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Polygon announces second testnet before going live on mainnet
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MATIC has consolidated at $0.8 for the past week
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Token may prevent bear pressure from rising to $1
Polygon (MATIC/USD) traded in a support zone on Friday at $0.8, a level it held for a week. Although the consolidation is not positive for the bulls, it should give hope for a possible recovery. it is combined with positive cryptocurrency news for polygon networks.
As per the latest announcement, has launched its second and final public testnet. The testnet prepares Polygon for the mainnet launch in Ethereum, expected in early 2023. The announcement indicated that the testnet was in for a new upgrade, called Recursion. The upgrade is expected to provide a significant boost to Ethereum scaling.
The upgrade has been hailed by Polygon, which it says is the first for zkEVM, a new scaling technology on Ethereum. zkEVM is expected to increase the speed and privacy of Ethereum and cut transaction costs. This will make it easier to create DApps.
Matic price has yet to respond to the positive development. However, data from PolygonScan shows that unique addresses on the network are on the rise. Addresses reached an all-time high of over 201 million this week. The development highlights a continued increase in activity which could drive up the Matic price at a later date.
MATIC protects the $0.8 area from bear pressure
MATIC/USD Chart by TradingView
The daily chart outlook puts the bears in control of MATIC. The RSI remains below the midpoint, while the MACD indicator is bearish with weak momentum.
However, from a price point of view, MATIC has stabilized around $0.08. Recovery could get underway if the bulls continue to build. Buyers are still short on support. In a bull scenario, the price may move towards the next $1.
closing thoughts
We remain in a massive bear market. Although, matic value If the coin recovers at the support, it could see short term appreciation. Activity is already building on the network to give buyers hope in the medium and long term.
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