The cost of Polygon’s MATIC (MATIC) coin could double through the finish of 2022 or early 2023 as a result of mixture of very bullish fundamental and technical indicators.
Polygon wins high-profile clients
MATIC rose by nearly 6.5% four days after Nubank, a Brazilian fintech company supported by Warren Buffett’s Berkshire Hathaway and Softbank, confirmed it selected Polygon’s “Supernets technology” because of its blockchain and digital token, dubbed Nucoin.
“Nubank intends to airdrop digital token to the customers within the first 1 / 2 of 2023,” the state announcement read, adding:
“These tokens assists because the grounds for its customers loyalty rewards program and can have benefits for example discounts along with other advantages.”
#Polygon takes @Nubank from #Web2 ➡️ #Web3!
Inside a proper partnership with Polygon, Nubank is launching its very own chain using #PolygonSupernets & thus its digital token Nucoin #onPolygon
This move will open the gateway for 70 mn+ Nubank users towards the #Web3 space pic.twitter.com/Fu06Vi7IpV
— Polygon – MATIC (@0xPolygon) October 19, 2022
Because of the rally, MATIC was altering hands for $.90 on March. 24, its greatest level in three days.
Polygon Supernets is definitely an enterprise-level solution that removes the complexness of blockchain development for businesses searching to construct their native chains. Interestingly, before Nubank, gaming company GameSwift employed the merchandise to produce its custom blockchain.
The growing interest in Polygon products would bring an identical boom because of its native token, MATIC, which works as a utility and staking asset inside the Polygon blockchain ecosystem.
MATIC eyes bull flag breakout
The Nubank news surfaces as MATIC paints what seems to become a bullish continuation pattern on its lower-time-frame chart.
Dubbed a “bull flag,” the pattern emerges once the cost consolidates in the parallel, climbing down funnel following a strong move upward. Usually, it resolves following the cost breaks from the range towards the upside and increases up to the prior uptrend’s height.
Therefore, MATIC’s breakout over the flag’s upper trendline might have it test $1.85 since it’s primary upside target. Quite simply, it might visit a 100% cost rally through the finish of 2022 or at the outset of 2023.
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On the other hand, a pullback in the flag’s upper trendline may lead MATIC toward the low trendline near $.67.
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