Polygon’s MATIC (MATIC) coin price could double by the end of 2022 or early 2023 due to a mix of very bullish fundamental and technical indicators.
Polygon wins high-profile clients
MATIC rose nearly 6.5% four days after Warren Buffett’s Berkshire Hathaway and Nubank, a Brazilian fintech firm backed by SoftBank. We have confirmed that we have chosen Polygon’s “supernet technology” for our blockchain and digital token called Nucoin.
“Nubank plans to airdrop digital tokens to customers in the first half of 2023,” read the official announcement, adding:
“These tokens will serve as the foundation for our customer loyalty reward program, with benefits such as discounts and other benefits.”
#polygon taking @ Nubank from #Web2 ➡️ #Web3!
In a strategic partnership with Polygon, Nubank is launching its own chain. #PolygonSupernets Therefore, the digital token Nucoin #onPolygon
With this move, more than 70 million Nubank users #Web3 space pic.twitter.com/Fu06Vi7IpV
— Polygon – MATIC (@0xPolygon) October 19, 2022
As a result of the rally, MATIC traded at $0.90 on Oct. 24, a three-week high.
Polygon Supernets is an enterprise-grade solution that removes the complexities of blockchain development for companies looking to build a native chain. Interestingly, before Nubank, his game company GameSwift adopted the product to launch a custom his blockchain.
Rising demand for Polygon products could lead to a similar boom for MATIC, the native token that acts as a utility and staking asset within the Polygon blockchain ecosystem.
MATIC Eye Bull Flag Breakout
Nubank news surfaces as MATIC draws what appears to be a bullish continuation pattern on the timeframe chart below.
This pattern, called a “bullish flag”, appears when prices consolidate within parallel descending channels after a strong rise. As a general rule, it resolves after the price breaks out of the range and rises by the height of the previous uptrend.
Therefore, a MATIC breakout above the flag’s upper trendline could test $1.85 as a major upside target. That means we could see a 100% price increase by the end of 2022 or the beginning of 2023.
Related: 3 Reasons DeFi Investors Should Always Look Before Leaping Forward
Conversely, a pullback from the flag’s upper trendline could lead MATIC to the lower trendline near $0.67.
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