A combination of extremely bullish fundamental and technical indicators suggests that the price of Polygon (MATIC) could double by the end of 2022 or early 2023.
MATIC gained nearly 6.5% four days after Nubank, a Brazilian fintech firm backed by Warren Buffett’s Berkshire Hathaway and Softbank, announced that it had chosen Polygon’s Supernets technology for its blockchain and digital token dubbed Nucoin.
According to the official announcement, Nubank intends to airdrop the digital token to its customers in the first half of 2023.
“These tokens will serve as the foundation for its customers’ loyalty rewards program, with benefits such as discounts and other perks.”
As a result of the rally, MATIC was trading at $0.90 per share on October 24, its highest level in three weeks.
Polygon Supernets is an enterprise-level solution that simplifies blockchain development for businesses looking to build their own chains.
Interestingly, prior to Nubank, GameSwift used the product to launch its own blockchain.
Polygon’s native token MATIC, which serves as a utility and staking asset within the Polygon blockchain ecosystem, may see a similar surge in demand.
The Nubank news comes as MATIC appears to be painting a bullish continuation pattern on its lower-timeframe chart.
The bull flag pattern appears when the price consolidates inside a parallel, descending channel following a strong upward move.
It usually resolves after the price breaks out of the range to the upside and rises by the height of the previous uptrend.
As a result, if MATIC breaks above the upper trendline of the flag, it could test $1.85 as its primary upside target. In other words, a price increase of 100% by the end of 2022 or the beginning of 2023.
A pullback from the flag’s upper trendline, on the other hand, could lead MATIC to the lower trendline near $0.67.
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