Connect with us

Polygon (MATIC)

MATIC price eyes 110% advance as Polygon bulls wait with bated breath

Published

on

  • MATIC price is preparing for a 100% leg-up as a key bullish pattern develops.
  • A decisive close above $1.63 will confirm the start of the uptrend to $2.63.
  • A daily close below the $1.20 support floor will invalidate the bullish thesis.

MATIC price has been on a massive downswing after the September 7 crash, but things seem to be recovering as a bullish pattern continues to progress, and a buy signal is starting to line up.

MATIC price blast-off is around the corner

MATIC price witnessed a 38% sell-off between September 5 and September 7. However, the recovery was swift, pushing Polygon to $1.25, where it currently stands.

Going forward, investors can expect the altcoin to head higher due to three reasons; the market structure for the big crypto looks bullish, the inverse head and shoulder pattern and the Momentum Reversal Indicator (MRI) has flashed a ‘yellow’ up arrow, indicating that a buy signal is around the corner.

From June 5 to September 14, Polygon price formed three distinctive swing lows, with the central one deeper than the rest and known as the head. The valleys on either side of the head are known as shoulders. Drawing a trend line connecting the swing highs of these valleys shows a horizontal resistance barrier at $1.63, known as neckline.

Advertisement

This technical formation forecasts a 61% upswing from the ceiling mentioned above, obtained by measuring the distance between the neckline and the head’s lowest point. Adding this distance to the breakout point at $1.63 reveals the target at $2.63.

Initially, MATIC price needs to rally at least 30% to encounter and overcome a crucial resistance barrier at $1.63, aka the neckline. Doing so will open up the path for MATIC price to climb to the intended target.

MATIC/USDT 1-day chart

MATIC/USDT 1-day chart

On the other hand, if MATIC price fails to climb higher but heads lower and breaches the immediate support level at $1.20, it will create a lower low and invalidate the bullish thesis.

Advertisement

In such a case, Polygon could slide lower to $1 and, in some cases,

News Source

Advertisement

Polygon (MATIC)

Crypto Asset Manager Bitwise Launches Polygon (MATIC) Fund

Published

on

The leading digital asset manager with over $1.3 billion in AUM has launched a Fund for Polygon’s MATIC.

San Francisco-based digital asset management firm – Bitwise Asset Management – has announced the launch of its Bitwise Polygon (MATIC) Fund.

According to an official press release shared with CryptoPotato, the Fund will serve as a professionally managed investment vehicle that will give Bitwise’s wealthy clients access to MATIC, the Polygon network native cryptocurrency.

Advertisement

The firm noted that only accredited Bitwise clients can qualify for private placement subscriptions to the new product, with a minimum investment of $10,000 and weekly redemptions.

A Rising Star

Commenting on the development, Matt Hougan, the Chief Investment Officer at Bitwise, said the firm chose to launch a Fund for MATIC because of Polygon’s breakthrough in solving Ethereum’s inability to single-handedly cater for all the most promising use cases of cryptocurrencies, including DeFi and NFTs.

“For years, the excitement around crypto’s most promising use cases, including DeFi and NFTs, has been muted by the fact that Ethereum simply isn’t built to handle it all yet. Many are working on Ethereum competitors to solve this, but Polygon has seen breakthrough traction with a uniquely complementary solution that boosts Ethereum’s speed and efficiency.

Investors have been asking about this rising star. With the new Bitwise Polygon Fund launching today, we’re excited to continue helping investors gain access to the expanding set of opportunities emerging in crypto.”

Advertisement

As the network continues to grow, Polygon has welcomed top DeFi and NFT projects, including OpenSea and Aave, to its ecosystem. The exorbitant gas fees and scalability issues faced by the Ethereum blockchain have prompted these protocols to make the move.

Polygon’s co-founder, Sandeep Nailwal, also commented on the milestone, saying:

“We’re thrilled that a broader range of accredited and institutional investors will now be able to gain exposure to the MATIC token and help encourage greater development of the Polygon ecosystem. Polygon has become one of the most vital building blocks of Web3. Inclusion within Bitwise’s suite of funds serves as a great indicator of our work and progress so far.”

Taking MATIC Public

Bitwise is also looking forward to taking the Polygon Fund public under the ticket “OTCQX” when and if it is eligible. Additionally, Coinbase Custody Trust Company, LLC, will act as a custodian of the Bitwise Polygon Fund.

Advertisement

The asset manager currently has over $1.5 billion in assets under management (AUM) and had released several other Funds earlier this year, including the Bitwise Uniswap Fund, the Bitwise DeFi Crypto Index Fund, and more.

News Source

Advertisement
Continue Reading

Polygon (MATIC)

DraftKings Marketplace Chooses Polygon for Mainstream NFT Adoption

Published

on

DraftKings Marketplace and Polygon have joined forces to promote the global adoption of non-fungible tokens.

