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

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.

🚀 A MAJOR adoption milestone 🚀

53,000+ decentralized apps have found their home #onPolygon as of the end of September, as per @AlchemyPlatform.

This means… 🤯
8x jump from the start of 2022.
60%+ increase since June.

— Polygon – MATIC 💜 (@0xPolygon) October 17, 2022

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. 

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