Coming on the back of a remarkable recovery which has outstripped that of its peers, Polygon is out with a new product. Polygon SDK is a platform that uses an in-built Ethereum Virtual Machine to deploy Ethereum-compatible chains and plggable modules.
According to the release information, Polygon SDK comes with different modules to facilitate custom-chain building using various solutions. Such chains will be autonomous in terms of security provision, and will also enable developers bridge the existing gap between Ethereum-connected multi-chains and the data-availability focused networks that connect with Ethereum’s core roadmap.Polygon is currently trading 23% higher.
Technical Outlook for Polygon
The MATIC/USDT pair continues its 3rd day of recovery from the crash of last week. It has burst past the resistance posed by the 61.8% Fibonacci extension from the 23 March swing low to the 18 May swing high. If the candle closes above the current price of 2.3900, we could see bulls continuing the run towards the 18 May top at 2.7000. A break above this level opens the door towards a potential new high at 2.85624, with 3.128507 (100% Fibonacci extension) forming an additional upside barrier.
On the flip side, if the price drops below the 2.21603 support (20 May low), then 2.2000 becomes the new downside target (21/24 May highs), with 1.5000 and 1.04197 forming additional targets below this level.