MATIC, the native coin of the Polygon community, is up by greater than 8% at present, because of Polygon reaching a brand new milestone.
MATIC is the best-performing cryptocurrency amongst the highest 20 cash by market cap within the final 24 hours. The coin has added greater than 8% thus far at present and will rally greater earlier than the top of the day.
The constructive efficiency comes after Polygon introduced that it had achieved a brand new milestone.
🚀 A MAJOR adoption milestone 🚀
53,000+ decentralized apps have discovered their residence #onPolygon as of the top of September, as per @AlchemyPlatform.
This implies… 🤯
8x leap from the beginning of 2022.
60%+ enhance since June.— Polygon – MATIC 💜 (@0xPolygon) October 17, 2022
The Polygon workforce revealed that the full variety of decentralised functions (dApps) on its platform has now surpassed 53,000. The workforce revealed that it had skilled an 800% enhance because the begin of the yr and an over 60% enhance since June.
The rally comes because the broader cryptocurrency market continues its constructive begin to the week. The whole cryptocurrency market cap is up by almost 2% at present and now stands at $940 billion.
Bitcoin, the world’s main cryptocurrency by market cap, is closing in on $20k as it’s up by greater than 1% over the past 24 hours. Ether can also be up by 2% thus far at present and is now buying and selling at $1,335 per coin.
Key ranges to observe
The MATIC/USD 4-hour chart is bullish, as Polygon has been performing effectively over the past 24 hours. The technical indicators present that MATIC is outperforming the broader crypto market in the mean time.
MATIC/USD Chart By TradingView
The MACD line is above the impartial zone, indicating that MATIC is at the moment in a bullish mode. The 14-day RSI of 64 reveals that MATIC is heading into the overbought area if the rally is sustained.
At press time, MATIC is buying and selling at $0.8758. If the constructive momentum is sustained, MATIC may soar previous the primary main resistance stage at $0.9355.
Nevertheless, it will want the help of the broader cryptocurrency market to cross the $1 psychological stage for the primary time since August.
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