MATIC Gets Bullish Boost on Polygon Carbon Neutrality News – WORLD CRYPTO BUSINESS

MATIC Gets Bullish Boost on Polygon Carbon Neutrality News


Key Takeaways

Polygon has partnered with KlimaDAO to offset its carbon emissions.
The blockchain startup retired $400,000 worth of carbon credits, equivalent to the MATIC network’s entire carbon debt since its inception in 2019.
MATIC could target $0.50 if it holds its current support level. 

Share this article

The recent news that Polygon’s MATIC network has achieved carbon neutrality could give its native token the strength to advance higher.

Polygon’s MATIC Targets Higher Highs

MATIC appears to be gearing up for another bullish impulse after Polygon announced that it had made significant strides toward becoming carbon negative.

In a recent blog post, the blockchain startup revealed it had partnered with KlimaDAO as part of its environmentally friendly Green Manifesto. As a first step, Polygon has bought $400,000 worth of carbon credits, representing 104,794 tonnes of greenhouse gasses. This is the equivalent of the MATIC network’s entire carbon debt since its inception in 2019.

Polygon co-founder Sandeep Nailwal is taking the initiative to help the blockchain industry become a net positive for the environment. In the recent post, he acknowledged the current environmental crisis and pledged $20 million to help utilize Web3 to create a more sustainable future, including new solutions for on-chain carbon credit retirement.

“Our world is facing an environmental crisis, and the blockchain industry must do far more than promise to stop adding to the problem,” explained Nailwal. “Reaching carbon neutrality is an important first step, but there is more work ahead. Polygon will lead the way as the whole industry moves toward becoming a net positive for the environment,” he said.

The carbon neutrality announcement appears to have been welcomed by investors. The MATIC token has rebounded from its 50-hour moving average on the four-hour chart following a 13% correction in the past 20 hours. The token could advance further if it continues to hold above this critical support area.

Overcoming the $0.42 resistance level could give MATIC the strength to print higher highs and target its 100-hour moving average which currently sits at around $0.50.

MATIC/USD four-hour chart. Source: TradingView

Still, this optimistic outlook depends on MATIC’s ability to hold above its 50-hour moving average at $0.39. A spike in selling pressure around the current price levels could cause MATIC to break below this crucial support, resulting in further losses.

Based on the Fibonacci retracement indicator, a downswing to $0.36 or even $0.34 could materialize if MATIC dips below the 50-hour moving average.

Disclosure: At the time of writing, the author of this piece owned BTC and ETH.

For more key market trends, subscribe to our YouTube channel and get weekly updates from our lead bitcoin analyst Nathan Batchelor.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.



Recommended For You

About the Author: administrator

Leave a Reply

Your email address will not be published. Required fields are marked *