• Tue. Jul 16th, 2024

MATIC Reaches $0.89, Whales Increases Market Capitalization To 62%

Maria Bartiromo

ByMaria Bartiromo

Nov 14, 2023

MATIC, the native cryptocurrency of Polygon, has experienced a rise in value to $0.89 due to a it’s recent 62% increase in market capitalization. The presence of whales in the Polygon network has been linked to its latest comeback. Polygon capacity in the layer-2 scaling solution for Ethereum has continued to improve the effectiveness and scalability of the Ethereum network, hence improving its popularity in the cryptocurrency community.

Large cryptocurrency investors, known as “whales,” have been actively interacting with MATIC, which has increased the market capitalization of the platform. Whales’ increased involvement reflects the rising understanding of Polygon’s significance within the larger blockchain ecosystem.

According to the two companies, the partnership aims to create an interesting web3 gaming experience using Web3 technologies – with Polygon working as its digital assets of choice. News has it that MATIC has been selected to power the Immutable zkEVM project. Immutable zkEVM has been described as the first gaming platform to usher in zero-knowledge (zk) scaling projects in the ETH community.

MARIC Breaks Bounds, Immutable, And MATIC Forms Partnership

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MATIC has been making efforts to increase above the $0.80 price mark since July. Data extracted from Santiment confirms this activity. The report has it that some anonymous wallets with 100 thousand – 10 million units of MATIC at some point accumulated an extra 42.88 million units. It also revealed that this has been happening since the 24th of October.

The record shows that the 161 transactions worth over $100,000 each were recorded in 24 hours, thus, the biggest transaction recorded since July. However, a Web3 gaming company, Immutable, has announced its partnership with Ubisoft. Immutable X will work with the StarkWare technology and is currently part of Polygon’s multiple ZK-based scaling projects.

The idea has solidified Polygon’s position as an important part of blockchain and video game development. As of press time, MATIC is trading at $0.82, with a strong propensity to surge higher. This happened after it slowed down at $0.65 for a while before sliding into the $0.70 position – taking refuge in a safe zone like the BTC and ETH.

Analysis Shows Strong Resistance Level In MARIC Movement

MATIC had recorded a slight drop on Thursday, moving to $0.78 from $0.80, before gaining support at the $0.77 price mark. The price made a strong recovery, pushing beyond $0.80 to hit the $0.85 price mark, testing the MATIC resistance level at  $0.850. There was also a slight decrease in the price in the earlier hours of Monday, falling to $0.82.

The price of MATIC, later this week, slowed down, rising below 50% fib in its latest retracement from its initial  $0.6952. The swing had continued, pushing it to a $0.8588 high. The 4-hour chart shows that the bull has remained active at the $0.82 price level, creating a significant bullish trend support close to $0.775. The Fib retracement level nears 61.8% Fib at $0.6952, hence swinging to the $0.8588 high.

It (MATIC) is believed to continue its upward movement after the price has broken above its initial price level. The next price resistance is expected to happen at the $0.920 price level. Jack Williams, in his latest update on EthNews, says that any rise above MATIC’s current price mark will push it to $0.980 or $1.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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