Polygon Matic price is up by more than 4 per cent in the early hours of today’s trading session, reversing a four-day bearish streak. Today’s price gain and reversal in the markets come days after the platform announced they had completed the launch of Polygon Zero Knowledge Ethereum Virtual Machine (zkEVM).
The platform, which provides services to popular companies such as Meta, Reddit and Stripe, announced the milestone on October 10, which is expected to be the first Ethereum-equivalent scaling solution. The zkEVM development was announced in July, and reports indicate Polygon Matic had been working hard to ensure they delivered on their promise before the end of the year.
The zkEVM functionality is expected to function similarly to the Ethereum Virtual Machine (EVM). Therefore, Polygon Matic users looking to develop decentralized applications (dApps) will not need to migrate to the Ethereum platform. Polygon Matic has also promised their zkEVM platform will have a smooth user experience. It will also avoid or reduce friction for developers and will be a huge improvement from Ethereum’s EVM.
These development are expected to play a significant role in the future of the Polygon Matic ecosystem. Although the launch of the zkEVM did not immediately translate to a bullish push by the cryptocurrency, it has changed consumer sentiments, and there is a high likelihood that the project will start to gain more traction as more dApps are developed in the platform.
Polygon Matic Price Forecast
Looking at the chart below, we can see the Polygon Matic price was in a four-day bearish streak before today’s 4 per cent price surge. The chart also shows a high likelihood that prices will continue rising throughout the session.
After failing to hit the $0.70 support level during the late hours of yesterday’s trading session, Polygon Matic’s price started a strong bullish trend in the late hours of the session, which saw it rise by 7 per cent. The bullish trend, which started yesterday, looks to be continuing today. The price action of the past 48 hours is also pointing to a price reversal.
Therefore, I expect Polygon Matic to continue going up in the coming sessions. There is a high likelihood that we might see it return to trading above the $1 psychological level in the coming sessions. However, a drop below the $0.70 support level will invalidate my analysis.
Polygon Matic Daily Chart
