• Polygon integrates Gelato Network, bringing smart contract automation for its users.
  • Umbrella Network’s decentralized oracles are live on Polygon, allowing access to a wide range of data feeds.
  • MATIC price has entered a crucial zone, a bounce from which seems likely.

MATIC price seems to be holding up quite well considering the selling frenzy gripping the cryptocurrency market, while Polygon continues to make headway with its adoption.

Polygon builds ties with Gelato and Umbrella Network

Polygon is an example of an L2 scaling solution that has been on a tear when it comes to adoption. With a plethora of partnerships under its belt, Polygon recently announced an integration of Gelato Network’s automation abilities, which will further help the users and developers of both the communities, increasing efficiency in transactions, costs and speed.

Combining Gelato’s automated smart contract execution and Polygon’s scaling solutions, many centralized tools can now be implemented on Polygon-native products at a fraction of the cost.

Sandeep Nailwal, Co-Founder of Polygon, stated,

We are excited to have Gelato onboard, they are really pushing the boundaries of what once was thought possible for automation on Ethereum. It only makes sense to bring that capability to Polygon for the benefit of our projects and users.

Additionally, MATIC announced ties with Umbrella Network, a scalable, cost-efficient and community-owned oracle.

With DeFi booming right now, projects, developers and users require quick, reliable and tamper-proof data, which has given rise to plenty of oracle blockchains.

With this partnership, Polygon users will leverage decentralized oracles on its network via Umbrella Network’s Layer 2 oracle solutions, allowing them to access critical real-world data, including crypto asset prices, contract information, third-party data and so on.

MATIC price at critical level

MATIC price shows a breach of the 50 Simple Moving Average (SMA) on the daily chart, which has resulted in a 15% decline tapping $0.295. Interestingly, this level coincides with the SuperTrend indicator’s buy signal that flashed on January 4.

In doing so, MATIC price has pierced the 12-hour demand zone that extends from $0.28 to $0.33. While the sell-off seems to be waning, a decisive close above $0.34 would be bullish for Polygon and promote a 22% upswing to the recent swing high at $0.42.

MATIC/USDT 1-day chart

MATIC/USDT 1-day chart

If the crash continues, leading to a breakdown of the SuperTrend indicator’s buy signal followed by the demand zone’s lower trend line, a steep correction awaits MATIC price.

In such a scenario, the SuperTrend indicator would trigger a sell-signal last seen nearly four months ago. This move might extend the correction to the subsequent demand zone’s upper layer at $0.229.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

MANTA suffers 4% pullback after unlocking tokens worth $40 million

MANTA suffers 4% pullback after unlocking tokens worth $40 million

Manta Network (MANTA) unlocked over 8% of its circulating supply on Thursday. The unlocked tokens were airdropped and distributed in public sale, according to data from Tokenunlocks. 

More Cryptocurrencies News

XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says

XRP struggles to recover as lingering Ripple lawsuit could reach Supreme Court, former SEC litigator says

The SEC vs. Ripple potential showdown at the Supreme Court is likely, says former SEC litigator Ladan Stewart. XRP Ledger calls developers, businesses and investors to build on the blockchain, extending Apex 2024 registration until April 30. 

More Ripple News

Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction

Bitcoin Layer 2 Merlin chain TVL climbs 20%, defying broad market correction

Merlin chain’s TVL added 20% this week, and crossed $800 million on Thursday. Bitcoin Layer 2 assets noted double-digit losses in the past week. Stacks, Elastos, SatoshiVM, BVM are hit by a correction as Bitcoin hovers around $61,000. 

More Bitcoin News

If Bitcoin restarts bull run, these altcoins are likely to explode Premium

If Bitcoin restarts bull run, these altcoins are likely to explode

If Bitcoin’s consolidation ends and the bull run resumes, altcoins are likely going to trigger a massive rally. Last cycle’s hot tokens like SOL, AVAX, WIF, ONDO, etc., could see renewed enthusiasm. 

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis