John Isige
MATIC, the token behind Polygon, a leading layer 2 protocol on the Ethereum blockchain is slowly proving to investors that it has the ability to rise above the bearish wave in the market and post significant gains. Polygon price is up 1.1% in 24 hours to trade at $1.32 at the time of writing. Bulls seem to have checked in and are ready to blast MATIC to highs between $1.80 and $2.00 in the next few days.
Shemaroo Comes To Polygon and With It Are Bollywood NFTs
One of India’s most significant media and entertainment platforms, Shemaroo has launched on Polygon following a strategic partnership. Shemaroo will capitalize on this collaboration with one of the leading layer 2 protocols on Ethereum to launch Virtasy.io, an NFT marketplace.
Virtasy will debut with exclusive NFTs from iconic Bollywood films, including images, movie clips, and 3D, as well as, ready metaverse avatars. The development has been welcomed with open arms, as it will enable owners to bring their favorite Bollywood characters into the metaverse. That’s not all, Virtasy’s community-centered approach allows users to earn and receive rewards in addition to engaging in a vibrant space.
Hiren Gada, the CEO of Shemaroo believes the transition to the Web3 space allows fans to interact with their favorite Bollywood movie stars and iconic films on a personal level. Web3 is predicted to have a major impact on the entertainment industry.
“Pre-empting how Web3 is going to impact the entertainment industry and to be future-ready, Shemaroo has chalked out its roadmap in this space, and the launch of Virtasy is a major step in that direction,” Gada said.
Polygon hosts some of the biggest NFT marketplaces and projects like OpenSea and Magic Eden. On top of this, the protocol boasts 500,000 collections, ranging from Cool Cats to yOOts. Polygon is an easy choice for many developers because of the network’s low fees and faster transaction speeds.
“By leveraging the full suite of Polygon Labs’s innovative solutions, tools, and frameworks, we will intertwine cutting-edge modern technology with the vast popularity of iconic Bollywood movies and reach fans all around the world,” the CEO continued.
Polygon Price Breaks Out – Is $1.80 Incoming?
Polygon price is on the cusp of another significant breakout likely to open the door to gains aiming for $1.80 and $2.00, respectively. As reported in a previous analysis, MATIC’s uptrend stalled at $1.20 toward the end of January with the next hurdle at $1.30 further stifling its recovery.
Now that Polygon price is trading above the seller congestion highlighted between $1.20 and $1.30, the uptrend will probably move quickly to close the gap to $1.80. The Directional Movement Index (DMI), the indicator underlying the daily time frame chart, upholds this bullish outlook as the -DI (line in blue) widens the divergence above the +DI.
Traders are not afraid to buy MATIC thanks to a golden cross pattern in the same daily time frame. Golden cross patterns have been known to ignite significant upswings in assets like Bitcoin and Ethereum.
Therefore, many investors resolved to throw their weight behind Polygon price as the 50-day Exponential Moving Average (EMA) (in red) flipped above the 200-day EMA (in purple).
Fundamentals Backing Polygon Price Rally
Polygon has a bullish rating on Thursday backed by solid support as presented by the IOMAP model from IntoTheBlock. The biggest green circle on the chart below hosts 7.18k addresses that bought 1.02 billion MATIC between $1.22 and $1.26.
Since investors in this cohort are facing unrealized profits, they are unlikely to sell Polygon in the current market conditions. Instead, they might be ready to throw all their weight behind MATIC to capitalize on the anticipated move to $1.80 and $2.00, respectively.
On the other side of the fence, the same chart reveals the absence of prohibitive resistance areas. Therefore, with a minor push, Polygon price would be on the way to achieving the short-term goal to reach $1.80.
Polygon price has also been rising alongside the number of active addresses on the protocol. On-chain data from IntoTheBlock shows over 4.2k addresses were active on the network on Wednesday, up from 3.37k as recorded on Monday.
A spike in this metric points to increasing speculation among investors and can be used to validate a sustainable uptrend.
Polygon Alternatives To Consider Buying Today
Investors may want to consider other best altcoins to buy alongside side MATIC. We have selected several best crypto presales for 2023 with the potential to return above-average gains.
Our team of experts reviews the cryptocurrencies for this list weekly to ensure you have access to crypto projects with a better risk-reward ratio.
Meta Masters Guild (MEMAG) is one of these revolutionary presales that has so far raised $3.67 million. It is a revolutionary mobile-focused Web3 play-and-earn platform tapping the power of the metaverse to reward users and support their growth. Meta Masters Guild presale is in the second last stage with the price expected to rise to $0.023 in less than three days.
Similarly, Fight Out (FGHT) presale is selling out fast with $4.03 million raised since late last year. The new ecosystem is building a fitness application set to shape the future of move-to-earn. Fight Out appeals to investors who have piqued interest in the fitness lifestyle but do not want to break the bank as is the case with existing M2E platforms.
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Fight Out - Next 100x Move to Earn Crypto
- Backed by LBank Labs, Transak
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This article was written for Business 2 Community by John Isige.
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