Polyon Matic price is looking strong once again after a steep fall at the start of this week. The price is already 7.82%, up from the weekly lows, creating a higher high on the 4H chart. The bounce in Polygon price can also be attributed to the positive BTC price action. The biggest cryptocurrency is currently trading above $28,500.
On Thursday, the native asset of the Polygon blockchain slid by 0.57% at the start of the US session. Till press time, MATIC was trading at $1.10, a 3.38% drop from its Wednesday highs. Most other altcoins also remained red today as the increasing BTC dominance indicated a flow of capital towards Bitcoin.
Polygon MATIC Launches zkEVM
2023 has turned out to be the year of roll-ups. After the successful launch of optimistic roll-ups, finally, the zk-rollups-based layer-2 networks are being launched. The zero-knowledge proof technology is believed to be superior and more secure than optimistic roll-ups, which are being used by Optimism (OP) and Arbitrum (ARB).
Polygon MATIC has also jumped on the bandwagon and launched its very own zkEVM chain. As the name suggests, it is an Ethereum Virtual Machine (EVM) compatible layer-2 network based on zero-knowledge proofs. MATIC price hasn’t reacted to the mainnet beta launch of the zkEVM. According to DeFi Llama, the total locked value on the Polygon zkEVM is only $221,433.
MATIC Price Breaks Out Of Downtrend
After a steep fall on Monday following the CFTC’s lawsuit against Binance, MATIC/USD is showing a breakout on the 4H chart. This breakout has already formed a higher low and has room to go up much further. The first target of this breakout has already been met, as the price tagged $1.138 last night.
Polygon price prediction will remain bullish as long as the price remains above the trendline shown on the chart. The next target for the bulls can be the $1.164 level which is also the 0.618 Fib retracement level. A break above this level can potentially send the price above its March high of $1.264. This will be a 14% price increase from the current price.