The Polygon (MATIC) worth continues to fall. Even the current optimistic information from Korea and the sturdy knowledge from the NFT market can’t change this. Because the yearly excessive on February 13 at $1.56, the MATIC worth has at present fallen 60% and is buying and selling at simply $0.6169.
Because the excessive, MATIC has been in a transparent downtrend, which was final examined in mid-July. Nonetheless, a breakout was not profitable, each the trendline and the coinciding 200-day EMA have confirmed to be too sturdy a resistance. Now MATIC has additionally fallen beneath the 23.6% Fibonacci retracement degree at $0.75.
If the help at $0.60 (in shorter time frames) now additionally falls, a plunge in the direction of the yearly low at $0.50 could possibly be imminent. Nonetheless, if the extent establishes itself as help within the subsequent few days, a brand new try to interrupt out of the downtrend may begin.
For this, MATIC would at present need to rise above $0.71. Nonetheless, validation of the breakout from the downtrend must come from the 23.6% Fibonacci retracement degree. Provided that MATIC rises above $0.75 the bulls would possibly regain the higher hand. Then, the 200-day EMA at $0.84 can be the following main activity that MATIC bulls need to grasp. Till then, MATIC appears poised for additional draw back.
Even Optimistic Information Can’t Transfer Polygon Value
It’s a dangerous omen for the MATIC bulls that even optimistic information can’t transfer the worth. Within the final two days Polygon has been capable of report a minimum of two optimistic information. At the moment, Polygon Labs has inked a strategic alliance with SK Telecom (NYSE:SKM), South Korea’s foremost cellular telecom operator. This collaboration is geared in the direction of the enlargement of SKT’s Web3 ecosystem, positioning the telecom behemoth on the forefront of the burgeoning decentralized tech sector.
Polygon’s CEO, Marc Boiron, elucidated the intent behind the partnership, stating, “Polygon Labs has been creating optimum blockchain expertise for Web3 popularization, and we see this collaboration with SKT as an necessary step in offering Web3 experiences to extra customers.”
Central to this synergy is the combination of the Polygon blockchain inside SKT’s NFT market, TopPort, in addition to its forthcoming Web3 pockets, set for launch in 2023. The pockets guarantees to supply customers high-speed, cost-effective transactions, augmented by Ethereum’s intrinsic safety and decentralization options. Given the widespread utilization of Polygon-based options by international manufacturers, this integration is more likely to improve SKT’s Web3 choices significantly.
Each entities will likely be actively scouring for promising Web3 startups to nurture and help. “By combining our expertise in blockchain providers and Polygon Lab’s blockchain infrastructure and ecosystem, we will create helpful enterprise alternatives and enhance the Web3 ecosystem,” voiced Oh Se-hyun, Vice President and Head of Web3 CO at SKT.
Furthermore, Polygon’s NFT ecosystem clinched the second spot in traded quantity over a month-long interval, as highlighted by Polygon Labs founder Sandeep Nailwal. Apparently, this surge will be attributed not simply to high-value transactions however a flurry of micro-transactions, indicating Polygon’s accessibility and widespread use.
By variety of transactions, Polygon is 3x of Ethereum mainchain, which means there’s numerous micro transactions taking place. The quantity of “consumers” on Polygon is also 30% greater than the mainchain. This development clearly solidifies Polygon’s burgeoning place within the decentralized tech sector.
Featured picture from ZipMex, chart from TradingView.com