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Bitcoin News | Breaking

Matic Price Set For A Rally; Polygon Gets Adopted By Instagram & JPM

Author

Jonathan Gibson

Tags

Reading time

2 mins
Last update

Author

Jonathan Gibson

Tags

Reading time

2 mins
Last update

Author

Jonathan Gibson

Tags

Reading time

2 mins
Last update


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According to CoinMarketCap, MATIC’s price is up 15.98% in the past 24 hours and trading at $1.12. As the market participants responded favorably to Polygon’s growing partnerships with prominent brands.

Polygon-Powered NFT Minting On Instagram

Instagram in partnership with Polygon blockchain announced on Nov. 2 during its Creator Week 2022 event that it will soon enable its creators to make their own “digital collectibles” and sell them both on and off the platform. Furthermore, the feature allows users to connect their digital wallets, share collectibles and automatically tag the original creator and collector.

Polygon’s Partnership With JPMorgan

Multinational banking firm, JPMorgan Chase & Co. employed Polygon to execute its first live trade on a public blockchain, setting the stage for the bank to integrate with the world of cryptocurrencies. The Monetary Authority of Singapore (MAS) rolled out the trade with its Project Guardian, a pilot program to explore potential decentralized finance (DeFi) applications in wholesale funding markets. On the Ethereum layer-2 network Polygon, a modified version of the Aave protocol’s smart contract code was used to execute a trade. The milestone of  Polygon as one of the world’s biggest financial players applying blockchain technology marks a step toward integrating cryptocurrencies into traditional financial frameworks. 

Matic Price Breaks Out Of Bullish Cup and Handle Pattern

The daily chart for MATIC shows a cup and handle pattern, which is a U-shaped recovery or rounding bottom followed by a downward-drifting channel signaling reverse on its course. Breakout taking place above the pattern’s neckline as of writing (the pink bar in the chart below) to reach $2.89 as its primary target price, eyeing a 200% price boost. The projected target from the breakout is usually the vertical distance from the high to the bottom of the cup, as a rule of technical analysis.

Market
MATIC/USD Chart by TradingView

 

Polygon has attracted high-profile NFT partners, including Disney, Starbucks, and Robinhood. 

Also the popular online message board community Reddit is using Polygon to produce collectible NFT avatars for its users,  as a consequence, Polygon’s number of active wallets reached a record high of 6 million. Nubank, a Brazilian fintech company backed by Warren Buffett’s Berkshire Hathaway and SoftBank also joined the blockchain.

Meanwhile, macro-level risks continue to threaten the ongoing crypto market recovery thus b a strong pullback from the cup and handle pattern neckline range could invalidate the bullish setup.