Polygon has made notable steps in its technological development. On July 23rd, 2024, the platform released Plonky3, its latest zero-knowledge proof system. This update aims to boost Polygon’s performance and security.
Simultaneously, Visa announced a partnership with Polygon. The collaboration will power a CDK-based chain for decentralized payments in Africa. This move could potentially boost Polygon’s adoption in emerging markets.
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Polygon’s Evolution Continues
The platform is set to migrate from MATIC to POL tokens on September 4, 2024. This transition is part of Polygon’s 2.0 roadmap. The shift aims to improve the Layer 2 ecosystem’s functionality.
Polygon’s Proof of Stake chain boasts notable capabilities. It can handle up to 65K transactions per second. Additionally, it offers lower fees compared to competitors like Arbitrum and Optimism.
According to CMC TLDR, MATIC’s price has shown recent positive movement. In the last 24 hours, it increased by 2.14% to $0.54. Trading volume also surged by 48.39%, reaching $320.77 million.
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MATIC Price Analysis
AltFINs provides insights into MATIC’s price action. Despite a general downtrend, the token has bounced from the $0.43 support level. It broke through the downtrend line and $0.50 resistance.
This breakout suggests potential for further upward movement. A 10% swing to $0.60 could be on the horizon. However, traders should note that short-term and medium-term trends remain bearish.
The MACD line currently sits above the signal line. This positioning typically indicates bullish momentum. However, declining histogram bars suggest caution. The momentum may be nearing a down swing.
Price is neither overbought nor oversold based on RSI levels. This neutral positioning leaves room for movement in either direction.
Polygon’s recent developments showcase its commitment to innovation. The Plonky3 release and Visa partnership could positively impact MATIC’s long-term prospects. However, market volatility remains a factor to consider.
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