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

FXStreet
Updated
Mitrade
coverImg
Source: DepositPhotos




●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

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. 


* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Coinbase Faces Backlash After Insider Leak IncidentCoinbase, the largest US-based crypto exchange on trading volume metrics, is facing intense backlash after Thursday reports indicated a rogue employee leaked sensitive customer data.
Author  Beincrypto
4 hours ago
Coinbase, the largest US-based crypto exchange on trading volume metrics, is facing intense backlash after Thursday reports indicated a rogue employee leaked sensitive customer data.
placeholder
BNB Price Finds Its Footing — Can Bulls Ignite the Next Leg Up?BNB price is consolidating above the $640 support zone. The price is now showing positive signs and might aim for more gains in the near term. BNB price is attempting to recover from the $640 support
Author  NewsBTC
7 hours ago
BNB price is consolidating above the $640 support zone. The price is now showing positive signs and might aim for more gains in the near term. BNB price is attempting to recover from the $640 support
placeholder
Bitcoin Seeing 309,000 New Addresses Per Day: How Do XRP & Ethereum Compare?In a new post on X, the on-chain analytics firm Santiment has discussed about how the average Network Growth has been like for the top assets in the sector during the past month.
Author  Bitcoinist
7 hours ago
In a new post on X, the on-chain analytics firm Santiment has discussed about how the average Network Growth has been like for the top assets in the sector during the past month.
placeholder
Ethereum Goes Heavy On Defense With Trillion-Dollar Security InitiativeEthereum’s nonprofit arm rolled out a major security drive on May 14. It aims to shore up wallets, smart contracts, and the network itself. The move comes as more money flows onto the blockchain, with a plan big enough to protect “trillions” in digital assets.
Author  Bitcoinist
7 hours ago
Ethereum’s nonprofit arm rolled out a major security drive on May 14. It aims to shore up wallets, smart contracts, and the network itself. The move comes as more money flows onto the blockchain, with a plan big enough to protect “trillions” in digital assets.
placeholder
Bitcoin Near ATH, But Long-Term Holders Aren’t Selling – More Upside Ahead?Fresh on-chain data suggests that despite Bitcoin (BTC) trading close to its all-time high (ATH), long-term holders (LTHs) are not offloading their holdings.
Author  NewsBTC
10 hours ago
Fresh on-chain data suggests that despite Bitcoin (BTC) trading close to its all-time high (ATH), long-term holders (LTHs) are not offloading their holdings.