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

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. 

Also read: Shiba Inu is likely on the brink of SHIB price rally as meme coin sees volume capitulate

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 

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.