MATIC Enjoys Bullish Action Ahead of Important Announcement at Polygon zk Day
Popular Layer 2 Ethereum scaling solution Polygon (MATIC) has gone on to become the 16th largest cryptocurrency by market cap, extending its gains into early trading on Monday, powered by strong fundamentals based on new partnerships, listings and rising adoption. At the time of writing, MATIC/USD is trading at around $1.81.
Polygon Announces Partnership With GameOn
One of the biggest developments supporting the uptrend in the MATIC token is Polygon’s recent announcement of a strategic partnership with GameOn Entertainment to foster innovation in NFT-based games on its ecosystem. Polygon has previously committed to pushing deeper into the space of NFTs and blockchain based gaming with the setting up of its Polygon Studios arm, and setting aside $100 million for projects in this space.
According to CEO at GameOn, Matt Bailey, “Leveraging Polygon’s technology, GameOn continues to lean into blockchain and NFTs, bringing innovative gamification to the rapidly growing Web3 and metaverse economies. Through resource-driving partnerships and M&A, we’ll continue to double down on being the one-stop-shop for gamification, including NFT-based games.”
Interest in MATIC as Investment Rises
Polygon’s explosive growth in demand and adoption, powered by Ethereum’s challenges in terms of network congestion and high gas fees, has also garnered interest from institutional investors. Last week, crypto ETP issuer 21Shares announced the listing of Europe’s first Polygon ETP on Euronext exchanges in Paris and Amsterdam. Last month, the firm had debuted this ETP on the SIX Swiss Exchange, and clearly, it was a successful launch if the company has extended it to other exchanges as well.
Later this week, we could see strong volatility in the MATIC token as Polygon gears up to host the zk Summit. Thursday, December 9, is being promoted on social media as “Polygon zk day“, where its team of developers will join Ethereum’s co-founder Vitalik Buterin to discuss the current state and future of zk-STARKs and applications of Zero Knowledge proofs. In addition, the teaser hints at an upcoming major announcement from the developers.
MATIC/USD Technical Analysis
According to popular crypto analyst and trader Michaël van de Poppe, MATIC could hit a new ATH at around $2.70 soon, after making higher lows. According to his analysis, Polygon’s token could be building up the momentum towards a new breakout soon.
On the H4 price chart of MATIC/USD, most moving averages along with technical indicators MACD and momentum suggest a bearish bias. However, the 200 EMA is pointing to some buying interest in the market as well.
Polygon’s MATIC price remains under the pivot point at $2.02 but the immediate resistance at $1.65 is doing its job well for now. Although, we need to keep a close watch on the support as it could be tested if more sellers jump into the market soon.
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