Polygon (MATIC) emerged because the best-performing asset among the many top-ranking cryptocurrencies on Nov. 3 because the market’s consideration turned to the newest Instagram and JPMorgan bulletins.

Polygon in high-profile partnerships

Notably, Meta, the mother or father firm of Instagram, named Polygon as its preliminary accomplice for its upcoming nonfungible token (NFT) instruments that permit customers to mint, showcase, and promote their digital collectibles on and off the social media platform.

In the meantime, banking big JPMorgan used Polygon to conduct its first stay commerce (value about $71,000) on a public blockchain, marking a concrete step towards integrating cryptocurrencies into the standard monetary frameworks. 

MATIC, a utility and staking token throughout the Polygon blockchain ecosystem, rose over 13% to $0.985 after the bulletins, accompanied by an uptick in day by day buying and selling quantity.

Polygon’s upside transfer got here as part of a broader restoration rally throughout the crypto sector that began in mid-June. MATIC’s value has rebounded by greater than 200%, a development that can doubtless maintain within the coming months.

MATIC value nears cup-and-handle breakout

The primary cue for MATIC’s bullish continuation comes from a traditional technical setup.

On the day by day chart, MATIC has painted a cup-and-handle setup, which includes a U-shaped restoration adopted by a downward drifting channel. The token now eyes a decisive breakout above the sample’s neckline vary (the pink bar within the chart beneath) to succeed in $2.89, its major upside goal.

As a rule of technical evaluation, a cup-and-handle sample’s goal is measured after including the gap between the cup’s backside and neckline to the potential breakout level. Consequently, MATIC now eyes a 200% value rally by the top of Q1 2023.

Basically, MATIC’s demand may continue to grow given Polygon’s rising NFT tasks launched by mainstream corporations.

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

For example, Polygon’s listing of distinguished NFT companions consists of names like Disney, Robinhood and Starbucks. Moreover, Polygon had a robust Q3, whereby its variety of lively wallets reached a report excessive of 6 million, primarily pushed by the launch of Reddit’s NFT market on its blockchain.

Then again, macro dangers proceed to threaten the continuing crypto market restoration, which can harm Polygon regardless of its rising partnerships with big-name manufacturers. That being stated, a robust pullback from the cup-and-handle sample neckline vary may invalidate the bullish setup altogether.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, it is best to conduct your personal analysis when making a choice.