- Lark Davis believes that MATIC is worth the hype as its adoption rate has gone massive.
- According to reports, the daily average number of users of Polygon was 350,000 last week.
MATIC price trades below 50 and 200 EMA on the daily timeframe despite showing some relief strength. MATIC rally caught short as BTC price continued to range. The price of MATIC must hold $0.72 support or face a drop-down to a weekly low. Polygon (MATIC) price showed some bullish strength recently, but the price has struggled to break above key daily resistance against tether (USDT). The price of Polygon (MATIC) has continued to range as bulls sweat over a potential break of the key support zone holding the price of MATIC from having a spiral down to a weekly low. (Data from Binance) Related Reading: ApeCoin Performance Could Attract The Whales – How About The Bulls? Polygon (MATIC) Price Analysis On The Weekly Chart The price of MATIC showed incredible strength rallying from a weekly low of $0.3 to a high of $1, with many investors and traders left astonished as to this movement in a bear market that has brought nothing but a tough moment for most crypto projects. MATIC’s price has recently declined after bouncing from its weekly low of $0.3 as a price rally to a high of $1 before facing a stip rejection, and the price has struggled to re-establish its bullish trend. MATIC’s price remains just a hair above a key support area above $0.72; this area of support is acting as a good demand zone for buy orders. For MATIC to have a chance to trend higher, the price must break through its weekly resistance of $1. For the price of MATIC to restore its rally, the price needs to break and hold above the $1 resistance with good volume. If the price of MATIC keeps rejecting $0.75, we could see the price going lower to retest $0.6 support and possibly a lower support area of $0.45 on the weekly chart if there are sell-off. Weekly resistance for the price of MATIC – $1. Weekly support for the price of MATIC – $0.72-$0.6. Price Analysis Of MATIC On The Four-Hourly (4H) Chart MATIC continues to trade below key resistance in the 4H timeframe as it attempts to break out of its range movement. After forming an ascending triangle as the price attempts to break out of its downtrend range, the price of MATIC has shown strength as it faced rejection. The price of MATIC is $0.75 lower than the 50 and 200 Exponential Moving Averages (EMA). On the 4H timeframe, the prices of $0.75 and $0.8 correspond to the prices at the 50 and 200 EMA for SOL. If the price of MATIC breaks and closes above $8, it could rally to a high of $1. Daily resistance for the MATIC price – $0.8-$1. Daily support for the MATIC price – $0.72-$0.7. Related Reading: Bitcoin Sells-Off Amid Strong Economic Data, Can $18,600 Hold The Line? Featured Image From The Daily Hodl, Charts From Tradingview
Among other investment assets, cryptocurrency is prominent when it comes to volatility in prices, including altcoins such as Chainlink. While an uptrend matters a lot to daily traders, dipping could be favorable for accumulation for long-term investment. The crypto market over the weekend saw slight positive progress in the prices of most tokens. The past week was downward, but this week could bring more hope. General analysis on a 24-hour scale for most altcoins shows that last Sunday came with a commendable trend. The majority of the tokens displayed significant progress in an uptrend. Chainlink native token, LINK, was at the forefront, among others. Related Reading: Litecoin Price Watch: Why Only 15% of LTC Holders Are Making Profit But the story is quite different for the primary cryptocurrency. After moving to the $19,000 region, BTC stalled on the level through the weekend. Chainlink Leads As The Top Performer The crypto market witnessed a positive turnaround, especially with the price performance of the altcoins. The total market cap has stalled with the outcome without making another drop. The value is currently around the $950 billion level. LINK, the native coin of the leads as the best performer among the altcoins. The token increased by above 5% in the early hours of trading today with an approximate price of $8. For Ethereum, there is a progressive reclaiming from its 20% post-merger drop. ETH swung into the green as the price crossed the $1,300 level. Other altcoins increased in their values. These include Solana (SOL) and Shiba Inu (SHIB), which rose slightly. However, for Cardano (ADA), the price stalled on a particular level despite the recent launch of the Vasil Upgrade. Some crypto assets with a slight dip include Polkadot, Ripple, Polygon, Binance Coin, Dogecoin, Tron, and Avalanche. BTC Stagnates At Around $19,000 The performance of Bitcoin over the past week has not been quite impressive. However, it is notable that before the US Federal Reserve’s rate increase, BTC made an upward jump. The token surged from $18,300 to around $20,000. However, its sustainability was short-lived. The announcement of the 75 bps rise in interest rates caused a drastic drop in the price of BTC. The primary crypto asset lost almost $2,000 in value within hours following the announcement. Bitcoin plummeted to a new 3-month low of $18,100. The crypto market was thrown into another panic as the selling pressure increased. But after a few days, the price of BTC reclaimed slightly and crawled to the $19,000 level. Then, as the market encountered more bulls, Bitcoin climbed up to $19,500 through the trading hours between last Sunday and today. Related Reading: Dogecoin (DOGE) Is On Top Of Whales’ Menu – Here’s Why At the time of writing, BTC is trading around $19,187, depicting a 0.71% increase over the past 24 hours. Its dominance over the altcoins has returned to 39%, while its market cap is almost about $365 billion. Featured image from Pixabay, Chart: TradingView.com
