Polygon (MATIC) Price Drops: Impact of Global Market Concerns
• Polygon (MATIC) price dropped by almost 5% during the speeches of US Fed Chair Jerome Powell and US Treasury Secretary Janet Yellen.
• This event should be considered a significant factor in determining Polygon’s future price movements.
• Despite its recent price crash, MATIC is preparing for a rebound with major network developments.
Polygon Brings Hope with zkEVM Launch
Polygon has recently launched its beta version of its zero-knowledge Ethereum Virtual Machine (zkEVM). This launch marks one of the most anticipated blockchain trends of 2023, and it is expected to have a positive impact on the cryptocurrency’s price in the short term. The mainnet’s introduction will likely result in reduced transaction fees for users and lower data costs for the network.
Partnership with Institutional Investors
The creators of Polygon have recently partnered with leading institutional investors to solidify their place among the top 10 cryptocurrencies by market capitalization. They are aiming to reach a top 3 position but face competition from six major cryptocurrencies.
Web3 Gaming Network Development
Polygon has also teamed up with Immutable, another Ethereum scaling platform, to build a new Web3 gaming network that will leverage Polygon’s zkEVM technology. This collaboration could increase adoption and further promote growth within this sector as well as boost MATIC’s price performance.
MATIC Price Analysis
At present, MATIC’s price is consolidating between EMA-100 and EMA-200 trend lines due to intense domination from market bears after a severe crash. However, Polygon’s price is now attempting to form bullish candles in order to break out above this level and begin its recovery process.