Polygon: New Partnership With Korean Telecom Giant Fails To Halt MATIC Slide
17 August 2023 - 1:15PM
NEWSBTC
The Polygon (MATIC) price continues to fall. Even the recent
positive news from Korea and the strong data from the NFT market
cannot change this. Since the yearly high on February 13 at $1.56,
the MATIC price has currently fallen 60% and is trading at just
$0.6169. Since the high, MATIC has been in a clear downtrend, which
was last tested in mid-July. However, a breakout was not
successful, both the trendline and the coinciding 200-day EMA have
proven to be too strong a resistance. Now MATIC has also fallen
below the 23.6% Fibonacci retracement level at $0.75. If the
support at $0.60 (in shorter time frames) now also falls, a plunge
towards the yearly low at $0.50 could be imminent. However, if the
level establishes itself as support in the next few days, a new
attempt to break out of the downtrend could start. Related Reading:
When Will Polygon (MATIC) Rebound? Analyzing This Month’s Recovery
Potential For this, MATIC would currently have to rise above $0.71.
However, validation of the breakout from the downtrend would have
to come from the 23.6% Fibonacci retracement level. Only if MATIC
rises above $0.75 the bulls might regain the upper hand. Then, the
200-day EMA at $0.84 would be the next major task that MATIC bulls
have to master. Until then, MATIC seems poised for further
downside. Even Positive News Can’t Move Polygon Price It is a bad
omen for the MATIC bulls that even positive news cannot move the
price. In the last two days Polygon has been able to report no less
than two positive news. Today, Polygon Labs has inked a strategic
alliance with SK Telecom (NYSE:SKM), South Korea’s foremost mobile
telecom operator. This collaboration is geared towards the
expansion of SKT’s Web3 ecosystem, positioning the telecom behemoth
at the forefront of the burgeoning decentralized tech sector.
Polygon’s CEO, Marc Boiron, elucidated the intent behind the
partnership, stating, “Polygon Labs has been developing optimal
blockchain technology for Web3 popularization, and we see this
collaboration with SKT as an important step in providing Web3
experiences to more consumers.” Central to this synergy is the
integration of the Polygon blockchain within SKT’s NFT marketplace,
TopPort, as well as its forthcoming Web3 wallet, set for launch in
2023. The wallet promises to offer users high-speed, cost-effective
transactions, augmented by Ethereum’s intrinsic security and
decentralization features. Given the widespread utilization of
Polygon-based solutions by global brands, this integration is
likely to enhance SKT’s Web3 offerings considerably. Related
Reading: Polygon Warning Signs Point To Slide In MATIC Price On
Support Breakdown Both entities will be actively scouring for
promising Web3 startups to nurture and support. “By combining our
experience in blockchain services and Polygon Lab’s blockchain
infrastructure and ecosystem, we will be able to create valuable
business opportunities and boost the Web3 ecosystem,” voiced Oh
Se-hyun, Vice President and Head of Web3 CO at SKT. Moreover,
Polygon’s NFT ecosystem clinched the second spot in traded volume
over a month-long period, as highlighted by Polygon Labs founder
Sandeep Nailwal. Interestingly, this surge can be attributed not
just to high-value transactions but a flurry of micro-transactions,
indicating Polygon’s accessibility and widespread use. By number of
transactions, Polygon is 3x of Ethereum mainchain, that means there
is a lot of micro transactions happening. The amount of “buyers” on
Polygon also is 30% higher than the mainchain. This trend clearly
solidifies Polygon’s burgeoning position in the decentralized tech
sector. Featured image from ZipMex, chart from TradingView.com
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