- EY, formerly known as Ernst & Young Global Limited, announces integration with Polygon protocol.
- Polygon prices are in a downtrend since September 5.
NEW DELHI (CoinChapter.com) — EY, formerly Ernst & Young Global Limited, announced the integration of its blockchain products with the Polygon (MATIC) network. EY is one of the largest professional services networks globally, often considered one of the Big Four accounting firms.
EY’s announcement stated its flagship blockchain services, including EY OpsChain and EY Blockchain Analyzer, would now allow transactions on Ethereum via the Polygon sidechain. In addition, the organization promised the integration would increase transactions with predictable fees and settlement times.
Meanwhile, MATIC, Polygon’s native token, has been in a downtrend since Sept 5. The Polygon token fell 37.6% between high ($1.70) to low ($1.06) on Sept 7 following Bitcoin’s flash crash. Conversely, MATIC registered its highest single-day gain (19.31%) since July 21 on Sept 4 before its prices pulled back.
The EY Fundamental
In its announcement, EY noted that the increased adoption of blockchain technology resulted in increased transaction volumes and costs on the main Ethereum blockchain. Moreover, users would have the option to move transactions onto the public Ethereum mainnet.
According to EY, clients would only need to make a simple configuration change on blockchain.ey.com to connect their business operations into Polygon networks.
Additionally, the EY organization is collaborating with Polygon to create permissioned, private industry chains. The goal is to develop more efficient models for handling transaction verification and reduce transaction costs. The new chains would offer enterprises the benefits of a closed system while leaving open the option to transition to public networks.
Working with Polygon provides EY teams with a powerful set of tools to scale transactions for clients and offers a faster roadmap to integration on the public Ethereum mainnet. We discovered our shared priorities around open system and networks and the Ethereum ecosystem would make collaboration in this area much easier.Paul Brody, EY Global Blockchain Leader said
Meanwhile, Polygon Co-founder Sandeep Nailwal commented on EY’s commitment to the public Ethereum ecosystem and its open standards, “No other organization has made the same scale of commitment to the ecosystem and to open systems, or brings the depth of technology that the EY organization has in this space.”
There has been a surge in demand for Ethereum scaling solutions due to high transaction fees on its mainnet. As such, the value of Ethereum substitutes is increasing as well.
Polygon Price Charts
Polygon prices declined sharply on the daily chart. However, MATIC refrained from breaking below the psychologically important $1.00 mark. Instead, the Polygon token turned bearish in the short-term horizon as its prices moved below the 50-Day (Green) Moving Average trendline.
MATIC currently has immediate support at $1.20, followed by support at $1.10. If prices decline further, MATIC has support near its 200-Day (Purple) MA line at $1.00.
Meanwhile, the Polygon token has resistance near its 26-Day Exponential MA at $1.389. If MATIC’s fundamentals push prices above their immediate resistance, the next target would be $1.519. A sustained uptrend would bring resistance at $1.67 into play.
Bars on the MACD histogram seem to be moving upwards, indicating the difference between the MACD line (difference between 12-Day and 26-Day EMA) and the MACD signal line (9-Day EMA of MACD) is decreasing. Conversely, declining bars indicate that the signal line is moving upwards to chart a bullish crossover.
Meanwhile, RSI for MATIC is neutral, with a value of 47.11.
MATIC was trading at $1.35, up 7.02% on the day at the time of writing.