Do the Cool Cats still have Blue Chip status? The collection fell on hard times lately, but so has any other NFT project out there. We’re in a bear market, after all. A Hollywood agency manages the Cool Cats project, they had the coolest exhibit in NFT NYC, and collaborated with TIME magazine in a weird NFT drop. Still, the collection’s floor price is down to levels not seen since the project’s conception. Related Reading: Blue Chip NFTs 101 – What’s The Secret Behind CloneX? Built For The Metaverse The Cool Cats started spreading good vibes in July 2021. It’s a PFP collection consisting of 9.999 unique cats assembled from various traits that formed 300K possibilities total. The ecosystem expanded in two major ways lately. They launched their secondary collection, the Cool Pets, and their own token, $MILK. The new coin is the blood of the gamified experience that the collection’s creators have been releasing. pic.twitter.com/GcpXtb5Vt8 — Mike Tyson (@MikeTyson) July 9, 2021 Speaking about those, the core team are: the smart contract programmer Tom Williamson, web developer Rob Mehew, creative director Evan Luza, and illustrator Colin Egan AKA The Cartoonist. The unofficial fifth member of the band is Mike Tyson. The eternal heavyweight champion changed his Twitter profile picture to a Cool Cats and that propelled the collection when it needed it the most. The Relationship Between Cool Cats And CAA The Cool Cats went Hollywood on March 2021. In a move unprecedented at the time, the creators signed with leading talent agency CAA. In a press release from the time, the partners explained the deal in detail: “Leading entertainment and sports agency Creative Artists Agency (CAA) has signed Cool Cats, producers of the widely known Cool Cats and Cool Pets NFT collections. In collaboration with the gamified NFT company, the agency will identify and create opportunities for Cool Cats characters across an array of areas, including licensing and merchandising, animated content, brand partnerships, live events, publishing, and more.” So, there’s serious money and interests behind the cats. Why are they fading away into the background, then? Is it just an effect of the bear market? BTC price chart on Bitbay | Source: BTC/USD on TradingView.com Cool Cats ’ got utility First of all, Cool Cats holders get their NFT’s property rights. That means, they can produce commercial projects with their NFT’s images. Cool Cat owners also get access to the project’s Discord server, and priority for all of the exclusive Cool Cats events and mints. Holders can stack their NFTs and get yield in $MILK. Another benefit is access to Cooltopia, a project they define as “a gamified ecosystem built on interactivity and utility, community rewards and growth, collaboration with brands, and much more.” Another self-definition has Cooltopia as a “place where having a Cool Cats NFT grants you evolving access to games, tokens, community events, collaborations, and more.” Plus, there’s the Cool Pets side project. A reward to NFT holders and a way for newcomers to enter the ecosystem at a lower price point. The Cool Pets collection has 19,999 units. Every holder got a pet for free. The general public bought the other half. The Cool Pets first come as an egg image, that hatches and reveals the final NFT. The pets are divided into four elements: Fire, Water, Air, and Grass. The $MILK token The $MILK is an ERC20 token on the Ethereum and Polygon blockchains. It’s the oil that greases Cooltopia’s gamified economy. According to the documentation: “$MILK is the key to all sorts of functionality and fun in the Cool Cats ecosystem, from buying Battle or Housing chests to going on quests.” “$MILK is also how you’ll enhance and evolve your Cool Pets.” This one describes the NFTs staking-like mechanism: “Your Cool Cat is earning $MILK just by being cool (the $MILK claiming clock begins as soon as the contract is deployed), and that $MILK will accumulate over time.” Controversy And Suspicion There’s something strange going on with this project. Recently, the newly-appointed CEO stepped down after just three months. There was never a credible explanation. The collection just tweeted, “Chris Hassett has stepped down as CEO. We thank him and wish him the best moving forward.” Is there something rotten in the Cool Cats headquarters? Related Reading: Blue Chip NFTs 101: The World Of Women Collection, Including And Conquering And then there’s the price. At its height, in October 2021, the Cool Cats floor price was around 26 ETH. Almost a year later, the floor Cool Cats are trading for 2.9 ETH. That’s not all, the Cool Pets’ floor price is 0.18 ETH. Are those Blue Chip numbers? Even though we’re basically in the middle of a crypto winter, the collection seems to be falling off a cliff… Will the Cool Cats land on their feet? Featured Image: screen shot from the collection’s site | Charts by TradingView
The MATIC/USDT pair resonated in a rising wedge pattern from late July to mid-August. This bearish pattern after a long recovery rally suggested the losing bullish momentum. Furthermore, on August 15th, the coin price reverted from the confluence resistance of $1, 200-day EMA and resistance trendline and triggered a bear cycle within the wedge pattern,
The post Will MATIC Price Lose $0.75 Support Amid Market Correction? appeared first on CoinGape.
