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#OMG/USDT 8h (ByBit) Descending wedge breakout and retestOMG Network pulled back to demand zone where it printed a dragondfly doji. A small bounce towards 100EMA would make sense! ⚡️⚡️ #OMG/USDT ⚡️⚡️ Exchanges: ByBit USDT Signal Type: Regular (Long) Leverage: Isolated (5.8X) Amount: 5% Current Price: 0.520 Entry Targets: 1) 0.511 Take-Profit Targets: 1) 0.581 Stop Targets: 1) 0.476 Published By: @Zblaba LSE:OMG #OMGUSDT #OmgNetwork #OmiseGo #L2 Risk/Reward= 1:2 Expected Profit= +79.5% Possible Loss= -39.7%
Long
by TradingOn
Polygon: a bright future or forgotten technology? Polygon is the first Layer 2 blockchain. The initial placement of the project took place on April 24 2019, on the Binance Launchpad platform and two years later, on December 27, 2021, an ATN of 2.92 USDT was reached. Project development dynamics For several years, the project was for the most part, if not in oblivion, then in the shadow of other similar and all sorts of "killers of Ethereum". The project reached a wave of success in 2021, having caught the eye of large public investors and built partnerships with popular brands. In May and June 2021, Polygon received support from billionaire investor Mark Cuban, who revealed plans to integrate his NFT Lazy.com platform with Polygon. To date, Polygon has various partnerships with: Adobe Behance DraftKings Alan Howard's hedge fund, to develop Web3 projects Stripe launched global cryptocurrency payments through Polygon. Fashion brands: Adidas Originals, Nike, and Prada have launched NFT collections on Polygon. Instagram is also partnering with the project at NFT. Polygon is partnering with Niger to develop a blockchain ecosystem for the country's future. Aave, Curve.Fi, Decentraland, Sandbox, OpenSea and Uniswap have chosen Polygon as their scaling solution. Polygon has partnered with Salesforce, which delivers customer relationship management (CRM) software. Citigroup published a report in April 2022 describing Polygon as AWS Web3. It is claimed that the Metaverse economy, by 2030, will reach $13 trillion, with much of it developed on the Polygon network. Citigroup also believes Polygon will become widespread because of its low transaction fees and developer-friendly ecosystem. A report from blockchain analytics company Messari, showed that in the third quarter of 2022, the number of active MATIC addresses increased by 180% in the second quarter, and the total number of transactions for the quarter was 2 billion. In 2023, despite the market correction, the project has made significant strides, both in development and partnerships. In the last couple of weeks, partnerships have been reached with Google Cloud and Franklin Templeton to tokenize large-scale financial products for its DeFi, etc. Sotheby's, which accounts for 24% of the world's art auction sales, announced that its trading floor has launched on Ethereum and Polygon. Polygon's GitHub has recorded a significant increase in the number of code commits and the number of kernel developers since early May. Recent technical news for the project has been the launch of Polygon zkEVM, a zero-disclosure scaling solution equivalent to the Ethereum virtual machine. This means that most existing smart contracts, developer tools, and wallets will be able to work seamlessly. Polygon zkEVM leverages ZK proofs to reduce transaction costs and increase throughput while keeping Ethereum secure. Polygon launched three updates on May 3 to make it easier for developers to integrate decentralized identity into dApps: new features in Polygon ID infrastructure tools that include improved integration, UX, and a host of new tools to help developers who build dApps. A new issuer node interface that will make it easier to set up, manage and work with the issuer node. In addition, push notification support is provided in the mobile SDK and in the app reference implementation. Developer tools and updates such as JWZ Validator, Polygon ID smart contract deployment on the core network and the recently announced PolygonID DID resolver. Outlook for Matic Today, the L2 solutions niche is actively filling and expanding, with projects and their ecosystems competing with each other for developers and users to form a better L2 ecosystem. Matic's direct competitors, Optimism and Arbitrum, launched in mid-2022 and March 2023. These projects, as well as Matic, aim to make transactions cheaper and increase throughput. After the release of these projects, Matic actively began to lose the volume of transactions within the blockchain and the number of unique active addresses. Zero Knowledge-based projects zkSync and StarkNet are currently being prepared for release and will also be in the L2 solution race. Matic lost its unique advantage of being the only project with the best user experience and now the project team is looking to create partnerships with established web2 businesses and prepare projects for mass adoption. Only with these products, Matic will be able to regain its dominance amongst the other L2 solutions. At the moment, the price of Matic is approaching the key support zone of 0.78-0.68. Potential zones for growth are shown on the chart in terms of historical analysis.
