulls took control above the $0.90 level and the 100 simple moving average (4-hours).

Finally, the price spiked above the $1.0 level, outperforming bitcoin and ethereum. A high is formed near $1.05 and the price is now consolidating gains. It is trading above $0.92 and the 100 simple moving average (4-hours).

MATIC price is also trading above the 23.6% Fib retracement level of the upward move from the $0.831 swing low to $1.054 high. On the upside, an immediate resistance is near the $1.02 level. The first major resistance is forming near the $1.05 zone.

Polygon’s MATIC Price

Source: MATICUSD on TradingView.com

If there is an upside break above the $1.02 and $1.05 resistance levels, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.20 level.

Dips Limited in MATIC?

If MATIC price fails to rise above the $1.02 and $1.05 resistance levels, it could start a downside correction. An immediate support on the downside is near the $1.0 level.

The main support is near the $0.950 level and a bullish trend line. A downside break below the $0.950 level could open the doors for a fresh decline towards $0.90. The next major support is near the $0.85 level.

Technical Indicators

4-hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.

Major Support Levels – $1.0 and $0.95.

Major Resistance Levels – $1.02, $1.05 and $1.20.

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MATIC Price Prediction: Bulls Aim Fresh Rally To $1.12

MATIC price started a fresh increase from the $0.765 support zone. Polygon bulls are now aiming a fresh increase above the $1.00 resistance zone.

  • MATIC price started a decent increase above the $0.90 resistance against the US dollar.
  • The price is trading above $0.90 and the 100 simple moving average (4-hours).
  • There was a break above a key contracting triangle with resistance at $0.850 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to rise towards the $1.00 and $1.12 resistance levels.

Polygon’s MATIC Price Eyes Steady Increase

This past month, polygon’s price declined below the $1.0 support zone. MATIC even broke the $0.85 support zone and the 100 simple moving average (4-hours).

However, the bulls were active near the $0.765 support zone. A low was formed near $0.7642 and the price started a decent recovery wave. The price was able to clear the $0.80 and $0.85 resistance levels. There was a break above the 23.6% Fib retracement level of the main drop from the $1.231 swing high to $0.764 low.

Besides, there was a break above a key contracting triangle with resistance at $0.850 on the 4-hours chart of the MATIC/USD pair. The pair is now trading above $0.90 and the 100 simple moving average (4-hours).

It gained over 5% today, outperforming bitcoin and ethereum. On the upside, an immediate resistance is near the $0.9580 level. The first major resistance is forming near the $1.00 zone. It is near the 50% Fib retracement level of the main drop from the $1.231 swing high to $0.764 low.

Polygon’s MATIC Price Chart

Source: MATICUSD on TradingView.com

If there is an upside break above the $0.98 and $1.00 resistance levels, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.12 level.

Dips Limited in MATIC?

If MATIC price rise above the $0.958 and $1.00 resistance levels, it could start a downside correction. An immediate support on the downside is near the $0.90 level.

The main support is near the $0.850 level and the 100 simple moving average (4-hours). A downside break below the $0.850 level could open the doors for a fresh decline towards $0.80. The next major support is near the $0.725 level.

Technical Indicators

4-hours MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now in the overbought zone.

Major Support Levels – $0.90 and $0.85.

Major Resistance Levels – $0.95, $0.98 and $1.00.

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MATIC Price Prediction: Breakdown Might be the Real Deal, $0.70 Next?

MATIC price started a major decline from the $1.00 resistance zone. Polygon bears are in control and might aim more losses towards $0.70 in the near term.

  • MATIC price started a major decline from well above $0.95 against the US dollar.
  • The price is trading below $0.85 and the 100 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance at $0.821 on the 4-hours chart of the MATIC/USD pair (data source from Kraken).
  • The pair could continue to decline towards the $0.70 support zone in the near term.

Polygon’s MATIC Price Dives

Earlier this month, polygon’s price made an attempt to gain pace above the $1.0 resistance zone. However, MATIC struggled to gain bullish momentum for a move above $1.0.

A high was formed near $0.972 before the price started a fresh decline. There was a steady decline, similar to bitcoin and ethereum. The bears were able to push the price below the $0.90 support zone and the 100 simple moving average (4-hours).

