Partnership With SK Telecom Fails To Halt MATIC Slide

The Polygon (MATIC) worth continues to fall. Even the current constructive information from Korea and the robust information from the NFT market can’t change this. Because the yearly excessive on February 13 at $1.56, the MATIC worth has presently fallen 60% and is buying and selling at simply $0.6169.

Because the excessive, MATIC has been in a transparent downtrend, which was final examined in mid-July. Nevertheless, a breakout was not profitable, each the trendline and the coinciding 200-day EMA have confirmed to be too robust a resistance. Now MATIC has additionally fallen under the 23.6% Fibonacci retracement stage at $0.75.

If the assist at $0.60 (in shorter time frames) now additionally falls, a plunge in direction of the yearly low at $0.50 may very well be imminent. Nevertheless, if the extent establishes itself as assist within the subsequent few days, a brand new try to interrupt out of the downtrend might begin.

For this, MATIC would presently need to rise above $0.71. Nevertheless, validation of the breakout from the downtrend must come from the 23.6% Fibonacci retracement stage. Provided that MATIC rises above $0.75 the bulls may regain the higher hand. Then, the 200-day EMA at $0.84 could be the subsequent main process that MATIC bulls need to grasp. Till then, MATIC appears poised for additional draw back.

Even Optimistic Information Can’t Transfer Polygon Value

It’s a dangerous omen for the MATIC bulls that even constructive information can’t transfer the value. Within the final two days Polygon has been in a position to report a minimum of two constructive information. At the moment, Polygon Labs has inked a strategic alliance with SK Telecom (NYSE:SKM), South Korea’s foremost cell telecom operator. This collaboration is geared in direction of the enlargement of SKT’s Web3 ecosystem, positioning the telecom behemoth on the forefront of the burgeoning decentralized tech sector.

Polygon’s CEO, Marc Boiron, elucidated the intent behind the partnership, stating, “Polygon Labs has been creating optimum blockchain expertise for Web3 popularization, and we see this collaboration with SKT as an vital step in offering Web3 experiences to extra shoppers.”

Central to this synergy is the mixing of the Polygon blockchain inside SKT’s NFT market, TopPort, in addition to its forthcoming Web3 pockets, set for launch in 2023. The pockets guarantees to supply customers high-speed, cost-effective transactions, augmented by Ethereum’s intrinsic safety and decentralization options. Given the widespread utilization of Polygon-based options by international manufacturers, this integration is prone to improve SKT’s Web3 choices significantly.

Each entities can be actively scouring for promising Web3 startups to nurture and assist. “By combining our expertise in blockchain companies and Polygon Lab’s blockchain infrastructure and ecosystem, we can create helpful enterprise alternatives and enhance the Web3 ecosystem,” voiced Oh Se-hyun, Vice President and Head of Web3 CO at SKT.

Furthermore, Polygon’s NFT ecosystem clinched the second spot in traded quantity over a month-long interval, as highlighted by Polygon Labs founder Sandeep Nailwal. Apparently, this surge will be attributed not simply to high-value transactions however a flurry of micro-transactions, indicating Polygon’s accessibility and widespread use.

By variety of transactions, Polygon is 3x of Ethereum mainchain, meaning there’s plenty of micro transactions occurring. The quantity of “patrons” on Polygon is also 30% greater than the mainchain. This pattern clearly solidifies Polygon’s burgeoning place within the decentralized tech sector.

Featured picture from ZipMex, chart from TradingView.com