Polygon (MATIC) bears continue to run despite recent NFT partnership

by IndustryTrends 7 December 2022

Polygon (MATIC) struggles to break resistance even after new partnership, focus is on The Hideaways (HDWY)

Polygon (MATIC) buyers are facing tough resistance in the $0.80 zone despite the recent deal with NFT market Magic Eden.

Analysts pointed to the FTX fallout as the reason behind the lack of solid buying momentum. Also, there is a growing interest in the pre-sale projects The Hideaways (HDWY) lately, returning investors’ attention from crypto-majors to tokens with low market capitalization.

Polygon (MATIC)’s price struggles to move away from $0.80

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

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

What could have been a good opportunity for a price rally turned out to be a flop, with the market still reeling from the fateful FTX crash.

Polygon (MATIC) is down 11.39% on the 30-day charts, trading at $0.83 after another 5.53% retracement for today.

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

What’s next for Polygon (MATIC)?

Analysts say bearish momentum will continue to take the lead from this point. The 20-day EMA is approaching below the 50-day timeline, signaling tepid trading days ahead.

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

Polygon (MATIC) buyers are aiming to win $0.90 again, and another rejection of this level would open $0.70. Experts say there is a high chance of denial given the weakness of the overall crypto market.

The Hideaways (HDWY) is the pre-sale project you don’t want to miss

While Polygon (MATIC) fails to pull out of FTX spillovers, The Hideaways (HDWY) pre-sale event welcomes unexpected demand.

The pre-sale 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. The connection to the real estate industry provides a stable support that is not available to 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 upside of 16,000% by the end of 2022.

Read more about the project here:

Website:

Advance sales: https://ticket.thehideaways.io/register

Telegram: https://t.me/thehideawayscrypto

Twitter: https://twitter.com/hdwycrypto

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