Polygon (MATIC) Leads Gains When Top Coins Bleed

MATIC saw significant gains on trading day, despite the fact that other coins went red. Ethereum layer-2 token saw bullish momentum, retaining over 6% in the past 24 hours.

It has made significant gains against Ethereum and Bitcoin, as well as defending its token. Polygon hasn’t been its best self in terms of social media engagement. The company also went red in the middle of 7 days.

Recently, however, Nubank has been a major partner for the team. The coin’s current status is due to these partnerships.

MATIC Survives A Midweek Crisis That Causes More Than 7% To Rise

The last seven days haven’t been the most stable for the crypto market in general. MATIC experienced a midweek crash that caused it to drop to $0.78 from its $0.87 high Wednesday. But, MATIC recovered quickly and reached $0.90 today.

The token’s price action indicates strong backing from the bulls. MATIC currently trades at $0.89. This is an increase of 6.40% over the past 24 hours. The resistance zone is now at this level. With further gains expected, the price may test the 0.884 resistance level.

MATIC was optimistic at the time this article was written, as shown by Chaikin Money Flow, 0.08. The Relative Strength Index was still at 50.Source: MATICUSD chart at TradingView.com This indicated that the market strength was not on either the buyer’s or the seller’s side.

MATIC’s price is currently hovering around $0.90. | Source: MATICUSD price chart from TradingView.com

MATIC Gains After Nubank’s Partnership

MATIC’s price climbed nearly 6% four days after its announced Nubank partnership 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. 

Also, the official announcement was updated

Nubank intends to drop the digital token [Nucoin]It will begin to deliver these tokens in 2023’s first half. The tokens will be used as the base for customers’ loyalty rewards programs and offer benefits like discounts or other advantages.

MATIC’s October 24th rally resulted in a gain of $0.90. It was now worth $0.90, the highest it has been in just three weeks. Enterprise-grade products like Polygon Supernets allow enterprises to easily create private blockchains. GameSwift, a gaming company, used the product in order to launch its blockchain prior Nubank. MATIC may reach new heights due to increased demand for Polygon-related products in the next weeks.

A TradingView user predicts a higher resistance breakthrough for MATIC

Clara_Trader is a TradingView user who sees MATIC. New high resistance. She wrote:

There is still a chance of breaking higher resistances as long as the channel’s bottom is not broken. In one hour, the price trend was also up, but the support at $0.82-$0.83 prevented any further growth.

The price should be kept within the range of the initial short-term goal, said she. The chart above shows the highest point of the ascending short-term channel. The price can fall back to $0.70 if the support levels are breached. This is where the channel’s bottom is.

Featured image by Pixabay, chart from TradingView.com

Get more Crypto News at CFX Magazine