Polygon continues to stumble above the $1.00 level despite the launch of Polygon zkEVM Mainnet.Read more about Polygon;s price trend today. Read more.
- Price analysis shows that MATIC failed to break out above $1.00.
- MATIC’s price is consolidating following a sharp sell-off from an intra-day high of $1.09.
- The launch of Polygon zkEVM main net was expected to provide a boost, but this hasn’t been the case as yet.
The MATIC/USD pair traded within a narrow range between $1.03 and $1.09, with bulls unable to break the key resistance of $1.2.The lack of any major upside momentum could be attributed to a lack of investor interest in the altcoin markets, with Bitcoin dominating the cryptocurrency market in recent days.
The launch of the Polygon zkEVM mainnet promises to bring scalability and privacy to Ethereum, which should help boost MATIC prices over time. However, for now, the MATIC/USD pair remains vulnerable to further downside pressure in the near term.
The next key support level is seen at $0.8, while a break above $1.2 could potentially invalidate the bearish outlook and push prices higher toward the next resistance level of $1.5.