MATIC price eyes 200% gains on Polygon adoption by Instagram, JPMorgan

1 year ago

Polygon (MATIC) emerged arsenic the best-performing plus among the top-ranking cryptocurrencies connected Nov. 3 arsenic the market's attraction turned to the latest Instagram and JPMorgan announcements.

Polygon successful high-profile partnerships

Notably, Meta, the genitor institution of Instagram, named Polygon arsenic its archetypal spouse for its upcoming nonfungible token (NFT) tools that let users to mint, showcase, and merchantability their integer collectibles connected and disconnected the societal media platform.

Meanwhile, banking elephantine JPMorgan used Polygon to behaviour its first unrecorded trade (worth astir $71,000) connected a nationalist blockchain, marking a factual measurement toward integrating cryptocurrencies into the accepted fiscal frameworks.

MATIC, a inferior and staking token wrong the Polygon blockchain ecosystem, roseate implicit 13% to $0.985 aft the announcements, accompanied by an uptick successful regular trading volume.

Polygon's upside determination came arsenic a portion of a broader betterment rally crossed the crypto assemblage that started successful mid-June. MATIC's terms has rebounded by much than 200%, a inclination that volition apt prolong successful the coming months.

MATIC terms nears cup-and-handle breakout

The archetypal cue for MATIC's bullish continuation comes from a classical method setup.

On the regular chart, MATIC has painted a cup-and-handle setup, which comprises a U-shaped betterment followed by a downward drifting channel. The token present eyes a decisive breakout supra the pattern's neckline scope (the reddish barroom successful the illustration below) to scope $2.89, its superior upside target.

As a regularisation of method analysis, a cup-and-handle pattern's people is measured aft adding the region betwixt the cup's bottommost and neckline to the imaginable breakout point. As a result, MATIC present eyes a 200% terms rally by the extremity of Q1 2023.

Fundamentally, MATIC's request could support increasing fixed Polygon's increasing NFT projects launched by mainstream companies.

For instance, Polygon's database of salient NFT partners includes names like Disney, Robinhood and Starbucks. Furthermore, Polygon had a beardown Q3, wherein its fig of progressive wallets reached a grounds precocious of 6 million, chiefly driven by the motorboat of Reddit’s NFT marketplace connected its blockchain.

On the different hand, macro risks proceed to endanger the ongoing crypto marketplace recovery, which whitethorn wounded Polygon contempt its increasing partnerships with big-name brands. That being said, a beardown pullback from the cup-and-handle signifier neckline scope could invalidate the bullish setup altogether.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.

View source