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Considering the optimization in the cryptocurrency market, the leading altcoin Polygon MATIC exhibited a 31% weekly gain, while bulls seemed to head north to target $1.00. The announcement that Disney had selected Polygon for its Accelerator Program drove the MATIC price to soar. This update will cover the major fundamentals driving MATIC’s uptrend and its most recent technical outlook.

Disney to Choose Polygon MATIC for Accelerator Program 

The news of Disney choosing Polygon for its Accelerator Program caused the MATIC price to rise. The initiative will emphasize non-fungible tokens, artificial intelligence (AI) characters, and augmented reality (AR). 

Disney will offer more information in the future, so for the time being, Polygon’s function is unclear. However, the announcement seems to have given investors more reason to celebrate. Following the news, there is long-term trust in the project’s future, and prices might increase further.

Polygon Hermez May Go Live in EthCC

On July 17, co-founder Mihailo Bjelic promised a project to “give back to Ethereum,” adding to Polygon’s good fortune. He then promised to reveal everything in three days. However, Bjelic’s post did not mention their planned announcement at the Ethereum Community Conference (EthCC) in Paris. The Polygon team has been promoting the technology since January, and Hermez may go live at EthCC. 

Polygon Hermez is an open-source zero-knowledge (zk) roll-up technique. The Zk protocol mechanism allows for “evidence” without revealing the data to the verifier, and batching (or rolling up) transactions allows for additional scale improvements and cost reductions. This Polygon growth has resulted in a bullish breakout.

Polygon MATIC Price Review and Tokenomics

Following a massive surge of 31%, Polygon seems to exhibit a bearish correction, having dropped 6.05% in the previous 24 hours. On Monday, the MATIC/USD pair opened the day at $0.8801 after placing a high of $0.8842 and a low of $0.8157. Polygon’s current price is $0.8232, with a 24-hour trading volume of $850 million. With a live market cap of $6.6 billion, CoinMarketCap now ranks 13th. 

Polygon zkEVM to Compete with Ethereum 

The previous week, the Polygon team announced that zkEVM, an innovative solution to Ethereum’s scalability problem, will be released soon. The team plans to open-source and permissionless the system and launch a public testnet to identify potential areas for improvement.

According to the development team, the technological aspects are identical because developers can still create and use the same tools on Polygon zkEVM as they can on Ethereum. Polygon’s new solution, according to the team, is faster and less expensive. This announcement has significantly impacted the price of Polygon because it will increase demand for the currency, pushing its price higher. The decreased price is also less due to this news.

According to Whale Stats, MATIC became the most exchanged token on July 23, as the largest of the 100 Ethereum whales traded it the most. MATIC is a popular cryptocurrency that has made significant gains in the last 30 days. One of the reasons for the price increase is increased interest in whales. Despite appearing to be preparing for a correction, Polygon has yet to enter a critical support cluster.

MATIC Price Chart

MATIC Price Chart

Polygon MATIC Technical Outlook

Despite a strong bullish trend, the MATIC/USD pair could not breach the $1.00 resistance level. A bearish correction occurred when candles closed below the $1.00 resistance level. The RSI and MACD indicators entered the overbought zone on the daily timeframe, triggering a bearish correction in MATIC.

For the time being, MATIC will likely find immediate support at the 38.2% Fibonacci retracement level of $0.8080. If it falls below this level, it will be exposed to the 50 percent and 61.8 percent Fibo levels of $0.7473 and $0.6938, respectively. So let’s consider looking for buying trades over the $0.7473 support zone today. Good luck!

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