DraftKings Marketplace has partnered with Ethereum-based scaling platform Polygon to expand its blockchain capabilities and foster mainstream adoption of customized NFTs. At the same time, the unique addresses on the Polygon network have gone to a new record above 100 million.

DraftKings Gains Access to Polygon

Following the partnership, DraftKings now has access to a scalable and eco-friendly blockchain solution, the firm noted in a recent announcement.

Advertisement

Paul Liberman, co-founder and president of global products and technology at DraftKings, noted that scalability and sustainability seem to be the greatest challenge of most blockchain networks, which is why his firm has focused on Polygon.

“[However,] as we lay the groundwork today for the vision of DraftKings Marketplace tomorrow, the vast insights and proven products from Polygon around scalable solutions are invaluable,” Liberman said.

By tapping Polygon’s technology, DraftKings will improve the capabilities of its NFT marketplace, giving users an enhanced experience, including access to exclusive non-fungible token collections, Sandeep Nailwal, co-founder at Polygon said.

In August 2021, DraftKings Marketplace was established in partnership with Tom Brady’s NFT platform Autograph. It offers users the opportunity to buy and sell sports collectibles from some of the most popular athletes such as Usa

Advertisement

DraftKings Marketplace and Polygon have joined forces to promote the global adoption of non-fungible tokens.

DraftKings Marketplace has partnered with Ethereum-based scaling platform Polygon to expand its blockchain capabilities and foster mainstream adoption of customized NFTs. At the same time, the unique addresses on the Polygon network have gone to a new record above 100 million.

DraftKings Gains Access to Polygon

Following the partnership, DraftKings now has access to a scalable and eco-friendly blockchain solution, the firm noted in a recent announcement.

Advertisement

Paul Liberman, co-founder and president of global products and technology at DraftKings, noted that scalability and sustainability seem to be the greatest challenge of most blockchain networks, which is why his firm has focused on Polygon.

“[However,] as we lay the groundwork today for the vision of DraftKings Marketplace tomorrow, the vast insights and proven products from Polygon around scalable solutions are invaluable,” Liberman said.

By tapping Polygon’s technology, DraftKings will improve the capabilities of its NFT marketplace, giving users an enhanced experience, including access to exclusive non-fungible token collections, Sandeep Nailwal, co-founder at Polygon said.

In August 2021, DraftKings Marketplace was established in partnership with Tom Brady’s NFT platform Autograph. It offers users the opportunity to buy and sell sports collectibles from some of the most popular athletes such as Usain Bolt and Simon Biles, the U.S. gymnast.

Advertisement

in Bolt and Simon Biles, the U.S. gymnast.

Advertisement
Continue Reading

Polygon (MATIC)

MATIC price rally hits the pause button while Polygon bulls still eye $2.50

Published

on

  • MATIC price has been trying to break $1.75 to the upside. 
  • Polygon bulls tried to get price action above the orange ascending trend line but failed. 
  • Expect to see another attempt for a breakout soon, after this rally takes a breather and new buyers get into Polygon. 

Polygon (MATIC) price has seen bulls trying to break above the orange ascending trend line, but the attempt got rejected at $1.75. Since then, MATIC price action came off the boil a little bit and offered some profit-taking at the higher levels, providing now some entry points at $1.40. 

Expect momentum to build further in favor of bulls with a break and consolidation above the orange ascending trend line and next to the break above $1.75. 

MATIC price sees RSI pointing to the next phase of the rally

MATIC price saw a bullish breakout and rejection at $1.75. Bulls tried to break above the orange ascending trend line and a historical resistance level, but the price started to fade during the days after that. Bulls took profit at $1.75 but are impatient to lift MATIC price another leg higher, as the Relative Strength Index already shows that buyers are coming back in again after barely hitting the oversold barrier. 

MATIC price will see price action continue to evolve in favor of the bulls further. The next attempt will be one where the price will consolidate above the orange ascending trend line and thus build further volume to break the $1.75 resistance level. Once that breaks, expect more bulls to be added to the rally, as MATIC price proves to finally break out of the resistance that has kept MATIC price action muted since the beginning of June.

Advertisement

MATIC/USD daily chart



MATIC/USD daily chart

MATIC price will be lifted higher by the new buyers coming in on the break above $1.75 and the favorable tailwind currently present in cryptocurrencies. The recovery in the stock markets last week has also helped lift investors sentiment back towards riskier assets. Faithful bulls could see profits running up towards $2.50, or a 45% return, depending on their entry. 

Should market sentiment turn for the worse and tailwinds in cryptocurrencies start to fade, expect more bears to come in. The RSI would show some heavy profit-taking in MATIC price, and a quick break towards $1.06 would be the expected outcome. Should bears be able to consolidate even below the 200-day Simple Moving Average (SMA), expect a retest of the low of July, at $0.62.

Advertisement

News Source

Continue Reading