As a seasoned financial analyst with over a decade of experience in the crypto market, I have witnessed numerous price fluctuations and trends. The recent surge in Polygon’s price, defying the overall market downtick, has piqued my interest.
In spite of the market’s decline on Wednesday, Polygon‘s price forecast demonstrates a noteworthy increase of more than 2%, reaching $0.55. The bullish trend, which has persisted for weeks, is currently testing the resistance level of the falling wedge pattern. During this upward trend, the introduction of Plonky3 by Polygon may boost demand for MATIC as its native token. However, it remains to be seen whether this development will succeed in breaking the four-month-long corrective phase.
Polygon Price Prediction: Will Plonky3 Enhance MATIC Market Performance?
As a researcher studying the cryptocurrency market over the past four months, I’ve observed that Polygon’s price has been on a steady downtrend due to the influence of a falling wedge pattern. The two converging trendlines, acting as dynamic resistance and support, plunged dramatically, causing the asset value to drop from $1.29 down to $0.42. This unfortunate shift resulted in a substantial loss of approximately 66.8% for those holding Polygon during this period.
After experiencing a significant reversal, the price of MATIC dipped back down to $0.55 in July as the market displayed renewed optimism. This sudden surge resulted in a V-shaped recovery that saw a nearly 30% increase in value. Consequently, Polygon’s market capitalization swelled up to an impressive $5.5 billion.
In simpler terms, when the moving averages (50, 100, and 200) for a daily chart show a bearish crossover, meaning the 50-day MA is now below the 100-day MA which in turn is below the 200-day MA, it suggests that the market trend is still moving downward. However, if the price has recently bounced back and managed to surpass the 20-day moving average, this could be an early indication of a potential recovery attempt.
In a thriving market, Polygon Labs unveils Polygon Plonky3, an advanced production-ready zero-knowledge (ZK) proving system. This innovative development is an evolution from its earlier version, Plonky2, boasting a high degree of modularity and customizability. With these features, developers can create bespoke zkVMs or zkEVMs for specialized applications.
the next-gen zk proving system has landed—Polygon Plonky3 is production ready and open-source.
Polygon’s Plonky3, currently in use by Succinct Labs in their SP1 zero-knowledge virtual machine (zkVM), offers highly efficient zk-proof generation. The intricacies of implementing this functionality are concealed from developers by the user-friendly abstraction provided by SP1.
continue the thread for more.
— Polygon | Aggregated (@0xPolygon) July 16, 2024
As a crypto investor, I’d describe Plonky3 this way: I find Plonky3 to be an advanced solution that enhances the security, speed, and adaptability of cryptographic systems. Its versatility makes it ideal for various blockchain applications. Plus, being open-source software under MIT/Apache licenses, anyone can access and utilize its benefits.
As an analyst, I would express it this way: With this advancement, I believe the Polygon network will become more streamlined, thereby encouraging greater usage and enhancing the value of MATIC.
The MATIC price is ready to test the resistance level of the falling wedge formation following a minimal increase of 1.2%. The declining trend, as indicated by the ADX line dropping below the 40% threshold, suggests that the current bearish trend may be weakening.
Should a price break above the current trendline, it is likely to fuel increased buying pressure and indicate an early shift in the trend direction. Subsequently, the price surge could potentially push Polygon’s value up to $0.76, further ahead to $0.94, and eventually reach $1.29.
Key Takeaway
As a researcher studying the blockchain industry, I’m excited about the upcoming launch of Polygon’s next-generation zero-knowledge proving system, Plonky3. This innovative technology is expected to bring substantial improvements to the Polygon network in terms of efficiency, scalability, and security. The implementation of Plonky3, coupled with a potential reversal pattern breakout, could pique the interest of momentum buyers in the market.
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2024-07-17 22:42