Polygon Draws Strength From Gaming Space – But Will It Boost MATIC?

Christian Encila

2 years ago

3 mins read

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The expanding gaming landscape in the Polygon network is making some positive noise in the crypto space.

Games use thousands of polygons to run well. As for the blockchain gaming community, they’re now using Polygon. Sandeep Nailwal, co-founder of Polygon, recently tweeted evidence of the company’s leadership in the blockchain gaming industry.

“Just look at the growth of gaming users on @0xPolygon. Growth is “ORDERS OF MAGNITUDE” bigger than any other chain ecosystem! And now #zkEVM! Lets keep building lads! Onwards!” Nailwal tweeted.

As of earlier this month, Polygon has also released its zkEVM upgrade, which is beneficial to the ETH and MATIC communities. Polygon revealed this system in July. There will be no interruptions in service when scaling on the chain thanks to the update.

Just look at the growth of gaming users on @0xPolygon
Growth is “ORDERS OF MAGNITUTE” bigger than any other chain ecosystem! And now #zkEVM! Lets keep building lads!

Onwards! pic.twitter.com/cBzOQQ3fKR

— Sandeep | Polygon ??3️⃣ (@sandeepnailwal) October 11, 2022

Even with all of these improvements, MATIC still has a terrible performance record after seven days. According to Coingecko, the market has had a price loss of 10.4 percent, which may indicate a lack of investor confidence and widespread bearishness.

If the developed downturn persists, do these developments warrant a bullish stance from MATIC?

Crimson In All Places

According to statistics from CryptoQuant, MATIC’s exchange reserve has declined by 17.77% over the previous week, indicating a decrease in overall selling pressure as more people purchase and hold the coin. However, the data reveal a different tale. A bloodier one.

Image: TradingView

Since Nailwal’s tweet on October 11, the price of MATIC has declined 2.81 percent from the previous trading day. Despite the fact that MATIC is arguably on the low, the prior lows were met with resistance from the bulls, resulting in several pullbacks.

The CMF and momentum indicators displayed positive uptrends throughout these pullbacks. A strong trading day may occur if this cycle of decline and pullback persists.

Possible Reversal To The Upside?

The previous decline was supported by the $0.7286 support line. Bulls should defend this support line to increase the likelihood of a bullish price reversal. On a larger scale, the price movement of MATIC exhibits a triangle climbing pattern.

However, the bearish structure that has emerged will be difficult for bulls to overcome. However, bulls can capitalize on the market’s optimism as a result of the decreased exchange reserves.

The 20-day and 50-day Simple Moving Averages have already completed a bullish crossover and are moving to resist and make a bullish reversal more difficult. However, a bullish reversal is likely to occur if the price rebounds above the $0.7286 support line and the 150-day simple moving average.

MATIC market cap at $6.6 billion on the daily chart | Featured image from The Daily Hodl, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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.