Polygon (MATIC) Bears Continue Driving Despite Recent NFT Partnership

by IndustryTrends December 7, 2022

Polygon (MATIC) Struggles to Break Resistance Even After a New Partnership, Focus is on The Hideaways (HDWY)

Polygon (MATIC) buyers face tough resistance in the $0.80 zone despite its recent deal with the NFT marketplace Magic Eden.

Analysts pointed to the FTX fallout as the reason behind the lack of solid buying momentum. Moreover, there is a growing interest in the presale projects The Hideaways (HDWY) lately, reverting investors’ attention from crypto majors to low market cap tokens.

Polygon (MATIC)’s Price Struggles to Move Away From $0.80

Magic Eden announces it will now allow non-fungible tokens based on the layer-2 Polygon network on its marketplace. This adds the latter to the roster with Solana (SOL) and Ethereum (ETH) NFTs.

Polygon (MATIC) inked many high-profile partnerships this year. Magic Eden adds to its strong line-up participated by Disney, Robinhood, and JP Morgan, among others.

What could have been a good opportunity for a price recovery turned out a flop, with the market still nursing from the fateful FTX crash.

Polygon (MATIC) is down 11.39% in the 30-day charts, with the price exchanging hands at $0.83 following another 5.53% retracement for today.

The coin is struggling to consolidate buying momentum after facing multiple rejections in the $0.90 zone. Demand is more active in the presale token The Hideaways (HDWY) than in MATIC, with the new project raking massive attention at the height of the FTX collapse.

What’s Next for Polygon (MATIC)?

Analysts say the bearish momentum will continue taking the lead from this point. The 20-day EMA nears to cross below the 50-day timeline, a signal of lukewarm trading days ahead.

Moreover, the RSI, a good indicator of buy and sell sentiment, is currently in the “sell” zone at 46.10.

Polygon (MATIC) buyers target to clinch $0.90 again and another rejection in this level will open for $0.70. Experts say there’s a huge chance of denial given the weakness in the overall crypto market.

The Hideaways (HDWY) is the Presale Project You Don’t Want to Miss

While Polygon (MATIC) fails to pull itself out of the FTX spillovers, The Hideaways (HDWY) presale event welcomes unexpected demand.

The presale project has now sold half of its token offerings despite the ongoing fear in cryptoland.

The Hideaways (HDWY) is a timely investment now that the market lacks direction. Its link with the real estate industry provides a stable backing not available for other crypto projects.

It underpins NFTs with real-world assets that give owners an opportunity to receive monthly rental income without having to invest huge capital for it.

Top analysts gave HDWY a “strong buy” rating, with a projected rise of 16,000% by the end of 2022.