The gaming industry is one of the oldest in existence. But changes came to the sector with the advent of blockchain technology and NFT. Now, a lot is going on in the industry, including game developers opening up shops on the blockchain. Nowadays, people can make money playing games, not those types of earnings that […]
Scamming and hacking activities seem to be skyrocketing within the crypto industry. Even with the increase in innovation and technological application in the crypto space, criminals are also advancing in their operations. They are putting in more confusing and convincing measures to siphon money from their victims without much stress. In recent news, Dragoma, a […]
Ethereum whale ranked 4th on WhaleStats, “Bonobo” has purchased 80k FTX Token (FTT) and 2.05 million Polygon (MATIC) tokens in the last 24 hours. FTX Token, MATIC, and ApeCoin (APE) are the most purchased and traded tokens by the 500 biggest ETH whales in the last 24 hours. The recent crypto market rebound brought most
The post Just-In: Top Ethereum Whale Buying These Crypto As Bear Hug Loosens appeared first on CoinGape.
Layer 2 scaling solution Polygon’s co-founder Sandeep Nailwal on Tuesday said the current market conditions will not impact the long-term Web3 developments. He thinks the downturn is more due to macro factors than any fundamental weaknesses in Web3. Moreover, he tries to spark fresh confidence in its investors as he believes Polygon will survive the
The post Just-In: Polygon Founder Nailwal Says Crypto Crash Is Temporary appeared first on CoinGape.
Polygon is currently implementing stricter customer information for all potential collaborations for legal entities resident in India as the country’s regulatory scrutiny increases. According to an individual with valid information on the matter, the Layer 2 (L2) side chain now demands thorough Know Your Customer (KYC) information. He explained that Polygon is now enforcing this […]
Polygon has launched the Terra Developer Fund to aid projects affected by the LUNA crash. Via its developer arm Polygon studios, the Ethereum scalability solutions will provide projects previous on Terra with financial support. Related Reading | Balenciaga To Accept Bitcoin And Ethereum Payments In The U.S. According to a post via its official Twitter handle, […]
Polygon’s CEO said that they want to facilitate swift and easy migration for Terra projects to the Polygon blockchain network. There’s no capping of funds and 50-60 Terra projects have already approached Polygon to initiate the migration process. The collapse of the Terra ecosystem earlier this month has impacted not only investors but also several […]
Der Beitrag Polygon launches an ‘uncapped multi-million dollar fund’ to help Terra projects migrate to its platform erschien zuerst auf Crypto News Flash.
Operated by DeFi lender Aave, its decentralised social media platform, Lens Protocol has gone live on the Polygon blockchain mainnet. Lens Protocol was first introduced in February 2022. Aave decided to introduce Lens Protocol as a decentralized competitor to Twitter and Facebook. Lens Protocol is a network which is used to build decentralized social media […]
Polygon (MATIC) released a mainnet beta version of Nightfall. Taking a hybrid approach to scale, Polygon Nightfall aims to provide security, confidentiality, and efficiency for enterprise blockchains. Polygon is confident that web3 infrastructure is the answer. Why Polygon (MATIC) Nightfall Mainnet? There is no doubt that enterprise blockchain is overflowing with potential but clearly lacks
The post Just-In: Polygon (MATIC) Releases Nightfall Mainnet Beta; Here’s Why It’s A Big Deal appeared first on CoinGape.
Instagram will support NFTs minted on Polygon and Ethereum initially and expand to more blockchain in the later stage. Mark Zuckerberg is also planning to bring augmented reality NFTs for Instagram stories through SparkAR. Facebook’s parent company Meta Inc (NASDAQ: FB) is all set to make a move in the world of non-fungible tokens. As […]
Der Beitrag Meta’s Instagram partners with Polygon just ahead of its NFT push this week erschien zuerst auf Crypto News Flash.