The Polygon (MATIC) price has come under heavy pressure in the last two weeks after showing an extremely bullish performance until mid-February. However, the sentiment in the broader crypto market, a supposed downtime of the Polygon blockchain and the layoff of 20% of all employees at Polygon Labs have hit the price hard.
Currently, there is definitely positive news, but it does not move the price at the moment. With the launch of the zk-EVM on March 27, a groundbreaking development is imminent. This alone could be reason enough to drive the price up in anticipation of it – if it weren’t for the macroeconomic environment, which is taking a heavy toll on the crypto market.
Polygon X Mercedes Benz
Not even a new blog post from Acentrik, a Mercedes-Benz strategic initiative built on Polygon Network, could change the sentiment of the currently slumping MATIC price. In the new post, the project explains that as it moves toward the Gaia-X Web3 ecosystem, it is developing its data marketplace capabilities in line with Gaia-X’s principles of trust, compliance and sovereignty.
Mercedes-Benz’s strategic initiative aims to provide companies with a tool to a scalable and efficient data economy that is decentralized. As announced last August, the automaker intends to use the Acentrik platform to make the buying and selling of data more transparent.
Specifically, Acentrik stores encrypted metadata on the Polygon blockchain, which users can upload and offer via cloud services such as AWS. The platform uses the stablecoin USDC as a payment method. The data is subsequently issued as NFT.
The blog post published today says Acentrik will be widely adopted, “giving control back to the users, and featuring a wide variety of business cases across domains, such as manufacturing, industry 4.0, mobility, real estate, to foster innovation in the European Digital Single Market.”
Creating value out of data exchanges #onPolygon
@Acentrik_io, a strategic initiative by Mercedes-Benz, has deployed on the Polygon Network, building its enterprise-grade data marketplace features in accordance with the principles of @gaiax_aisbl.https://t.co/kGr7KQLVrL pic.twitter.com/KpCZMpmoAg
— Polygon Labs (@0xPolygon) March 8, 2023
MATIC Dropping To $1?
At press time, Polygon was trading at $1.11. Thus, the 38.2% Fibonacci retracement level at $1.08 is currently providing the most important support for the MATIC price. If the bulls give up this support, it would be a strong sign of weakness.
The consolidation could then extend towards $0.94 (50% Fibonacci retracement) if the 200-day Exponential Moving Average (EMA) currently at $1.02 does not provide the much needed support.
This price level also represents the breakout level from the previous month of January, so bulls should defend the level at all costs. However, a medium-term directional decision will come at $0.94. An abandonment of this area would cloud the chart picture and imply a fall back to $0.80.
On the upside, a break above the 23.6% Fibonacci level at $1.27 would be a very bullish sign, which could end the current consolidation phase.
