Polygon network’s native coin MATIC had a bullish start of the week rallying 12%. On March 22, MATIC established a new weekly high at $1.74 but faced a slight drop.
Since March 22, the MATIC price is hovering around $1.72 and $1.74. At the time of writing MATIC is trading back at $1.74 with a plunge of 3.67% in the last 24hrs.
Market traders will be eyeing to grab liquidity from weak-handed traders, hence traders can expect some smaller time frame price action.
The 2-day chart put forth 2 key points. First being Polygon breaking the parallel trend channel and second, the currency has not yet formed a closing candle above the earlier weekly pivot point. However, it’s important for traders to know that this 2 day chart is not final as there is one more day for the final price settlement.
As the MATIC bulls have already climbed above $1.70, the price is expected to increase and might see reaching $2.00. But if the bulls don’t hold their positions and slip towards $1.44, then the MATIC price can hit the $1.20 area resulting in a more than 30% plunge.
Polygon Network To Launch Polygon ID !
Ethereum’s decentralized app (Dapp), Polygon network, has made an announcement to launch Polygon ID. This Polygon ID is a decentralized and private identity that allows users to control their digital identities, in turn keeping their personal information private.
The Polygon ID is powered by zero-knowledge (ZK) cryptography, a privacy and blockchain scaling technology.
As per company’s statement , the proof-of-concept is already developed and the complete Polygon ID platform is scheduled to launch by the third quarter of 2022.
With Polygon ID’s launch around the corner, traders watchout for the price to revisit $2 soon!