Lufthansa, the Second-Largest Airline in Europe, Launches Loyalty Program on Polygon – Is MATIC Price Rally Imminent?

Lufthansa, the Second-Largest Airline in Europe, Launches Loyalty Program on Polygon – Is MATIC Price Rally Imminent?

 Key takeaways

  • Polygon has revealed that Lufthansa Group’s new loyalty program, Uptrip, has already supported 20,000 users with 200,000 NFTs being minted
  • MATIC has underperformed the rest of the crypto markets in 2023, falling 23% YTD
  • MATIC fails on recent breakout attempt, now tries to reclaim multi-year support

Polygon loyalty program adopted by leading European airline, MATIC re-tries breakout

Polygon (MATIC) recently formed a partnership with Lufthansa Group to offer unique traveling experiences to customers through an NFT loyalty program. The program, which is an offshoot of Lufthansa’s original loyalty program Miles & More, will enable travelers to mint and trade NFT collectibles after taking flight.

Miles & More supports over 38 million individual users, and Lufthansa Group contains Swiss International Airlines, Austrian Airlines, and several other passenger airlines based in Europe. Each NFT collectible will form part of a collection for the company’s broad customer base — once a customer unlocks all NFTs, they’ll be provided with frequent traveler status, business lounge comforts, and free air miles.

The new loyalty program, known as Uptrip, has already attracted 20,000 users and more than 200,000 NFTs have been minted.

MATIC retraces after breaking up, re-tries key resistance level

The performance of Polygon’s native MATIC token during 2023 has been underwhelming. MATIC currently finds itself 23% down year-to-date (YTD), underperforming the rest of the crypto markets to a significant degree — in the same timeframe, the total crypto market cap (TCAP) has climbed 40%.

After a retrace from Bitcoin (BTC) earlier in August, MATIC fell below multi-year support at the $0.59 price level. However, MATIC has attempted to reclaim this level in recent days, briefly breaking upwards before falling back below.

Currently, the price of MATIC is $0.583 and is trying to recapture $0.59 as support. If MATIC fails to break through, this may indicate short-term downside towards the range low as the chart takes the shape of a classic swing failure pattern.

Algorithm predicts MATIC price to rally in the short term, forming lower high

The CoinCodex price prediction algorithm expects MATIC to successfully break through the key resistance barrier in the coming days. The 1-Month price prediction forecasts a jump up to the $0.76 price level before a gradual retrace.

If the above pattern plays out, MATIC will have formed another lower-high. This could indicate a continuation of the downtrend that MATIC has been in since February 2023; however, it would all depend on the depth of the subsequent pullback.

 

Bottom line: Poor MATIC price action offset by Polygon’s project developments

Polygon Labs continues to build a highly accessible blockchain network that brings Ethereum to scale. It has been a favored choice among institutions seeking to launch custom Web3 products, with Polygon forming notable partnerships with leading companies such as Adobe, Stripe, and most recently, Lufthansa Group.

Additionally, Polygon announced in July that it will soon migrate operations to Polygon 2.0, which will involve the launch of a brand-new native token. The new token, POL, will replace MATIC and provide a range of ecosystem benefits, including better interoperability and more attractive incentive structures. Polygon has labeled POL as a third-generation, “hyperproductive token.”

It remains to be seen exactly what will become of MATIC once POL is launched, but Polygon the project is expected to remain a leading Web3 brand over the coming years. To find out more about Polygon’s long-term price prediction, check out our article titled ‘Can Polygon reach $1,000?’

Source: https://coincodex.com/article/31814/lufthansa-the-second-largest-airline-in-europe-launches-loyalty-program-on-polygon-is-matic-price-rally-imminent/