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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Polygon (MATIC) Among Gainers When Top Coins Bleed

Kent Tenix
Kent Tenix
2 years ago
3 mins read
MATIC

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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.

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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.

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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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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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