MATIC price outlook as Polygon zkEVM goes live on mainnet

• Polygon Labs has announced its Polygon zkEVM is now live.
• MATIC, the native Polygon token is trading 8% down this past week and 3% down in the past 24 hours.
• The technical outlook for MATIC on the daily chart suggets bears have an advantage.

Polygon price remains just above $1.08, with the cryptocurrency poised near the critical $1.00 level amid a market lull for most altcoins.

But while MATIC has shed about 8% of its value over the past week, there’s a sense of positivity hovering around the Ethereum scaling project. In particular, the community is reveling in the latest development involving Polygon – the launch of the blockchain protocol’s highly anticipated zero-knowledge based network zkEVM.

Polygon zkEVM mainnet beta went live at 10 am EDT and saw Ethereum co-founder Vitalik Buterin perform “the symbolic first transaction” at 10.30 am. Polygon zkEVM, which has been in development since last year, not only offers more scalability but also brings cheaper transactions to users.

The moment we’ve all been waiting for – Polygon #zkEVM Mainnet Beta is LIVE with @VitalikButerin performing the symbolic first transaction.

👏🏿 Permissionless
👏🏾 Public
👏🏽 Fast finality
👏🏼 Leading EVM-equivalent zkEVM
👏🏻 Completely open-source

More 👇🏻https://t.co/Xo4mbhnASh

— Polygon (labs) (@0xPolygonLabs) March 27, 2023

The zkEVM launch has attracted over 50 projects from across the crypto ecosystem, including cryptocurrency, Web3 and blockchain gaming.

Polygon price outlook as zkEVM launches on mainnet

Polygon traded lower since price rejected around $1.25 on 18 March, with a double top formation coinciding with the latest dip to lows of $1.06.

Bulls are likely to rely on the ascending trendline (green line), but if this breaks, MATIC/USD could retreat to horizontal support around $1.04. Further breakdown could push bulls to $0.93 and likely the main support zone near $0.75.

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