Polygon’s roster of high-profile partners is growing, with Disney, Starbucks, and Robinhood now on board.
On Nov. 3, Polygon emerged as the best-performing asset among the top-ranking cryptocurrencies, as the market focused on the latest Instagram and JPMorgan news.
Polygon is involved in high-profile collaborations
Notably, Instagram’s parent company, Meta, has picked Polygon as its first partner for its future nonfungible token (NFT) capabilities, which will allow users to mint, promote, and trade their digital collectibles on and off the social media site.
Meanwhile, JPMorgan utilized Polygon to perform its first live deal (worth around $71,000) on a public blockchain, paving the way for cryptocurrencies to be integrated with existing financial systems.
Following the news, MATIC, a utility and staking token inside the Polygon blockchain ecosystem, gained more than 13% to $0.985, supported by an increase in daily trading volume.
MATIC’s rise was part of a larger rebound bounce in the crypto industry that began in mid-June. MATIC’s price has more than doubled, a trend that is expected to continue in the coming months.
MATIC’s price is approaching a cup-and-handle breakout.
A classic technical setup provides the first indication for MATIC’s bullish continuation.
MATIC has painted a cup-and-handle setup on the daily chart, which consists of a U-shaped rebound followed by a downward drifting channel. The token is now aiming for a significant breakthrough above the neckline range of the pattern (the red bar in the chart below) in order to achieve $2.89, its major upside goal.
The goal of a cup-and-handle pattern is calculated by adding the distance between the cup’s bottom and neckline to the probable breakout point. As a result, MATIC expects a 200% price increase by the end of Q1 2023.
Fundamentally, given Polygon’s rising NFT initiatives launched by mainstream firms, MATIC demand could continue to rise.
Polygon’s list of notable NFT partners, for example, includes names like Disney, Robinhood, and Starbucks. Furthermore, Polygon had a good third quarter, with its active wallets reaching a record high of 6 million, owing mostly to the opening of Reddit’s NFT marketplace on its blockchain.
However, macro issues continue to undermine the recent crypto market recovery, which may harm Polygon despite its expanding relationships with well-known businesses. However, a severe decline from the cup-and-handle pattern neckline range might render the bullish setup useless.
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