An altcoin project partnered by a leading Latin American bank backed by Warren Buffett is flying. This momentum could help it return to the top 10 cryptocurrencies again.
Warren Buffett indirectly invests in this altcoin project
Polygon (MATIC) gained nearly 6.5% four days after Nubank, backed by Hathaway, of which Warren Buffett is the largest shareholder, and Tokyo-based public telecommunications firm Softbank. Nubank has confirmed that Polygon has chosen “Supernet technology” for its upcoming Nucoin. The official announcement included the following statements:
Nubank is launching its own Blockchain using PolygonSupernets in a strategic partnership with Polygon. So its own cryptocurrency will be available in Nucoin. This move will open a gateway to the Web3 domain for over 70 million Nubank users.
https://twitter.com/0xPolygon/status/1582804416427487233
MATIC hits three-week high
MATIC reached the $0.90 region as a result of the rally. Thus, it was one step closer to Dogecoin to return among the top 10 cryptocurrencies. At the time of writing, the difference between them is about $75 million.
Polygon Supernets is an enterprise-grade solution that removes the complexity of Blockchain development for companies looking to build local chains. Interestingly, before Nubank, the game company preferred Polygon on GameSwift. Increasing demand for Polygon products means higher levels for the MATIC price.
Altcoin draws a bull flag formation with 100% profit target
Nubank news helps MATIC plot a chart that looks like a bullish pattern. Legendary investor Warren Buffett recently invested $500 million in Brazilian digital bank Nubank.
The so-called “bullish flag” occurs when price converges within a parallel, descending channel after a strong upward move. As a rule, it dissolves after the price moves out of the range. It also rises as high as the height of the previous uptrend.
Therefore, MATIC breaking above the flag’s upper trendline will help it test $1.85 as the main upside target. In other words, it represents a 100% price increase at the end of 2022 or the beginning of 2023. Conversely, a retracement of the flag from the upper trendline will point it towards the lower trendline around $0.67.
However, despite attempts to rekindle interest in Polygon’s NFTs, the results so far have been disappointing. Popular Polygon NFT collections like Aavegotchi’s volume tumbled 46.42%, according to DappRadar data. Its sales also fell 32%.
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