COINBASE:MATICUSD
by Samura0x
17
IMX is the most underrated L2A LITTLE BIT ABOUT IMX IMX is Ethereum's layer 2 blockchain targeting GameFi. It is a protocol for creating IMX NFTs on the Ethereum blockchain, which allows transactions to be executed quickly and without additional fees. Immutable X uses an optimized Proof of Stake (PoS) algorithm to provide high transaction speed and low cost, while keeping Ethereum secure and decentralized. With zk-rollup technology, Immutable X speeds up transaction validation, providing scalability and reducing commission costs. Immutable X also allows you to create free transactions, making it ideal for games and other applications where multiple transactions are a necessity. HOW IT WORKS AND DISTRIBUTES PROFITS IMX's main revenue, like any L2, consists of commissions for generating transaction batches at the second level, as well as capturing the results of these transactions at the Ethereum level. IMX also takes 2% of all secondary sales on marketplaces that use IMX's order book. IMX has implemented a steaking mechanism, which would more accurately be called pseudo-staking. 20% of the net income of IMX is converted into the native $IMX through the open markets and distributed between all the stakers. Because of that, the IMX project itself maintains demand for its token, in addition to sharing its profits with active users who support the project. In some ways, you could say that IMX is a kind of real yield product, which trend is growing more and more ABOUT THE PROSPECTS IMX is in a narrow GameFi niche, providing unique opportunities for developers and users. Right now, blockchain-based GameFi sector itself is one of the most promising along with zk, RWA and NFTfi. On top of that, IMX has a transparent mechanism to directly influence the price of its native token to holders support. Special mention should be made of the partnership between IMX and Polygon, so developers will be able to implement their products using all existing technologies, relying on Polygon's security. And users will get a better experience with their products. As the entire GameFi sector evolves and the market as a whole continues to grow positively, IMX will take the lead in infrastructure for GameFi, with solutions that are time-tested and proven. Thanks for reading! Share your thoughts about IMX in a comment section
by Samura0x
5
$MATIC | Double Top? McDonalds M Coming?Here we have one of my personal favorite cryptos & L2 sidechains, MATICUSD or Polygon. Potentially we may see, a downtrend because of a couple of factors. Let’s zoom in! I see the potential for a “McDonald’s M” or most notably referred to as a Head & Shoulders pattern which could signify a downtrend. Here are some reasonings & findings: * MATIC has touched the 0.8721 area twice now but has pushed through this resistance * Upper Bollinger Band has been broken previously * Nearing extreme overbought statuses on the RSI * After the initial push down from the 0.8721 area, 0.8456 acted as support for the potential “head” of the pattern * MATIC is still above the 200 EMA The last note should be taken into consideration when placing a SHORT trade for MATIC. It is still above the 200 EMA currently so a safe TAKE PROFT could be back to the “neck line” area of 0.8456 in case there is a bounce and your STOP LOSS above the resistance area of 0.8721.
COINBASE:MATICUSDShort
by CryptoHotep
Macro bullish - but a couple weeks of slow grindIt looks like we're about to close this week with a HL, which is macro bullish. But reminds me a lot of the may crash. We put in a HL, then grinded down for the next few weeks, until we finally hit support after wicking to 29k. This is where everyone was screaming bear market. If I had to guess, we grind down to as low as 37k, where everyone will once again be screaming bear market, before pumping up. As long as these are just wicks, and we don't get any weekly closes below 42k, I remain macro bullish. Remember, on the bright side during the May-June weekly grind down, this is when NFTs were popping off. My theory? Find a narrative and play it. Keep in mind you'll have to find undervalued coins with this narrative. Current narrative I'm looking at is L2's and Metaverse (Infrastructure, not P2E games). Probably 2 months of grind down (if I'm correct) and then a pop off late Q1-early Q2 of 2022.
COINBASE:BTCUSD
by Kekwiththat