Key Takeaways:
- MintGate, a platform designed to make token-protecting content easier and “accessible to anyone,” integrated Interoperability blockchain Polygon.
- The internet of blockchains has a promising new chief executive for Polygon Studios.
- Polygon’s native token MATIC flashed bearish technicals despite developments.
YEREVAN (CoinChapter.com) – Polygon integration took off in 2021, and MintGate was the latest addition to the internet of blockchains. In detail, MintGate is a “NoCode Store builder” for exclusive video, audio, ticket & link NFTs. The platform aims to build a “home for your community” in the Metaverse and provide a platform to tokenize any content with NFT technology.
MintGate tweeted the news on January 25, noting that users can contact the platform’s support should they have any questions about the deployment.
🚨Exciting News!🚨
The MintGate team is LIVE with our Polygon Integration!
If you have any questions, please DM us or email us at support@mintkudos.com! We want to hear your feedback! pic.twitter.com/myeD0AiFwS
— MintGate (@mintgate_io) January 25, 2022
Also read: Polygon introduces EIP-1559 upgrade to burn MATIC.
New chief at Polygon Studios
Moreover, Polygon token could benefit from the newly-appointed CEO, Ryan Wyatt, the former Head of gaming at YouTube. The executive called his departure from YouTube “bittersweet” and asserted he was “elated” about the new position.
It is bittersweet news to share that I am leaving @YouTube.
I have loved every minute of my time here, but it is time for my next endeavor.
I am pleased to announce that I will be joining @0xPolygon ($MATIC) as their CEO of Polygon Studios.
Thank you for the memories! ❤️ pic.twitter.com/VhQxpqDbFO
— Ryan Wyatt (fwiz.eth) (@Fwiz) January 25, 2022
In hindsight, Polygon Studios is the newest addition to the ecosystem, which focuses on gaming, NFTs, and “facilitating a hotbed for digital culture.”
In my role at Polygon Studios, I will be focused on growing the developer ecosystem through investment, marketing, and developer support and bridging the gap between Web2 and Web3. In addition, I’ll be leading the Polygon Studios organization across Gaming, Entertainment, Fashion, News, Sports, and more.
Commented the executive.
Also read: Binance Chain discontinued BEP2 MATIC; what does it mean for Polygon?
While positive developments unfolded in the ecosystem, its MATIC token faced harsh technicals, hinting at a looming decline.
MATIC price chart
MATIC flashed bearish formations on the daily and the weekly charts. In detail, the price action on the daily chart formed a Head and Shoulders. The latter features three consecutive tops, with the middle one (Head) higher than the other two (Shoulders). In addition, a mutual base (Neckline) connects the bottoms of the Head and the Shoulders.
Polygon (MATIC) in a Head and Shoulders pattern.
Hence, the digital asset confirmed the formation on January 20 and dropped below the neckline, grabbing onto the support at $1.50. Crypto analyst and the CEO of Eight Global Michael Van de Poppe commented on the support line and pointed out that the next resistance would lie at $1.90.
Request 02 – $MATIC
This one dropped towards the next area of support at $1.50.
If it wants to bounce here, the crucial resistance will be $1.90 to break. pic.twitter.com/oum21aBcQI
— Michaël van de Poppe (@CryptoMichNL) January 23, 2022
Polygon token weekly chart
MATIC’s weekly chart didn’t look very optimistic either. In detail, the digital asset traded in a Rising wedge for the previous nine months. However, MATIC broke down from the Wedge’s support during the last week, confirming the bearish prognosis.
In retrospect, the Rising Wedge is a reversal pattern that constricts the price action between two converging trendlines with a positive slope. Once the token falls below the support, it could enter a bearish phase, with more losses ahead.
However, the MATIC token remains dependent on Bitcoin (BTC) and the crypto-happenings on a larger scale. Therefore, keeping an eye on Bitcoin movements could shed more light on the Polygon price action in the upcoming weeks.
Meanwhile, Santiment stated that Polygon takes the gold as the ‘Strong and Oversold’ token with the most appealing fundamentals.
Conclusion
Ryan Wyatt has been appointed as the new CEO of Polygon Studios. He brings with him a wealth of experience from his time at YouTube. Polygon focuses on growing the developer ecosystem and bridging the gap between Web2 and Web3. While positive developments unfolded in the ecosystem, its MATIC token faced harsh technicals, hinting at a looming decline. The article provides an overview of these events and their implications for the future of Polygon.