Finally, the price broke a major support at $0.840 and traded as low as $0.7748. It is now consolidating losses near the $0.800 level. On the upside, an immediate resistance is near the $0.8210 zone.

There is also a major bearish trend line forming with resistance at $0.821 on the 4-hours chart of the MATIC/USD pair. The trend line is near the 23.6% Fib retracement level of the recent decline from the $0.972 swing high to $0.7748 low.

The first major resistance is forming near the $0.875 zone. It is near the 50% Fib retracement level of the recent decline from the $0.972 swing high to $0.7748 low.

Polygon’s MATIC Price

Source: MATICUSD on TradingView.com

The main resistance is now forming near the $1.00 level. If there is an upside break above the $0.90 and $1.00 resistance levels, the price could start another strong increase. In the stated case, the price could rise steadily towards the $1.20 level.

More Losses?

If MATIC price rise above the $0.82 and $0.87 resistance levels, it could continue to move down. An immediate support on the downside is near the $0.780 level.

The main support is near the $0.750 level. A downside break below the $0.750 level could open the doors for a fresh decline towards $0.70. The next major support is near the $0.665 level.

Technical Indicators

4-hours MACD – The MACD for MATIC/USD is slowly losing momentum in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for MATIC/USD is now below the 50 level.

Major Support Levels – $0.78 and $0.70.

Major Resistance Levels – $0.821, $0.875 and $1.00.

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Polygon (MATIC) Keeps Shining With Over 12% Gain In Value

MAtPolygon (MATIC), the Ethereum layer-2 protocol, is swimming in gains throughout October. The last seven days alone have seen the coin increase by over 12% and currently sits at a value of $0.941. Polygon is one of the highest-performing coins on CoinMarketCap, with a market cap of just above $8 billion.

Polygon suffered a devastating dip in price this June. However, it has slowly recovered since then, reaching a peak of $1.04 in the middle of August. The MATIC price reached $0.95 on October 26th, close to its August all-time high. This was possible thanks to significant community support, strategic alliances, new product releases, and developer activity.

The coin has now stabilized in price, trading around $0.94 at press time. But this makes it something of an exception in the red crypto market.

MATIC Looks Pretty With Weekly/Monthly Gains

In the past week and month, MATIC has gained more than 12% and 26%, respectively. Polygon’s favourable price performance in this period has been driven by dramatically increased user activity. According to CryptoSlate’s analysis, the number of unique IP addresses on the network has increased significantly, reaching levels not seen since July.

There has been a rise in Polygon’s user base, but this hasn’t resulted in a MATIC sell-off just yet. More and more MATIC is being withdrawn from exchanges, suggesting that users are shifting their attention away from trading. They are now using the tokens on the many dApps and services sprouted on the Polygon platform.

According to CryptoSlate data, the highest exchange outflow for MATIC occurred in April 2021. This was exactly when MATIC’s rapid surge brought its price to an ATH of $2. The growth in Polygon’s user base in October is a direct outcome of the platform’s overall popularity. It has quickly become the preferred platform for various organizations, services, and products, including Reddit and its ambitious NFT plans.

MATICUSD

MATIC’s price is currently trading around $0.94. | Source: MATICUSD price from TradingView.com

Polygon (MATIC) Price Analysis: Where Is the Token Headed?

Polygon has been flat since August, but there has been an uptick in bullish activity as of late. After gaining over 12% over the past week, the price is once again testing the critical resistance level at $1. In the event that MATIC can rise beyond $1, this prolonged consolidation period will come to an end.

So far, traders have been successful in keeping the price above the important support level of $0.86. If current momentum continues, we could see a test of the critical resistance as soon as the first week of November. Although the bears were able to push the price down in August, a repeat of that low might be seen as favourable.

The future seems bright for MATIC since its price grew by over 20% in October. This token may enter a continuous rally in November, which may take it to $1.3, which will be the next target. However, this might only happen if the bulls can maintain the strong momentum it has been experiencing throughout the month.

Featured image from Pixabay and chart from TradingView.com

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Polygon (MATIC) Among Gainers When Top Coins Bleed

MATIC enjoyed significant gains on the trading day despite other coins going red. The Ethereum layer-2 token gained bullish momentum on the day, keeping over 6% gains in the last 24 hours.

