Polygon token MATIC flashed bearish technicals amid growing ecosystem

MintGate
image from medium.com

Key Takeaways:

  • MintGate, a platform designed to make token-protecting content easier and “accessible to anyone,” integrated Interoperability blockchain Polygon.
  • The internet of blockchains has a promising new chief executive for Polygon Studios.
  • Polygon’s native token MATIC flashed bearish technicals despite developments.

YEREVAN (CoinChapter.com) – Polygon integration took off in 2021, and MintGate was the latest addition to the internet of blockchains. In detail, MintGate is a “NoCode Store builder” for exclusive video, audio, ticket & link NFTs. The platform aims to build a “home for your community” in the Metaverse and provide a platform to tokenize any content with NFT technology.

MintGate tweeted the news on Jan 25, noting that users can contact the platform’s support should they have any questions about the deployment.

Also read: Polygon introduces EIP-1559 upgrade to burn MATIC.

New chief at Polygon Studios

Moreover, Polygon token could benefit from the newly-appointed CEO, Ryan Wyatt, the former head of gaming at YouTube. The executive called his departure from YouTube “bittersweet” and asserted he was “elated” about the new position.

In hindsight, Polygon Studios is the newest addition to the ecosystem, which focuses on gaming, NFTs, and “facilitating a hotbed for digital culture.”

In my role at Polygon Studios, I will be focused on growing the developer ecosystem through investment, marketing, and developer support and bridging the gap between Web2 and Web3. I’ll be leading the Polygon Studios organization across Gaming, Entertainment, Fashion, News, Sports, and more.

commented the executive.

Also read: Binance Chain discontinued BEP2 MATIC; what does it mean for Polygon?

While positive developments unfolded in the ecosystem, its MATIC token faced harsh technicals, hinting at a looming decline.

Polygon (MATIC) price action. Source: CoinMarketCap.com
Polygon (MATIC) price action. Source: CoinMarketCap.com

MATIC price chart

MATIC flashed bearish formations on the daily and the weekly charts. In detail, the price action on the daily chart formed a Head and Shoulders. The latter features three consecutive tops, with the middle one (Head) higher than the other two (Shoulders). In addition, a mutual base (Neckline) connects the bottoms of the Head and the Shoulders.

MATIC price chart
Polygon (MATIC) in a Head and Shoulders pattern. Source: MATICUSDT on TradingView.com

Also read: Associated Press plans to launch Polygon-based NFT marketplace.

Hence, the digital asset confirmed the formation on Jan 20 and dropped below the neckline, grabbing onto the support at $1.50. In fact, Crypto analyst and the CEO of Eight Global Michael Van de Poppe commented on the support line and pointed out that the next resistance would lie at $1.90.

Polygon token weekly chart

MATIC’s weekly chart didn’t look very optimistic either. In detail, the digital asset traded in a Rising wedge for the previous nine months. However, MATIC broke down from the Wedge’s support in the previous week, confirming the bearish prognosis.

In retrospect, the Rising Wedge is a reversal pattern that constricts the price action between two converging trendlines with a positive slope. Once the token falls below the support, it could enter a bearish phase, with more losses ahead.

Polygon MATIC token price weekly chart.
Polygon (MATIC) weekly chart. Source: MATICUSDT on TradingView.com

However, the MATIC token remains dependent on Bitcoin (BTC) and the crypto-happenings on a larger scale. Therefore, keeping an eye on Bitcoin movements in the upcoming weeks could shed more light on the Polygon price action.

Also read: Polygon (MATIC) faces a 50% gain, but bears are up for battle.

Meanwhile, the analytical platform Santiment stated that Polygon takes the gold as the ‘Strong and Oversold’ token with the most appealing fundamentals.

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