Tuesday, September 26, 2023
HomeImmutableXMATIC rallies by 8% after Polygon achieves a new milestone

MATIC rallies by 8% after Polygon achieves a new milestone

MATIC, the native coin of the Polygon network, is up more than 8% today thanks to Polygon reaching another milestone.

matic Best performing cryptocurrency among the top 20 coins by market cap in the last 24 hours. The coin has added more than 8% so far today and could rise further by the end of the day.

The positive performance came after Polygon announced it had achieved a new milestone.

The Polygon team has revealed that the total number of decentralized applications (dApps) on its platform has surpassed 53,000. The team reveals an 800% increase since the beginning of the year and more than 60% increase since June.

A rally ensues as the broader cryptocurrency market continues its positive start to the week. Today, cryptocurrency market capitalization is up nearly 2% and he is now at $940 billion.

Bitcoinis the world’s leading cryptocurrency by market capitalization, rising more than 1% over the past 24 hours and approaching $20,000. Ether is also up 2% so far today, trading at $1,335 per coin.

Important Levels to Watch

The MATIC/USD 4-hour chart is bullish as Polygon has performed well over the past 24 hours. Technical indicators show that MATIC is currently outperforming the broader crypto market.

MATIC/USD Chart by TradingView

The MACD line is above the neutral zone, indicating that MATIC is currently in bullish mode. The 14-day RSI 64 shows that MATIC is headed towards overbought territory if the upside is sustained.

At the time of writing, MATIC is trading at $0.8758. If this momentum continues, MATIC is likely to break out of the first major resistance level at $0.9355.

However, it will need broader crypto market support to break above the $1 psychological level for the first time since August.

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