The token has also held its end against Bitcoin and Ethereum, leading significant gains over the two biggest coins. Polygon hasn’t been its best self in terms of social media engagement. It also traded red midway through the last 7 days.

However, the team has scored some big partnerships recently, including Nubank. These partnerships are part of the reasons why the coin is currently up.

MATIC Survives A Midweek Crisis To Soar Over 7%

The last seven days haven’t been the most stable for the crypto market in general. MATIC also experienced a midweek crisis that saw it drop to $0.78 on Friday from a $0.87 high on Wednesday. However, the coin recovered quickly and was able to climb to $0.90 today.

The token’s price action indicates strong backing from the bulls. Currently, MATIC is trading at $0.89, up 6.40% in the previous 24 hours. This level now acts as its resistance zone. Assuming further gains, the price might once again test the 0.884 level of resistance.

At the time of writing, MATIC had a somewhat optimistic outlook, as indicated by the Chaikin Money Flow (CMF) of 0.08. Nevertheless, the Relative Strength Index (RSI) was at 50. This indicated that the market strength was not on either the buyer’s or the seller’s side.

MATICUSD

MATIC’s price is currently hovering around $0.90. | Source: MATICUSD price chart from TradingView.com

MATIC Gains After Nubank’s Partnership

MATIC’s price climbed nearly 6% four days after its announced partnership with Nubank. Nubank stated that it’d use Polygon’s “Supernets technology” for its blockchain and digital token. The Brazillian Fintech, backed by Warren Buffett’s Berkshire Hathaway and Softbank. 

The official announcement also added;

Nubank plans to airdrop the digital token [Nucoin] to its customers in the first half of 2023. These tokens will serve as the basis for its customers loyalty rewards program and will have benefits such as discounts and other advantages.

As a result of the rally, MATIC was worth $0.90 on October 24. This was the most it had been worth in three weeks. Business-grade solutions like Polygon Supernets make it easier for enterprises to create their own private blockchains. The gaming startup GameSwift used the product to debut its own blockchain before Nubank did. MATIC can potentially reach new highs in the coming weeks as demand for Polygon products increases.

TradingView User Predicts Higher Resistance Breakthrough For MATIC

A TradingView user, known as Clara_Trader, sees MATIC breaking new high resistance. She wrote,

As long as the bottom of the channel is maintained, there is a possibility of breaking higher resistances. In the 1-hour time frame, the price trend is also upward, and the support of the $0.82-$0.83 range has prevented the growth of the price of this currency.

She also mentioned that keeping the price inside this range will bring it closer to the first short-term goal. This is the top of the short-term ascending channel in the above chart. However, if this level of support is breached, the price will tumble back down to the $0.70 area, where the channel bottom is located.

Featured image from Pixabay and chart from TradingView.com

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Polygon (MATIC) Leads Gains By Adding Over 14% In A Week

Polygon (MATIC), the Ethereum L2 project, has seen a massive increase in its price over the past seven days. The project has enjoyed much attention from the bulls, gaining over 14% in just one week.

Polygon, currently ranking 11th based on market cap, has had a busy week. The PolygonDAO has been closing deals and partnerships to expand the project’s reach. This might be a major determinant of its more than 14% increase.

Related Reading: Has Bitcoin Price Broken Out Of Downtrend Resistance? BTCUSD Analysis October 6, 2022

However, it’s uncertain if the token will breach its $0.85 resistance in the coming days. As of writing, MATIC is trading at $0.83, down 0.66% in the last 24 hours.

Doubts Despite 7-Day Gains

Despite recording a stunning 14% gain in value, there are still doubts surrounding the project’s next price direction. In the early hours of today, the coin strengthened itself against BTC and ETH. MATIC recorded 1.45% and 0.39% gains against both currencies, respectively. It also traded at $0.8462, a 0.70% gain over its last 24-hour price. 

The price of MATIC has moved over both the 9 and 20 Exponential Moving Average (EMA) lines. This is noticeable on the daily chart for the MATIC/USDT pair. Still, on the subject of EMAs, the 9 EMA has just made a bullish crossover above the 20 EMA. This crossover may signal a continuous upward trend for the token.

