3 reasons why Polygon (MATIC) is up 100%+ during a bear market

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In contrast to bull markets the place merchants can mainly throw a dart at an inventory of cash to choose one that can go up, bear markets require rather more effort to seek out tasks that might carry out nicely over the long-run.

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One mission that has continued to point out indicators of mainstream adoption regardless of the onset of a crypto winter is Polygon (MATIC), a layer-2 scaling resolution for the Ethereum (ETH) community that’s seeking to construct a sustainable Web3 infrastructure on the highest sensible contract platform.

Knowledge from Cointelegraph Markets Professional and TradingView reveals that since hitting a low of $0.316 on June 18 through the worst of the crypto market sell-off, MATIC has climbed 118% to $0.70 the place the worth now sits at a significant help and resistance degree that first appeared in March 2021.

MATIC/USDT 1-day chart. Supply: TradingView

Three the reason why the long-term outlook for Polygon stays optimistic are its continued adoption by mainstream entities, the migration of a number of tasks to the Polygon community and a rise within the platforms providing liquid staking providers for MATIC.

Main adoption bulletins

Adoption by influential mainstream firms is without doubt one of the finest types of advertising {that a} blockchain platform can obtain because it exposes them to a big pool of potential customers.

Prior to now few months, Polygon has established partnerships with Coca-Cola, which launched a satisfaction collection nonfungible token (NFT) assortment on the community and Reddit, which introduced that it was launching an NFT market on the Polygon community on July 7.

Most just lately, it was announced that Polygon has been chosen by Disney to be the one blockchain included within the 2022 Disney Accelerator program, a “enterprise improvement program designed to speed up the expansion of progressive firms from all over the world.”

Protocols launch on Polygon

Additional proof of the rising reputation of Polygon as a go-to scaling resolution for Ethereum has been the regular migration and integration of tasks with the L2 community.

Except for the current NFT tasks which have migrated to Polygon, different new additions embody the permissionless, credit score protocol RociFi and WOO community’s multi-chain decentralized change.

MATIC has additionally seen a rising variety of platforms that supply liquid staking for the token, which permits holders to earn staking rewards.

Associated: Terra tasks band collectively in migration to Polygon ecosystem

Merchants count on resistance at $0.75

As for what comes subsequent for MATIC value, market analyst and pseudonymous Twitter consumer Crypto Tony posted the next chart, suggesting that the token might head larger towards resistance on the $0.75 degree.

MATIC/USDT 4-hour chart. Supply: Twitter

Crypto Tony stated,

“On the lookout for a flip of the EQ as much as the vary excessive. Would like to see us consolidate a bit longer beneath this space.”

This outlook was additional bolstered by Dealer McGavin, who posted the next chart, noting that MATIC is “Filling out the ascending triangle and appears prepared to interrupt out within the coming days.”

MATIC/USDT 1-day chart. Supply: Twitter

Dealer McGavin said,

“A breakout would open up a transfer to $0.80 after which $1. Ton of optimistic catalysts over the previous few weeks driving this huge transfer off the lows.”

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, you need to conduct your personal analysis when making a choice.

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