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Markets are benefiting from the calm and the return to green. Polygon’s Level 2 Ethereum solution showed a 31% weekly gain. Some optimistic observers see the Matic move north towards the $ 1 target.
Disney chooses Polygon!
The message that Disney chose Polygon for mine Project acceleration program the price of MATIC has skyrocketed. The initiative is aimed at Non-fungible tokens (NFT)characters Artificial Intelligence (AI) And Augmented reality (AR).
Disney will share more details in the future, so the Polygon feature isn’t well defined at the moment. However, the announcement appears to have made Investors have a reason to rejoice. After this news, long-term confidence in the future of the project appears to be starting to rise again and prices may continue to rise.
Germez landfill in motion
On July 17, co-founder Mihailo Bjelic promised the project to “give away Ethereum,” adding to the good news related to Polygon in recent days. Then he promised to reveal everything within three days. However, Belic’s message did not mention the planned announcement. Ethereum Community Conference (EthCC) in Paris. The Polygon team has been promoting the technology since January and Germez just announced.
Polygon Hermez is a zero-knowledge (zk) open source technology solution. The mechanism of the Zk protocol allows to obtain “proofs” without revealing the data to the verifier and allows to group (or aggregate) the transactions. Increase scalability and reduce costs. This announcement led to bullish breakout by MATIC.
After a significant increase of 31%Polygon appears to be in a bearish correction after falling 6.05% in the past 24 hours. On Monday, MATIC / USD opened the day at $ 0.8801 after hitting a high of $ 0.8842 and a low of $ 0.8157. Polygon’s current price is $ 0.75. with a 24-hour trading volume of $ 850 million. With a real market cap of $ 6.6 billion, CoinMarketCap now ranks the project at number 13.
Polygon’s ZkEVM competes with Ethereum?
Last week, the Polygon team announced the upcoming release of zkEVM, an innovative solution to Ethereum’s scalability problem. The team plans to make the system open source and permission-free, as well as launch a public test network to identify potential areas for improvement.
According to the development team, the technological aspects are identical as developers can continue to create and use the same tools in Polygon zkEVM as they do in Ethereum. According to the team, the new solution from Polygon faster and cheaper. This announcement had a significant impact on Polygon’s price, increasing buying pressure on the token.
According to Whale Stats, MATIC became the best-selling token on July 23 thanks to the largest of Ethereum’s 100 whales, most of which traded it that day. MATIC is a popular cryptocurrency for many. It has made significant progress over the past 30 days. One of the reasons for the good health of the MATIC course is the growing interest from various whales. Although it looks like it is preparing for a fix, MATIC is not yet in the critical zone.
What are the prospects for MATIC?
Despite a strong uptrend, the MATIC / USD pair it failed to break out of the $ 1.00 resistance level. The bearish correction occurred when the candles closed below the $ 1.00 resistance level. Introduced the RSI and MACD indicators overbought zone on the daily chart, calling bearish token correction.
For now, MATIC is likely to find immediate support. Fibonacci 38.2% retracement at $ 0.8080. If it breaks below this level, it will be exposed to the 50% and 61.8% Fibonacci levels of $ 0.7473 and $ 0.6938 respectively.
At the moment, the market has initiated a slight correction, which also affects the newly arrived MATIC. lose nearly 9% in 24 hours.
The polygon and its MATIC token are still displayed good health and be in between the strongest projects in the crypto ecosystem. The Ethereum merger will inevitably affect this second tier decision, but it is still difficult to predict with certainty what will happen next with MATIC.
For more information on Polygon and its zkEVM solution, read our article here.