• Polymarket announced support for instant and free deposits from Coinbase via MATIC network.
  • Blockchain gaming could explode on the MATIC network as Epic League joins the Polygon ecosystem. 
  • Analysts have identified bullish signals in the MATIC price chart, as the Ethereum scaling token eyes the $1 target. 

MATIC price eyes the bullish target of $1 with new announcements and updates that boost the Ethereum scaling token’s utility and adoption. Polygon network has dived into blockchain gaming and powering free deposits to Polymarket. There is a spike in bullish sentiment among MATIC holders. 

Also read: MATIC price shows signs of bottom, ready for 60x gains?

MATIC price prepares for rally with new partnerships

MATIC announced a partnership with web3 game development studio Epic League. The game development studio has plans to develop industry-leading blockchain games with Polygon’s technology. 

Epic League has successfully beta tested Dark Throne, a role-playing game set to launch in Q3 2022 on the Polygon Network. The game demonstrated a nearly 70% retention rate among players on the seventh day of the test. The game is therefore expected to have a widely successful launch with Polygon Studios. 

In addition to the gaming partnership, Polygon teamed up with Techstars London for a Web3-specific accelerator program to bring the next wave of projects to the MATIC network. 

Applications will open on August 29, 2022, and the projects that make it to the accelerator program will begin work early 2023. The Techstars partnership is MATIC ecosystem’s move to onboard tens of millions of developers onto Polygon's ever-growing, diverse and green network. 

The Polygon ecosystem has seen a spike in partnerships and Polymarket’s announcement of instant and free deposits from Coinbase is one of the leading developments in the ecosystem. Polymarkets, a global information platform, has therefore played a key role in driving MATIC’s utility.

Analysts predict MATIC price rally to $1

Mohadesa Najumi, a leading crypto analyst evaluated the MATIC price trend and identified bullish signals in the altcoin’s price chart. Observing the daily simple and exponential moving averages, Najumi revealed a bullish outlook on MATIC. 

The analyst argues that a spike in selling pressure limited MATIC’s upside potential and derailed it from its path to psychological level of $1. If selling pressure on MATIC reduces, there is a possibility of a rally to $1. 

@Pentosh1, crypto analyst and trader argues that a clean break past resistance at $0.97 could push MATIC price to the range between $1.2 and $1.4. 

MATIC-USDT 1-day price chart

MATIC-USDT 1-day price chart


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.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP