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Polygon (MATIC) emerged as the best-performing asset among the leading cryptocurrencies on November 3 as the market turned its attention to the latest announcements by Instagram and JPMorgan.
Polygon in multi-links
Meta, the parent company of Instagram, named Polygon as the first partner for its upcoming nonfungible token (NFT) tools that allow users to mint, display and sell them collect digitally on and off the social media platform.
At the time, JPMorgan used Polygon’s financial portfolio to conduct its first live auction (costing $71,000) on a public blockchain, representing a concrete way to invest money. crypto into traditional financial frameworks.
MATIC, a utility token and token in the Polygon blockchain ecosystem, rose 13% to $0.985 after the announcements, along with an increase in daily trading volume.
Polygon’s own move came as part of a broader recovery event across the crypto sector that began in mid-June. MATIC’s price has recovered by over 200%, a trend that will continue in the coming months.
The MATIC charge is about to break the cup and handle
It is the first sign of MATIC’s continuation from the classic technical setup.
On the daily chart, MATIC has painted a cup and handle setup, which includes a U-shaped recovery followed by a downward trending channel. The indicator is now looking for a major break above the pattern’s neck range (red bar in the chart below) to reach $2.89, its first level.
As a method of technical analysis, the target of the cup and stem model is measured after adding the distance between the bottom of the cup and the neck to the breaking point. As a result, MATIC is now looking at 200% of costs by the end of Q1 2023.
Naturally, MATIC’s interest will continue to grow due to the growing number of Polygon’s NFT projects launched by mainstream companies.
Related: Warren Buffett-backed neobank selects Polygon for Web3 token – MATIC price face 100% rally
For example, Polygon’s list of popular NFT partners includes names like Disney, Robinhood and Starbucks. In addition, Polygon had a strong Q3, where the number of active coins reached 6 million, thanks to the launch of Reddit’s NFT market on its blockchain.
On the other hand, macro problems continue to threaten to revive the crypto market, and Polygon may face difficulties despite its growing relationships with big-name brands. That being said, a strong return from a range of cup and stem model gluttons can completely eliminate a solid setup.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Investments and trades are risky and you should do your own research before making any decisions.
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