However, traders must be cautious as the Relative Strength Index (RSI) indicator shows that MATIC’s price has established a local top. The Relative Strength Index line seems to slope downward, indicating that prices have dropped to an oversold level. Another technical indicator is that the coin’s sale volume has recently surpassed the purchase volume. This suggests that the rise beyond the EMAs will be temporary, signaling bearish sentiments.

MATIC’s price is currently trading at $0.8336. | MATICUSD price chart from TradingView.com
Polygon’s Partnerships Sustaining Its Upward Trend

Polygon has announced several new partnerships in the past few weeks that have helped push its value higher. One of the most notable is its exclusive partnership with RobinHood, a top crypto broker. The partnership saw Polygon become the first blockchain supported in the broker’s newly launched web3 wallet.

Upon launch, 10,000 iOS users were given access to the wallet’s beta version. This number was just 10% of the total number of users who signed up for the waitlist back in May. Robinhood’s main aim for choosing Polygon is to give its users the best possible trading experience. The company cited the technology’s scalability, speed, and cheap network costs as the primary reasons for its decision.

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Additionally, Polygon recently announced on Twitter that they’d hired Halborn Security to carry out a security audit for them. Halborn Security is a prestigious security firm that undertakes ethical hacking audits for blockchain companies across the globe. The Halborn team will have eight weeks to complete the task. They’ll also work with two seasoned full-time security engineers who are well-versed in advanced smart contract hacking, penetration testing, and blockchain protocols.

Featured image from Pixabay and chart from TradingView.com

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Polygon (MATIC) Leads Gains Amidst Market Uncertainty

Polygon, the popular Ethereum layer-2 solution, has bagged substantial gains amidst a bearish market. Over the past 24 hours, Polygon has achieved a strong performance, recording a 4.37% gain at $0.833. The L2 protocol’s market valuation of $7.07 billion places it back in the top 12, above both DAI and Shiba Inu.

Compared to its all-time high of $ 2.68 in December ’21, MATIC is down by roughly 73% at its present pricing. However, the same factors that contributed to Polygon’s fall also hampered the performance of cryptocurrencies during 2022.

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What Polygon Has Been Up To These Summer Months

The entire crypto market faces bearish trends during the summer months, and Polygon was no exception. Looking at the daily data for Polygon, we can see that it hit a low of $0.313 in June. It rebounded from that low by more than 240% to reach $1 again in just two months.

The price eventually found support in the region of $1. This is where the 50% Fibonacci retracement level supplied by the bearish vector it controls passes. This level was calculated using data ranging from the highs of $1.75 in March to the lows of $0.31.

Zoom in on the previous few weeks. We can see that $ 0.69 has been a crucial supporting region for MATIC throughout. The price has since bounced back up. Currently, the most important metric is the bearish vector from September’s high of 0.9438 to its $ 0.69 low.

MATIC Hits 3-Week High

After yesterday’s failed breakthrough, Polygon (MATIC) was a top performer, rising to a three-week high on Tuesday. At the beginning of the weekend, the MATIC/USD currency pair traded as low as $0.7548. This was just slightly lower than its floor of $0.7690. But as optimism returned to the cryptocurrency market, the token shot up to a high of $0.8336 during the day. 

This high marks Polygon’s strongest position since the middle of September. It also coincides with the 14-day relative strength index (RSI) reaching its greatest point over three weeks. The index is now trading around 55.90, just below a higher resistance point at 57.65. If this barrier is broken through, then the token price will most likely climb closer to the $0.8500 level.

MATIC’s price currently stands at $0.815. | Source: MATICUSD price chart from TradingView.com
Polygon Surge Might Be Related To Recent Integration News

Polygon’s recent surge might be related to recent bullish news. On September 27, RobinHood, a popular crypto brokerage, launched its non-custodial wallet with MATC to over 10k beta testers. 

Robinhood Wallet beta customers could get MATIC from the company’s primary trading app. They’ll be able to use the DeFi platform, which hosts dApps like Uniswap, Kyberswap, and others, on the Polygon network. 

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Shopping.io, a cryptocurrency-focused e-commerce site, also said it would accept Polygon’s native token MATIC as a payment method. Token users will receive free delivery for the first seven days and a 2% 30-day discount. These bullish reports might be responsible for the surge in activity. As of writing, MATIC trades at $8.33, up by almost 12.31% in seven days.

Featured image from Pixabay and chart from TradingView.com