Polygon (MATIC) Among Gainers When Top Coins Bleed
24 Octubre 2022 - 7:47PM
NEWSBTC
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. Related Reading: Can Bitcoin
Bring An End To Crypto Winter? | BTCUSD Analysis October 24, 2022
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. 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. Related Reading: Altcoin
Exchange Dominance Rises To 50%, What Does It Mean For Bitcoin? 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
Polygon (COIN:MATICUSD)
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