MATIC May See Recovery Ahead of Polygon zkEVM Launch

MATIC suffered a continuous selling pressure perceived by many as a normal price correction.
Bitcoin may have dragged the crypto market along with it to bearish territory, including MATIC.
Polygon will kick off its Polygon zkEVM mainnet beta with an audit-upgraded testnet launching.

Polygon (MATIC) recently suffered a massive dump that set the token plummeting to less than $1.30 despite reaching $1.56 recently. This marks a 15% weekly drop, according to CoinGecko.

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However, Polygon has strong fundamentals coming up that may set the stage for a flippening at $1.50 soon. Specifically, Polygon will be launching its Polygon zkEVM mainnet beta on March 27. In fact, an audit-upgraded testnet launching next week will kick things off.

According to the announcement, the testnet will look very much identical to the much-anticipated Polygon zkEVM mainnet beta. This will feature seamless integration with Etherscan and FFLONK, a cost-effective verification protocol.

MATIC/USDT 1-day chart (source: TradingView)

As seen in the chart above, MATIC had a massive fallback to $1.20 after suffering a continuous selloff from $1.56. Many perceived this as a price correction, as many traders decided to take profit.

So far, MATIC has not tested the lower support range yet, showing that the higher support range is capable of holding off the bears, at least for the time being. This does not mean that MATIC is out of the woods; not yet.

It may also be possible that MATIC price is being influenced by Bitcoin (BTC). The leading cryptocurrency is trading sideways after getting multiple price rejections at $25,000, dragging the rest of the crypto market with it. In addition, weekends are usually harsh on the crypto market.

As for MATIC, it is safe to assume that it will be trading sideways in the next couple of days as well if the overall market sentiment doesn’t flip into bullish. Overall, MATIC still looks relatively alright, given the widening gap between the 50-day moving average (MA) with the 200-day MA.

Disclaimer: The views and opinions in this article belong to the writer alone and they do not necessarily reflect the position of CryptoNewsLand (CNL). No information in this article, whether express or implied, should be taken as financial advice. Remember that investing in cryptocurrency poses significant risks to your asset. Hence, CNL strongly recommends all readers to perform their own in-depth research before investing in cryptocurrency.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.