Polygon Sees Google Cloud Enter Its Pool of Network Validators
- Sandeep Nailwal revealed in an X post today that Google Cloud has become a validator in the Polygon network.
- At press time, MATIC’s price stood at $0.5225 following a 0.48% 24-hour gain.
- From a technical perspective, MATIC was able to break above a medium-term negative trend line over the past few days.
The founder of Polygon (MATIC), Sandeep Nailwal, revealed in an X post today that Google Cloud has become a validator in the Polygon network. According to the post, the same infrastructure used to power YouTube and GMAIL is now helping to secure the fast, low-cost, Ethereum-for-all Polygon protocol.
This recent development was able to have a slight positive impact on MATIC’s price over the past 24 hours. CoinMarketCap data indicated that the altcoin was trading hands at $0.5255 after it increased 0.48% during the past day of trading.
Over the past 72 hours, MATIC’s price was able to break above a negative trend line that had formed on the altcoin’s daily chart over the past few weeks. Furthermore, the cryptocurrency’s price continued to trade above this medium-term trend line at press time as well.
Should this newfound bullish momentum continue, MATIC’s price may soon attempt to flip the next resistance level at $0.5500 into support. Thereafter, the Layer-2 cryptocurrency could continue to rise to the subsequent threshold at $0.6500 throughout the course of the following week.
Conversely, if bears begin to exert some sell pressure on MATIC, then its price may look to retest the immediate support level at $0.4970 in the next 48-72 hours. If this potential sell volume persists, then the cryptocurrency’s price may drop to as low as $0.4475 during the upcoming 2 weeks.
Investors and traders will want to note that the 9-day EMA line was attempting to cross above the 20-day EMA line. This suggests that short-term momentum has shifted slightly in favor of bulls, which may lead to MATIC’s price rising in the next 7 days.
A possible early indication of this potential increase in the altcoin’s price will be when MATIC closes a daily candle above the 20-day EMA line, which was situated at around $0.5259 at press time. Thereafter, a confirmation of MATIC’s trend undergoing a bullish reversal could be when the 9-day EMA line crosses above the 20-day EMA line.
Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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