In a recent announcement, ZED RUN, a racing game that’s based on NFTs announced a cross-chain bridge that will enable gamers easy and faster transfer of assets between Ethereum and Polygon, and vice versa. The blockchain bridge dubbed Hyphen provided by Biconomy allows for instant asset transfer between different chains that are compatible with the Ethereum Virtual Machine.
Users found the former Polygon network bridge to be rather complex when paying for in-game NFTs.
However, with Biconomy’s Hyphen, gamers no longer need to leave the gaming Dapp and get to bridge their funds from Ethereum at a much higher speed. It is worth mentioning that the Biconomy project is backed by Coinbase, a US-based crypto exchange.
Another interesting update to the Polygon Ecosystem is the increase of transaction fees to 30Gwei, as a way to mitigate spam transactions, with a popular one being the July ’21 attack where a trader was identified to be transferring 0 Matic to himself with minimal gas.
Increasing the transaction fee would discourage such attacks, however, leaving questions of decentralization in the minds of users.
A most notable event for Polygon is the expansion into the rapidly growing NFT sector. The announcement on 04 October, shows that the OpenSea is already integrated with Polygon’s PoS for cheaper and faster transactions.
Lastly, Amun token recently announced to launch two index tokens, $DMX, and $DFI on the Ethereum ecosystem. It didn’t take much time for them to announce a new token PECO on the Polygon network as well. There are so many events and activities going live in the Polygon ecosystem. Meanwhile, let’s dive into the chart to view how all of this translates to the price of the MATIC price.
Polygon (MATIC) Weekly Chart Analysis
Following a 75% price slump from its ATH, the MATICUSDT found support upon signaling a bullish divergence on 19 July ’21.
After entering the overbought area [level-75], the bulls took profit, which now led to a price pull-back, which is viewed as an exit of the RSI level level-75. A bear trap signal on 20 Sep ’21 confirmed an end to the correction phase as the bulls quickly reclaim their grounds.
Polygon (MATIC) Daily Chart Analysis
Taking one step down to the daily time frame, we notice how the MATICUSDT broke below the bullish expanding channel by roughly 22% and entered into a descending triangle chart structure.
Notice how the bulls force the price above the resistance trend line of the descending triangle indicating massive demand for the token and a new all-time high to come.
Polygon (MATIC) 4HR Chart Analysis
The 4HR time frame also breaks out of a descending triangle and gets set for a price surge.
A possible scenario would be for the MATIC price to correct to the old resistance trend line [descending triangle] for new bulls to get in at a discount.
Polygon (MATIC) Intraday Levels
- Spot rate: 1.376
- Mid–Term Trend [H4]: Bullish
- Volatility: High
- Support: $1.225, $1.202, and $1.34
- Resistance: $1.440
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