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MATIC soars by more than 8% so far today: Here is why

CoinJournal

Cryptocoins News / CoinJournal 195 Views

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

MATIC is the best-performing cryptocurrency amongst the top 20 coins by market cap in the last 24 hours. The coin has added more than 8% so far today and could rally higher before the end of the day.

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

The Polygon team revealed that the total number of decentralised applications (dApps) on its platform has now surpassed 53,000. The team revealed that it had experienced an 800% increase since the start of the year and an over 60% increase since June.

The rally comes as the broader cryptocurrency market continues its positive start to the week. The total cryptocurrency market cap is up by nearly 2% today and now stands at $940 billion.

Bitcoin, the world’s leading cryptocurrency by market cap, is closing in on $20k as it is up by more than 1% over the last 24 hours. Ether is also up by 2% so far today and is now trading at $1,335 per coin.&

Key levels to watch

The MATIC/USD 4-hour chart is bullish, as Polygon has been performing well over the last 24 hours. The technical indicators show that MATIC is outperforming the broader crypto market at the moment.&

MATIC/USD Chart By TradingView

The MACD line is above the neutral zone, indicating that MATIC is currently in a bullish mode. The 14-day RSI of 64 shows that MATIC is heading into the overbought region if the rally is sustained.

At press time, MATIC is trading at $0.8758. If the positive momentum is sustained, MATIC could soar past the first major resistance level at $0.9355.&

However, it would need the support of the broader cryptocurrency market to cross the $1 psychological level for the first time since August.&

Where to buy now

eToro

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Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy MATIC with Bitstamp today

The post MATIC soars by more than 8% so far today: Here is why appeared first on CoinJournal.


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