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Polygon announces second testnet before going live on mainnet
MATIC Consolidates at $0.8 Over the Past Week
Token May Resist Rising Bearish Pressure Towards $1
Polygon (MATIC/USD) traded at the $0.8 support zone on Friday, a level it held for a week. A consolidation is not positive for the bulls, but should give hope for a possible recovery.it is combined with positive cryptocurrency news For polygon networks.
According to the latest announcement, Polygon has launched its second and final public testnet. The testnet will allow Polygon to prepare for the planned launch of his mainnet on Ethereum in early 2023. The announcement indicated that the testnet is for a new upgrade called Recursion. This upgrade is expected to significantly improve the scaling of Ethereum.
Polygon hailed the upgrade, saying it was the first zkEVM, Ethereum’s new scaling technology. zkEVM is expected to enhance the speed and privacy of Ethereum and reduce transaction costs. This makes building dApps easier.
MATIC prices have yet to react to positive developments. However, data from PolygonScan shows that unique addresses on the network are increasing. Addresses surpassed a record 201 million this week. This growth underscores the continued growth in activity that could drive up the price of MATIC at a later date.
MATIC/USD chart by TradingView
The outlook for the daily chart is that the bears dominate the MATIC. The RSI remains below the midpoint, while the MACD indicator remains bearish and weak momentum.
However, from a price perspective, MATIC is holding steady around $0.08. If the bull market continues to rise, a recovery may be underway. Supporting buyers are still few. In a bullish scenario, the price could then head towards $1.
We continue to remain in a bear market. but, matic price If the token recovers with support, we can find short-term appreciation. Activities have already been built on the network, giving buyers hopes for the medium to long term.
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