Defying the market downtick on Wednesday, the Polygon price prediction shows an over 2% surge to hit $0.55. This bullish momentum intact for the past weeks now challenges the multi-month resistance of the falling wedge pattern. Amidst the recovery trend, the Polygon launch of Plonky3 could lead to increased demand for MATIC as the native token. But is it enough to escape a 4-month-long correction?
Polygon Price Prediction: Will Plonky3 Enhance MATIC Market Performance?
Over the past four months, the Polygon price witnessed a steady downtrend under the influence of a falling wedge pattern. The two converging trendlines as dynamic resistance and support plunged, the asset value from $1.29 to $0.42 registering a loss of 66.8%.
However, the MATIC price launched an immediate reversal to $0.55 as the market witnessed renewed recovery sentiment in July. The V-shaped recovery recorded a nearly 30% gain, while the Polygon’s market cap jumped to $5.5 Billion.
A bearish crossover state between the daily EMAs (50, 100, and 200) indicates the path to least resistance is still down. However, the rising price recently reclaimed 20D EMA as the first sign of a recovery attempt.
Amid a bullish market, Polygon Labs has announced the launch of Polygon Plonky3, an advanced zero-knowledge (ZK) proving system now ready for production. Building on its predecessor, Plonky2, this new system is highly modular and customizable, enabling the creation of tailored zkVMs or zkEVMs for specific applications.
the next-gen zk proving system has landed—Polygon Plonky3 is production ready and open-source.
already powering @SuccinctLabs’ SP1 zkVM, Polygon Plonky3 provides super-performant zk-proving, while SP1 abstracts away the complexity for devs.
continue the thread for more. pic.twitter.com/RubcRkB34M
— Polygon | Aggregated (@0xPolygon) July 16, 2024
Plonky3 offers enhanced cryptographic security, speed, and flexibility, making it suitable for a variety of blockchain use cases. The system is available as open-source software under MIT/Apache licenses.
This development can make the Polygon network more efficient, potentially leading to higher usage and increased MATIC utility.
However, the MATIC price is poised to challenge the boundary of the falling wedge pattern after a mere 1.2% jump. The ADX indicator fall from the 40% mark indicates the prevailing bearish momentum is losing momentum.
Thus, a potential breakout from the overhead trendline will accelerate bullish momentum and signal an early sign of trend reversal. The post-breakout rally could extend the Polygon Price Prediction target to $0.76, followed by $0.94 and $1.29.
Key Takeaway
The launch of Polygon’s Plonky3, a next-generation zero-knowledge proving system, is poised to significantly enhance the Polygon network’s efficiency, scalability, and security. This development along with the reversal pattern breakout may attract momentum buyers in the market.
The post Polygon Price Prediction: MATIC Eyes End-of-Correction Trend With This Breakout appeared first on CoinGape.
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