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 towards 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.

Polygon MATIC price chart:
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 the 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:

Source link

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...