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.
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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.
Humanity Protocol Emerges from Stealth: Human Institute, in collaboration with @animocabrands and @0xPolygon , Pioneers the Human Layer for Web3
— Humanity Protocol (@Humanityprot) February 20, 2024
Read it all here: https://t.co/7X5kd76QhO
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
