These bullish updates could push MATIC to $1, argue analysts

By August 5, 2022Layer2
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  • 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.

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.

1/ @epicleagueteam has joined the Polygon ecosystem to bring their blockchain gaming platform and services.

Their team aims to onboard millions into #web3 by leveraging @0xPolygon to build a borderless economy and society.

Read morehttps://t.co/7lVKH8CfE7

— Polygon Studios (@polygonstudios) August 4, 2022

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.

#Polygon and @Techstars have teamed up for an accelerator program offering hands-on mentorship, personalized programmes, and investor networking opportunities to a cohort of founders building #onPolygon and in Web3.

Applications open from 29 August.

https://t.co/JE88zj86tb

— Polygon - MATIC (@0xPolygon) August 4, 2022

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

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