Coinbase Prime allows staking Polygon (MATIC) + MATIC Price Projection

Coinbase Prime announced it allows staking of Polygon (MATIC) on its prime brokerage platform. Plus, we look at the latest developments for the Polygon (MATIC) zkEVM (zero-knowledge Ethereum Virtual Machine) and look at the MATIC price forecast.  

Coinbase Prime allows staking Polygon (MATIC)

Coinbase, the largest U.S. cryptocurrency exchange, has announced that it now allows the staking of Polygon (MATIC) on its prime brokerage platform, Coinbase Prime. MATIC is the tenth largest cryptocurrency, with a $7.9 billion market capitalization, according to data from CoinGecko. This positive step for Coinbase Prime and Polygon (MATIC) was reinforced by an announcement earlier this week that Coinbase Prime has obtained two System and Organization Control (SOC) certifications, which marked “another milestone” for the company. This reflects Coinbase Prime’s adherence to demanding security and oversight standards.

WELCOME BONUS - Free Share Bundle When You Invest £50! Get up to £500 cashback for investing with IG.

Invest in 15,000+ shares and ETFs. Open an account now, invest at least £50, and you’ll get a free share bundle worth between £40 and £200. T&Cs apply.

5.0

Open Account Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Auditing Polygon zkEVM

Polygon (MATIC) recently disclosed the latest developments regarding its much-hyped zkEVM (zero-knowledge Ethereum Virtual Machine). A zkEVM is a virtual machine that executes smart contracts in a way that is compatible with zero-knowledge-proof computation. According to the latest update from Polygon (MATIC), a demanding, far-reaching security audit for the zkEVM was underway.

The official announcement stated, “this audit is meant to verify the claim that Polygon zkEVM can only generate valid state transitions and that it does so in a zero-knowledge, non-interactive environment.”

MATIC Price Forecast

Polygon (MATIC)/USD has been in a sideways consolidation phase since the start of December, dipping through the bottom of a narrow range in the past 2-3 days. But the underlying positivity has remained intact on both a short- and intermediate-term basis since September and more broadly since the June bear market low was posted.

We would view the current setback as a corrective buying opportunity whilst support at 0.8036 holds. The risk is bias for a rebound from above here, to target a move back towards the more recent swing peak at 0.9500. Into January 2023, the threat is still higher, possibly aiming for chart resistance objectives at 1.1574 and even the early November recovery high at 1.3042.

However, a surrender of 0.8036 would quickly open risk for a challenge down to 0.7633 and 0.7610 levels. Below here aims at 0.7159 and 0.6901. We would look for this lower level to then hold, but surrender could see a more bearish shift again, to aim at the bear move low from June at 0.3162.