Despite Bitcoin’s stagnancy and occasional bearishness throughout 2022, some cryptocurrencies, like Polygon, have managed to break free and trend upwards.
The price of MATIC has skyrocketed 8% over the last day, possibly establishing itself as one of the biggest gainers in the crypto market this week.
This market rally is a result of Polygon’s recent partnerships and new sponsors like UTrust and SuperLayer.
Polygon’s New Partnerships
Polygon’s recent price action appears to be organic and free of influence and manipulation from whales. Lately, UTrust, a multi-chain payment platform, has announced a partnership with Polygon, integrating some of its services with the Polygon chain.
UTrust has added support for USDT payments on the Polygon chain to their list of services while providing cheaper fees and faster transactions to their customers.
Asides from the partnership with UTrust, Polygon has also partnered with SuperLayer, another Web3 Venture Studio.
The Polygon network has also been observed to have crossed a major adoption milestone, boasting over 53,000 dApps, according to Alchemy. Alchemy also reports that this 53,000 dApp figure is an 8X increase from what the figure was at the beginning of 2022 and a 60% increase from what it was in June.
However, it is important to note that this figure includes dApps on the Polygon mainnet and its testnet. At the same time, the number of active dApps is still at a 29% high from what it was from July to September.
In even more exciting news, India’s Uttar Pradesh police/law-enforcement agency has launched the Country’s first police complaint portal on the Polygon network.
This portal will allow civilians to lodge and track complaints to the UP Police, which can never be manipulated or tampered with, right from the comfort of their homes.
The Polygon supernet for the Uttar Pradesh Police will be managed by a middleware SaaS platform called Airchains.
Airchains allow developers and the UP Police to run their own blockchain network with customizable features.
The Polygon Rally – How Long Will It Last?
At least, Polygon appears to be doing better than the other cryptocurrencies on the market this week.
However, this growth may be short-lived because several other macroeconomic factors may also be at play. These factors include inflation and other global economic events.
The US FED will likely increase interest rates in another Federal Open Market Committee (FOMC) meeting slated later this year. Further FED rates may cause further declines in the general crypto market and Polygon.
However, Polygon plans to become the third largest cryptocurrency on the market by capitalization after bitcoin and Ethereum through partnerships and sponsorship. Overall, the Blockchain network seems to be on the right track to achieving these goals.
Polygon Price Analysis
Matic has broken through the major resistance levels around the $0.85 – $0.85 zone and the 50 and 100-period moving averages, as illustrated below.
The price action on MATIC appears to be aiming for a retest of the resistance marked out by the $0.80 – $0.811 levels where the 100 and 50-period moving averages sit.
On the RSI, a bearish crossover is now forming with overbought conditions. This would indicate a correction before further trends to the upside in the future.
Conversely, if the bulls fail to push against the bears and initiate one of such uptrends, the bears may push the price of Polygon downwards below the $0.8 support to the $0.75 support.
Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)