MATIC price maintains positive outlook, Humanity Protocol launches on Polygon CDK

●MATIC price dipped slightly on Tuesday, hitting a low near $0.9600. 

●The Human Institute announced the launch of Humanity Protocol, a project on the Polygon CDK. 

●The protocol collaborated with Hong Kong-based firm Animoca Brands and Polygon for its latest initiative in AI. 

Ethereum’s largest scaling solution’s native token, MATIC, observed a slight decline in its price, hitting a two-day low of $0.9602 on Tuesday. In the past week, MATIC price yielded nearly 11% gains for holders despite falling in the past 24 hours. 

Humanity Protocol announced a new palm recognition technology for verifying individuals in Web3 and this initiative is in collaboration with Polygon and Hong-Kong-based gaming software developer Animoca Brands. 

AI project picks Polygon for rolling out new technology in Web3

According to an official announcement by Humanity Protocol on Tuesday, an AI-focused initiative to amplify human potential through the use of Artificial Intelligence (AI) has chosen Polygon CDK for the development of its latest offering. 

The Protocol identified a privacy-preserving alternative to invasive biometric methods and implemented it through a collaboration with gaming software development firm Animoca Brands and Polygon’s Chain Development Kit (CDK). 

The project leverages zero-knowledge proofs to boost privacy and enables secure identity verification without revealing personal data. 

MATIC price dips slightly ahead of rally towards $1.09 target

In the past day, MATIC price dropped nearly 2%, with the Ethereum scaling token sustaining above the 78.6% Fibonacci retracement at $0.9608. MATIC price is $0.9832 at the time of writing and the token is inching closer towards its 2024 peak of $1.0342. 

Two technical indicators, the Moving Average Convergence/ Divergence (MACD) indicator and the Awesome Oscillator (AO), are flashing green bars, supporting MATIC’s ongoing uptrend and signaling that there is positive momentum. 

MATIC/USDT 1-day chart, Source: TradingView.

A daily candlestick close below the mentioned 78.6% Fib retracement level could invalidate the bullish thesis for MATIC. The Ethereum scaling token could sweep support at the 61.8% Fib retracement at $0.9031 before resuming its climb towards its 2024 peak.