Warren Buffett-backed neobank picks Polygon for Web3 token — MATIC price eyes 100% rally

Published at: Oct. 24, 2022

Polygon (MATIC) price could double by the end of 2022 or early 2023 due to a mix of extremely bullish fundamental and technical indicators.

Polygon wins high-profile clients 

MATIC rose by nearly 6.5% four days after Nubank, a Brazilian fintech company backed by Warren Buffett's Berkshire Hathaway and Softbank, confirmed that it selected Polygon's "Supernets technology" for its blockchain and digital token dubbed Nucoin.

"Nubank plans to airdrop the digital token to its customers in the first half of 2023," the official announcement read, adding:

"These tokens will be the basis for its customers' loyalty rewards program and will have benefits such as discounts and other advantages."

#Polygon is taking @Nubank from #Web2 ➡️ #Web3!In a strategic partnership with Polygon, Nubank is launching its own chain using #PolygonSupernets & thus its digital token Nucoin #onPolygon This move will open the gateway for 70 mn+ Nubank users to the #Web3 space pic.twitter.com/Fu06Vi7IpV

— Polygon - MATIC (@0xPolygon) October 19, 2022

As a result of the rally, MATIC was changing hands for $0.90 on Oct. 24, its highest level in three weeks.

Polygon Supernets is an enterprise-level solution that removes the complexity of blockchain development for companies looking to build their native chains. Interestingly, before Nubank, gaming company GameSwift employed the product to launch its custom blockchain.

The growing demand for Polygon products may bring a similar boom for its native token MATIC, which serves as a utility and staking asset within the Polygon blockchain ecosystem.

MATIC eyes bull flag breakout

The Nubank news surfaces as MATIC paints what appears to be a bullish continuation pattern on its lower-timeframe chart.

Dubbed "bull flag," the pattern emerges when the price consolidates inside a parallel, descending channel after a strong move upward. As a rule, it resolves after the price breaks out of the range to the upside and rises by as much as the previous uptrend's height.

Therefore, MATIC's breakout above the flag's upper trendline could have it test $1.85 as its primary upside target. In other words, a 100% price rally by the end of 2022 or at the beginning of 2023.

Related: 3 reasons why DeFi investors should always look before leaping

Conversely, a pullback from the flag's upper trendline could lead MATIC toward the lower trendline near $0.67.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Tags
Markets
Altcoin Watch
Altcoin
Market Analysis
Polygon
Developers
Fintech
Web3
Tech Analysis
Warren Buffett
Related Posts
Is MATIC price about to double? Polygon's Reddit hype pushes exchange balance to 9-month lows
A sharp rebound in the Polygon (MATIC) market in the last four months has increased its price by 200% when measured from its June 2022 bottom of $0.31. And now, the token is showing signs of undergoing another major market rally. MATIC exchange balance hits nine-month low Notably, the MATIC supply held by all crypto exchanges fell to 802.15 million on Oct. 26, its lowest level since January 2022. The plunge came as a part of a broader downtrend that has witnessed over 600 million MATIC leaving exchanges in the last four months, data on Santiment shows. A declining crypto …
Markets / Oct. 26, 2022
Polygon can hit $3.50 in Q4 as MATIC’s 20% weekly rally triggers bull flag setup
Polygon (MATIC) has the potential to reach $3.50 by the end of this year as it charts a pattern that’s starting to resemble a bull flag. In detail, bull flags are bullish continuation patterns that emerge when the price consolidates following a strong move higher. In doing so, the price tends to trend lower while leaving behind a sequence of higher lows and lower lows. A breakout occurs when the price closes above the flag’s upper trendline (or resistance). In other words, the price can rise by as much as the height of the previous uptrend, also known as a …
Markets / Oct. 15, 2021
ApeCoin eyes 250% rally amid 'bull pennant' breakout, Robinhood APE listing rumors
ApeCoin's (APE) market valuation could grow by nearly 250% in the second quarter of 2022 as it breaks out of a widely-tracked, classic technical pattern. APE price "bull pennant" breakout underway On April 13, APE's price broke above the upper trendline of what appears to be a "bull pennant" chart pattern. Bull pennants appear when the price consolidates inside a triangle-like structure following a strong uptrend. Many traditional analysts consider them as continuation patterns, for they typically result in the price breaking out in the direction of its previous trend. As a rule, traders estimate a bull pennant's upside target …
Markets / April 13, 2022
These 3 altcoins have completely ignored the bear market in the last 90 days
The cryptocurrency market overall endured a bad summer on back-to-back pieces of bad news, ranging from Terra's collapse to the Celsius Network's liquidity crisis. But some tokens have bucked the downtrend and have actually seen their valuations go up over the summer. Specifically, the last 90 days have seen these so-called alternative cryptocurrencies, or "altcoins," outperforming top coins like Bitcoin (BTC) and Ether (ETH). Here are three among them Chiliz (CHZ) Chiliz's (CHZ) return in the last 90 days comes to be above 80%, the highest among the top-cap cryptocurrencies. Moreover, CHZ is down only 26% year-to-date compared with BTC …
Bitcoin Price / Aug. 29, 2022
MATIC price eyes 200% gains on Polygon adoption by Instagram, JPMorgan
Polygon (MATIC) emerged as the best-performing asset among the top-ranking cryptocurrencies on Nov. 3 as the market's attention turned to the latest Instagram and JPMorgan announcements. Polygon in high-profile partnerships Notably, Meta, the parent company of Instagram, named Polygon as its initial partner for its upcoming nonfungible token (NFT) tools that allow users to mint, showcase, and sell their digital collectibles on and off the social media platform. Meanwhile, banking giant JPMorgan used Polygon to conduct its first live trade (worth about $71,000) on a public blockchain, marking a concrete step toward integrating cryptocurrencies into the traditional financial frameworks. MATIC, …
Markets / Nov. 3, 2022