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MATIC gains as Polygon launches zkEVM scaling solutions, a good investment bet for long term

Polygon is a decentralized layer 2 Ethereum scaling platform that enables developers to build scalable user-friendly dApps with speed transactions and low fees.

Ethereum

Polygon

Consensus Mechanism

Proof of work

Proof of stake &plasma enabled chains

Gas fees

High

Low

TPS

13 to 15 per second

65000 per second

Total dApps

2970

>19000

Programming language

Solidity

Golong, solidity, and Vyper

Security

High

Less secure

Polygon launches new scaling solutions zero-knowledge Ethereum virtual machine (zkEVM). "It's just like using Ethereum, but with the groundbreaking scaling power of ZK tech," Polygon said in an announcement.

It is a layer 2 protocol that rolls up a large batch of transactions with single validity proof.

Technicals:

MATICUSD gained more than 200% from the minor bottom of $0.32 on positive developments. It hits a high of $0.9846 and is currently trading around $0.8650.

The near-term resistance is around $1.05, any breach above targets $1.1380/$1.35/$1.75/$2.10. On the lower side, immediate support stands at $0.78, violation below will drag the pair down to $0.65/$0.50. Significant bearish continuation only below $0.30.

It is good to buy on dips around $0.70 with SL around $0.30 for TP of $2.

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