The worth of Polygon’s MATIC (MATIC) coin might double by the top of 2022 or early 2023 attributable to a mixture of extraordinarily bullish elementary and technical indicators.
Polygon wins high-profile purchasers
MATIC rose by almost 6.5% 4 days after Nubank, a Brazilian fintech firm backed by Warren Buffett’s Berkshire Hathaway and Softbank, confirmed that it chosen Polygon’s “Supernets know-how” for its blockchain and digital token, dubbed Nucoin.
“Nubank plans to airdrop the digital token to its prospects within the first half of 2023,” the official announcement learn, including:
“These tokens will function the idea for its prospects loyalty rewards program and may have advantages corresponding to reductions and different benefits.”
#Polygon is taking @Nubank from #Web2 ➡️ #Web3!
In a strategic partnership with Polygon, Nubank is launching its personal chain utilizing #PolygonSupernets & thus its digital token Nucoin #onPolygon
This transfer will open the gateway for 70 mn+ Nubank customers to the #Web3 house pic.twitter.com/Fu06Vi7IpV
— Polygon – MATIC (@0xPolygon) October 19, 2022
On account of the rally, MATIC was altering palms for $0.90 on Oct. 24, its highest degree in three weeks.
Polygon Supernets is an enterprise-level resolution that removes the complexity of blockchain improvement for corporations trying to construct their native chains. Apparently, earlier than Nubank, gaming firm GameSwift employed the product to launch its customized blockchain.
The rising demand for Polygon merchandise might deliver an analogous increase for its native token, MATIC, which serves as a utility and staking asset inside the Polygon blockchain ecosystem.
MATIC eyes bull flag breakout
The Nubank information surfaces as MATIC paints what seems to be a bullish continuation sample on its lower-timeframe chart.
Dubbed a “bull flag,” the sample emerges when the value consolidates inside a parallel, descending channel after a powerful transfer upward. As a rule, it resolves after the value breaks out of the vary to the upside and rises by as a lot because the earlier uptrend’s top.
Subsequently, MATIC’s breakout above the flag’s higher trendline might have it check $1.85 as its main upside goal. In different phrases, it might see a 100% worth rally by the top of 2022 or at first of 2023.
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Conversely, a pullback from the flag’s higher trendline could lead on MATIC towards the decrease trendline close to $0.67.
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