Warren Buffett-backed neobank picks Polygon for Web3 token — MATIC price eyes 100% rally
Polygon (MATIC) price could double by the end of 2022 or early 2023 due to a mix of extremely bullish fundamental and technical indicators.
MATIC rose by nearly 6.5% four days after Nubank, a Brazilian fintech company backed by Warren Buffett's Berkshire Hathaway and Softbank, confirmed that it selected Polygon's "Supernets technology" for its blockchain and digital token dubbed Nucoin.
"Nubank plans to airdrop the digital token to its customers in the first half of 2023," the official announcement read, adding:
#Polygon is taking @Nubank from #Web2 ➡️ #Web3!In a strategic partnership with Polygon, Nubank is launching its own chain using #PolygonSupernets & thus its digital token Nucoin #onPolygon This move will open the gateway for 70 mn+ Nubank users to the #Web3 space pic.twitter.com/Fu06Vi7IpV
As a result of the rally, MATIC was changing hands for $0.90 on Oct. 24, its highest level in three weeks.
Polygon Supernets is an enterprise-level solution that removes the complexity of blockchain development for companies looking to build their native chains. Interestingly, before Nubank, gaming company GameSwift employed the product to launch its custom blockchain.
The growing demand for Polygon products may bring a similar boom for its native token MATIC, which serves as a utility and staking asset within the Polygon blockchain ecosystem.
The Nubank news surfaces as MATIC paints what appears to be a bullish continuation pattern on its lower-timeframe chart.
Dubbed "bull flag," the pattern emerges when the price consolidates inside a parallel, descending channel after a strong move upward. As a rule, it resolves after the price breaks out of the range to the upside and rises by as much as the previous uptrend's height.
Therefore,
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