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

The long-lasting outlook of Polygon is positive for three factors: its ongoing adoption and migration by major entities to the Polygon network, numerous tasks being moved to it, and an increase in platforms using liquid stake services for MATIC.

TradingView and Cointelegraph Markets Pro information show that MATIC has actually increased 118% because it struck a low of $0.316 in June throughout the worst crypto market sell-off. The cost is now at $0.70, which is a significant assistance and opposition level that initially appeared back in March 2021.

Bearish market are more hard than booming market, where traders can simply toss a dart at any list of coins in order to select one that will rise. Rather, bear markets require more effort to recognize tasks that will carry out well over time.

MATIC/USDT 1-day chart. Source: TradingView

In spite of the crypto winter season, Polygon (MATIC), a layer two scaling service for Ethereum (ETH), has actually shown indications of extensive adoption. It is a job that intends to create a sustainable Web3 facilities using the leading clever contract platform.

Adoption statements of major importance

Prominent mainstream business are one of the most efficient marketing techniques a blockchain platform has, as they expose them to a wide variety of possible users.

Recently, Disney announced that Polygon was picked to be the sole blockchain to take part in 2022 Disney Accelerator, a program which “intends to speed up the development and development of innovative business around the globe.”

Interrupting the #GreenBlockchainSummit for some breaking news! We are thrilled to be part of the Disney Accelerator program. https://t.co/LaGU4bhidi
— Polygon– MATIC (@ 0xPolygon), July 13, 2022

Polygon has formed partnerships with Coca-Cola over the last couple of months. They released a pride series NFT Collection on the network. Reddit revealed on July 7 that it would introduce an NFT market on its Polygon network.

Polygon launches Protocols

The stable integration and migration of tasks to the L2 network is another sign of Polygons appeal as a scaling choice for Ethereum.

48 Projects are landing on @ 0xPolygon with OnePlanet Thanks to all the Ark * One partner tasks and @polygonstudios, we are all moving together to restore and grow the NFT environment #onPolygon Read the complete recap on Ark * One: https://t.co/lxTh6WVRJB pic.twitter.com/hnDtzmSA9S
OnePlanet landing at Polygon (@OnePlanet_NFT), July 8, 2022

Other than the NFT jobs that just recently moved to Polygon (see listed below), other additions consist of permissionless credit protocol RociFi and the multi-chain decentralized exchange WOO network.

MATIC has actually seen an increase in the number of platforms using liquid staking for tokens, which permits holders to make staking reward points.

2/3 Farming opportunities:@LidoFinance & @BalancerLabs – 12% [email protected]_Polygon & @Meshswap_Fi – 13% [email protected]_HQ – 9% [email protected] – 9% APY
— DeFi Pulse (@defipulse), July 12, 2022

Comparable: Terra jobs join forces in migration to the Polygon environment

Crypto Tony, a market analyst and pseudonymous tweeter, published this chart recommending that MATIC could move greater towards resistance at $0.75.

This outlook was enhanced further by Trader McGavin who posted the following chart, noting that MATIC “Filling out rising triangle” and is all set to breakout in coming days.

A breakout would permit a go up to $0.80, then $1. There have actually been lots of positive drivers in the previous few weeks that drove this huge relocation from the lows. You ought to do your research before making any financial investment or trading choice.
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” I am searching for a flip in the EQ to the high range. We would enjoy to consolidate a little bit more below this area.

Crypto Tony said.

Traders anticipate resistance at $0.75.

A breakout would permit for a move up to $0.80, then $1. There have actually been heaps of positive catalysts in the past few weeks that drove this huge move from the lows.

Polygon has formed partnerships with Coca-Cola over the last couple of months. They released a pride series NFT Collection on the network. Reddit announced on July 7 that it would release an NFT market on its Polygon network.

Trader McGavin mentioned,.

MATIC/USDT 4-hour chart. Source: Twitter.

MATIC/USDT 1-day chart. Source: Twitter.

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