Warren Buffett-backed neobank picks Polygon for Web3 token — MATIC value eyes 100% rally

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Polygon (MATIC) value may double by the top of 2022 or early 2023 resulting from a mixture of extraordinarily bullish basic and technical indicators.

Polygon wins high-profile shoppers 

MATIC rose by practically 6.5% 4 days after Nubank, a Brazilian fintech firm backed by Warren Buffett’s Berkshire Hathaway and Softbank, confirmed that it chosen Polygon’s “Supernets know-how” for its blockchain and digital token dubbed Nucoin.

“Nubank plans to airdrop the digital token to its prospects within the first half of 2023,” the official announcement read, including:

“These tokens would be the foundation for its prospects’ loyalty rewards program and could have advantages reminiscent of reductions and different benefits.”

On account of the rally, MATIC was altering palms for $0.90 on Oct. 24, its highest degree in three weeks.

Polygon Supernets is an enterprise-level answer that removes the complexity of blockchain improvement for firms trying to construct their native chains. Apparently, earlier than Nubank, gaming firm GameSwift employed the product to launch its customized blockchain.

The rising demand for Polygon merchandise could deliver an identical growth for its native token MATIC, which serves as a utility and staking asset throughout the Polygon blockchain ecosystem.

MATIC eyes bull flag breakout

The Nubank information surfaces as MATIC paints what seems to be a bullish continuation sample on its lower-timeframe chart.

Dubbed “bull flag,” the sample emerges when the value consolidates inside a parallel, descending channel after a robust transfer upward. As a rule, it resolves after the value breaks out of the vary to the upside and rises by as a lot because the earlier uptrend’s peak.

MATIC/USD three-day chart that includes bull flag breakout setup. Supply: TradingView

Subsequently, MATIC’s breakout above the flag’s higher trendline may have it check $1.85 as its main upside goal. In different phrases, a 100% value rally by the top of 2022 or at the start of 2023.

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Conversely, a pullback from the flag’s higher trendline could lead on MATIC towards the decrease trendline close to $0.67.

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