MATIC Price Prediction: Polygon could blast off as partnerships sprout
- Polygon integrates Ocean Protocol to help bring Web3 data economy tools to its network.
- bountyblok also announced that it would deploy its functionalities to developers and NFT artists who will migrate to Polygon’s Layer 2.
- MATIC price is hovering below its all-time high at $0.54 and could potentially reclaim it soon.
Multiple blockchain projects have shown interest in Polygon and are constantly integrating it. MATIC price also indicates an optimistic outlook as it aims to retake its all-time high.
Ocean Protocol and bountyblok land on Polygon
Polygon has been on a tear lately with its furry of partnerships and integrations. After its recent collaboration with Ocean Protocol on March 17, users can now publish, swap, stake, and consume data assets on the protocol.
With this development, not only can OCEAN be used on Polygon as mTokens, but,
Data marketplace builders and other dapp developers can use Ocean libraries (ocean.js, ocean.py) and frontend components (react hooks, market) with Polygon.
Polygon also announced its integration with the bountyblok platform. As a result, developers or NFT artists migrating to Polygon Layer 2 can take advantage of both the network’s low-cost scaling solutions and bountyblok’s tools.
Through this partnership, bountyblok will provide its gamification portal to applications building on Polygon to incorporate gamification mechanics within their applications.
MATIC price hovers just below its all-time high
On the 1-day chart, MATIC price has been creating higher highs and higher lows since February 10. This move has resulted in the formation of an ascending parallel channel. At the time of writing, Polygon was trading below its all-time high at $0.54 and hinted at an optimistic outlook.
For any chance of an upward movement, MATIC needs to climb above the channel’s middle line around $0.47. In such a case, a 15% upswing will take it to $0.54.
Another spike in bullish pressure around this price hurdle might propel Polygon price by 60% to the 127.2% Fibonacci retracement level at $0.91.
MATIC/USDT -day chart
Backing this bullishness is IntoTheBlock’s Global In/Out of the Money (GIOM) model, which shows a stable demand barrier at $0.40, where 5,300 addresses previously purchased nearly 271 million MATIC tokens.
Meanwhile, the supply barriers present at $0.41, $0.43, and $0.45 are relatively smaller and less likely to prevent a strong gust of buying pressure.
MATIC IOMAP chart
Investors should note that failure to breach these resistance levels could result in a pullback to the ascending channel’s lower trendline, which coincides with the 78.6% Fibonacci retracement level at $0.36.
A breakdown of this critical barrier of support could push MATIC price to the 61.8% Fibonacci retracement level at $0.26.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
