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MATIC

MATIC introduces new scaling solution Miden to solve Ethereum network congestion

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  • Polygon network announced the launch of an advanced zk based scaling solution that could potentially solve Ethereum’s network congestion. 
  • Polygon’s Miden virtual machine will offer faster validation as it improves the efficiency of the MATIC network. 
  • Polygon has generated over $610,000 in network revenue over the past week. 
  • Analysts are bullish on MATIC, set a target of $6.72 for the end of the current bull run. 

Despite a drop in Ethereum transaction fees, the network suffers from congestion. MATIC network is addressing the congestion through its new scaling solution Miden. 

Miden to boost MATIC utility in the latest update on Polygon network

Polygon Network prepares for a new update to tackle the congestion on the Ethereum network. The zero-knowledge (zk) rollup is compatible with Ethereum. Miden virtual machine supports arbitrary logic and transactions like other zk rollups. 

The Miden virtual machine’s addition is an important step in overcoming technical challenges on the Polygon network. Polygon will offer developers the ability to compile smart contracts directly into Miden assembly.

Miden will be flexible, Ethereum-centric and support formal verification. 

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On-chain activity on the Polygon network has hit a high, generating $610,000 in revenue over the past week. Transactions on MATIC have exceeded ETH by over four times. With the launch of Miden, proponents expect a spike in utility and adoption of native token MATIC. 

Polygon network has remained a layer-2 scaling solution for a long time, scaling services and solutions faster. MATIC has attracted developers and applications from the Ethereum network. MATIC offers higher risk-adjusted returns than Ethereum, making it a lucrative token for investors. 

Analyst at the YouTube channel “Invest and Trade with Jaxx” is bullish on MATIC. The analyst has set a target of $6.72 for MATIC price before the end of the current bull run in 2021. 

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MATIC

AltSeason Appears To Be On The Horizon, Will MATIC Price Make A Move Now?

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Ever since the primitive crypto, Bitcoin is showcasing some signs of strength, many altcoins are also getting ready for a gigantic leap. MATIC price, woefully, initiated the current month trade on a bearish note following a descending channel. However, the past weekend emerged to be pretty bullish as the bearish divergence was flipped and Polygon price surged with a decent margin. 

The asset amid the sideway trend had lost its spot within the top 20 crypto listing. However, the fresh spike made the asset enter the top 10 and in no time, Polygon could also enter the top 10 too. The price surged more than 11% and attained $1.866 slicing through the resistance levels at $1.76. However, the current MATIC price movement appears to be well on track for a massive leg up. 

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The analyst, The Wolf Of All Streets, marked the pattern followed by the asset ever since the MATIC price plunged more than 50% during the May crash. According to the pattern, the asset before pulling the next leg up always follows a downtrend channel. As Polygon breaks the downtrend line, it surges 75% to 80% before establishing yet another downtrend line. 

Therefore considering Polygon may follow the same pattern for the third consecutive time, another 80% move may be imminent. The surge may uplift the MATIC price above $2.6 much close to its ATH at $2.68.However, the next resistance is around $1.95 to $2 with major resistance at $2.2. Until the asset remains above the $1.7 zone, Polygon is pretty bullish if the bears do not take over the control. 

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Polygon (MATIC)

MATIC price struggles to find support, increasing risk of 15% correction

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  • MATIC price returns inside the rising wedge.
  • Strong support for MATIC is near $1.30, but zero support exists below that value area.
  • Market awaits buyers to step in and support price.

MATIC price continues to push lower, facing the same weakness affecting the broader cryptocurrency market. Significant support zones exist below, but failure to hold that support could trigger a sell-off.

MATIC must hold the $1.30 – $1.40 value area; a return above the rising wedge would re-initiate bullish sentiment

MATIC price performed a very bearish price action event last week by returning inside the rising wedge. That bearish price action has continued into the current week. Bears are testing one of the primary support zones at $1.50 and appear to gain control.

Below the $1.50 support zone is the final but most vital support level in the $1.30 value area. The 38.2% Fibonacci retracement, Senkou Span B, Senkou Span A, 2021 Volume Point Of Control and lower rising wedge trendline exist within the $1.30 to $1.40 value area.

As long as MATIC price can maintain a weekly close above $1.45, the threat of collapse can be eliminated. However, some warning signs in MATIC’s oscillators should be observed, specifically on the Composite Index.

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The Composite Index has just crossed below its moving averages in neutral territory – usually a very bearish warning sign. However, the Relative Strength Index may mitigate any effect of that bearish signal. MATIC’s Relative Strength Index remains in a bull market territory and is up against a strong support level at 50, a level tested twice and held as support.

MATIC/USDT Weekly Ichimoku Chart

Failure to hold the support levels discussed could result in MATIC returning to the $0.80 value area. Any near-term bearish outlook would be nullified if MATIC can return and close above the rising wedge pattern.

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MATIC

MATIC’s down-channel projects two possible breakout scenarios

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MATIC is undergoing a bearish crunch at the moment, with its 4-hour RSI and MACD trading below their respective half-lines. Having shed nearly 20% of its value within a down-channel which has lasted for 11 days, MATIC seemed to be eyeing a northbound breakout to get back rolling above the $2-mark.

On the other hand, bears can trigger a breakdown if MATIC weakens below the 38.2% Fibonacci level.

At the time of writing, MATIC was trading at $1.73, up by 1.3% over the last 24 hours.

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MATIC 4-hour Chart

Source: MATIC/USD, TradingView

Consistent lower highs and lower lows marked a descending channel for MATIC, with the same holding firm since 3 November. During this period, MATIC slipped below its 50-SMA (yellow) and 20-SMA (red), now functioning as resistance. Should MATIC weaken further below its 200-SMA (green), a fresh low can be expected at the 38.2% Fibonacci level.

From there, a breakdown would come to light if MATIC cuts below $1.61. A move back into the value zone would be a bearish sign and point to more downside towards the 50% Fibonacci level.

Interestingly, MATIC’s indicators seemed to line up a favorable outcome. The RSI attempted to breach the mid-line thrice over the past week. If the index manages to push above 55, an uptrend would be active. Similarly, the Awesome Oscillator’s bullish twin peak also concurred with an upwards breakout.

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For a bullish outcome, MATIC would need to close above the confluence of its 50-SMA (yellow) and 23.6% Fibonacci level. A breakout backed by strong volumes would set MATIC on course for $2.50 after negotiating past sellers at $2.26.

Conclusion 

While the RSI and Awesome Oscillator flashed optimistic signals, the Directional Movement Index still favored the bears. Hence, a clear-cut outcome was yet to be established. Traders should observe the MATIC market carefully over the coming sessions for additional cues.

A close below the 38.2% Fibonacci level could trigger a breakdown and on the flip side, a move above the 23.6% Fibonacci level would lead to a northbound push.

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