Polygon (MATIC) At Risk Of Dropping To $1 Despite Mercedes Benz Deepening Partnership
The Polygon (MATIC) price has shown an extremely bullish performance until mid-February but has come under heavy pressure in the last two weeks due to 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. Despite positive news such as the launch of the zk-EVM on March 27, which is a groundbreaking development that could drive the price up, the macroeconomic environment is taking a heavy toll on the crypto market.
Even a new blog post from Acentrik, a Mercedes-Benz strategic initiative built on Polygon Network, could not change the sentiment of the currently slumping MATIC price. In the new post, the project explains that as it moves towards the Gaia-X Web3 ecosystem, it is developing its data marketplace capabilities in line with Gaia-X’s principles of trust, compliance, and sovereignty.
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 that Acentrik would 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.”
Despite the partnership with Mercedes-Benz, 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 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.
The current market trends are affecting Polygon’s price, but it’s only a matter of time before the revolutionary technology and partnerships such as Mercedes-Benz’s Acentrik initiative come to fruition.
Mercedes-Benz’s Strategic Initiative With Acentrik On Polygon
Mercedes-Benz, 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 that Acentrik would 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.”
As the project moves towards 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.
The partnership with Acentrik on Polygon Network is creating value out of data exchanges. Acentrik has deployed on the Polygon Network, building its enterprise-grade data marketplace features in accordance with the principles of Gaia-X. The strategic initiative 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.”
The Acentrik initiative is a groundbreaking development that provides a tool for a scalable and efficient data economy that is decentralized. The trust, compliance, and sovereignty in accordance with Gaia-X principles provide a stable foundation for digital innovation.
What’s Next for Polygon and Acentrik?
The partnership between Mercedes-Benz and Acentrik on Polygon Network will enable companies to trade data securely and transparently without intermediaries. The decentralized data marketplace will allow users to control their data and derive value from it. This will allow for more efficient business processes, with a wider variety of use cases.
While the current market trends have affected Polygon’s price, the partnership between Acentrik and Mercedes-Benz is creating a strong foundation for sustainable growth. The Acentrik initiative will be adopted widely, “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.”
As Polygon continues to innovate and develop new partnerships, it will continue to grow and provide invaluable technology services to the crypto community. While the current macroeconomic environment is challenging, the long-term prospects for Polygon are promising, with the Acentrik initiative as a major driver of growth.
In conclusion, the current market trends have affected the price of Polygon (MATIC), but the partnership with Acentrik on Polygon Network is creating value out of data exchanges through an enterprise-grade data marketplace that is decentralized. While the current macroeconomic environment is challenging, the long-term prospects for Polygon are promising, with the Acentrik initiative as a major driver of growth. The partnership between Acentrik and Mercedes-Benz will enable companies to trade data securely and transparently without intermediaries, allowing for more efficient business processes with a wider variety of use cases.
