Polygon Price Prediction as Launch of New zkEVM Mainnet Beta Approaches – Can MATIC Reach $100?

cryptonews.com:

After finding support earlier in the week in the mid-$1.10s, partially as a result of buying around the 21-Day Moving Average (DMA) at $1.2050, Polygon (MATIC) has rebounded into the upper $1.20s. The cryptocurrency, which powers layer-2 Ethereum scaling solution Polygon, is eyeing a break back to the north of the $1.30 level, potentially opening the door to a retest of multi-month highs hit earlier this month in the $1.35 area. Price predictions are thus becoming more bullish. 

Some analysts have been surprised by crypto’s resilience in the face of hotter-than-expected US inflation numbers on Tuesday and stronger-than-expected US Retail Sales data out on Wednesday, the combined impact of which has been to push up the US dollar and US yields as traders revise higher their Fed tightening bets. MATIC/USD was last trading around 7.5% higher in the last 24 hours, according to CoinMarketCap.

An announcement from Polygon’s developers Polygon Labs on Tuesday that the scaling protocol will be implementing a much anticipated upgrade before the end of next month is likely bolstering sentiment. On the 27th of March, Polygon will launch a beta version of is zkEVM (zero knowledge Ethereum Virtual Machine) Mainnet, kicking off “the journey to the future”.

Polygon Labs released a zkEVM testnet last year, which Polygon Labs says “gave the world the first glimpse of seamless scaling for Ethereum” and “has been groundbreaking from the beginning”. Indeed, the testnet achieved a series of impressive milestones, as detailed in the graphic above. With the launch of the zkEVM Mainnet beta in March, Polygon Labs say that “it’s time to truly start the revolution to unlock mass adoption and the full potential of Web3”.

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