Polygon (MATIC) price was down 4.63% in line with the general crypto market drop. At the time of publication, MATIC was trading at $0.80. Polygon zkEVM was announced in July as a groundbreaking moment for Polygon and also a big milestone for Ethereum and the whole industry. The Polygon zkEVM hopes to scale Ethereum with performant zero-knowledge (ZK) proofs within an Ethereum Virtual Machine-equivalent environment. Polygon notes that this was a major step towards the seamless scaling solution the community had long been hoping for. Polygon has announced the release of the zkEVM Public Testnet noting it is the first zkEVM to reach the public testnet with an open-source ZK proving system. Polygon says some of the biggest EVM-based DeFi platforms — including Aave and Uniswap, as well as Web3 social platform Lens and gaming studio Midnight Society — will be amongst the first protocols to deploy on the zkEVM Testnet.
Key Levels
Resistance Levels: $1.15, $1.00, $0.85
Support Levels: $0.75, $0.68, $0.56
MATIC/USD Daily ChartOn the daily charts, bearish candlesticks that could turn into another sell signal in the ensuing sessions are displayed on MATIC/USD by indicators like the relative strength index (RSI). At the $0.86 medium-term high, a rejection appeared on the trend and drove MATIC back beneath the $0.80. The $0.80 to $0.75 range remains the closest support level.
On the other hand, the pair may begin a fresh upsurge if the bearish pressure is insufficient to keep the price below $0.80. As the lower line of the previous consolidation channel at $0.75, supported by the ascending trendline may halt further bearish movement, a sustained move beyond the $0.80 level may re-ignite the buying pressure and open up the way past $0.850.
MATIC/USD 4-Hour ChartMATIC/USD is correcting lower, while the pair attempts to recover prior heavy downside losses. The token might hold its rebound from the $0.80 level after suffering a steep decline past the 4-hour MA 200 just below the $0.85 region. Technical analysis shows that the MATIC/USD pair could bounce back toward the $0.85 area if the $0.80 fails to resist.
To the downside, a sustained breakout beneath the $0.80 level could see the MATIC/USD pair testing back toward the horizontal support zone at the $0.75 level. The pair is only bullish while trading above the $0.90 level, while resistance is at $0.85. If the pair trades below the $0.80 mark, sellers may test the $0.75 and $0.70 support levels.
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