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MATIC Jumps 34% — Can It Reach the $2 Mark?

MATIC Jumps 34%
MATIC Jumps 34%

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The MATIC price has risen steadily over the past four weeks despite the volatility of the market. Given Polygon’s position in the DeFi sector, this ascent is also likely to continue growing in the years to come. This, together with rising demand and optimistic market sentiment, may drive MATIC’s price above $1.

The Price of MATIC Is Inching Closer to Key Resistance Levels

MATIC’s price rose in tandem with other coins like Ethereum and Dogecoin. Nonetheless, MATIC’s monthly growth surpassed that of other major cryptocurrencies, with the Altcoin increasing in value by about 34%. At its current price of $0.93, MATIC is getting dangerously near to $1, a key psychological barrier level.

With a further bullish indication, MATIC has a good chance of reaching this level in the next few days. However, the Relative Strength Index (RSI) is approaching the overbought zone, so similar outcomes appear unlikely. During the cool down, the uptrend can slow down and MATIC might possibly experience some correction.

The Altcoin, however, may be able to prevent a significant downturn due to the fact that it is supported by all three Simple Moving Averages (SMA) — 50-day, 100-day, and 200-day.

How Close Is MATIC to $2?

A symmetrical triangle structure that has been extending strong resistance at the $0.80 level was broken this week by the MATIC/USD pair. The MATIC/USD pair has produced bullish engulfing candles, which should help it break through the next resistance region at $0.93, a double top level, in the near future.

Technically speaking, the 50-day moving average, the Moving Average Convergence/Divergence (MACD), and the Relative Strength Index (RSI) are all in bullish territory.

The current price of MATIC is $0.93, but with a surge in demand, it has the ability to break over the double top threshold and reach the $2 threshold.

The nearest support for MATIC is still at $0.81, therefore a drop below this point might send MATIC’s price tumbling down to the $0.70 area.

Polygon Surpasses Binance Smart Chain in DEX Volume

As per reports from DeFi Llama’s statistics, Polygon has been the more successful DeFi blockchain with respect to a higher DEX volume over the past 24 hours. Polygon’s $234 million in DEX transactions outpaced Binance Smart Chain’s (BSC) $224 million by over $10 million.

Polygon is seeing interest not just in the DeFi sector, though. BitPay stated on October 26 that it will begin accepting Polygon and MATIC, enabling its customers to purchase, store, trade, and spend the two cryptocurrencies. This would greatly expand MATIC’s potential audience by exposing it to more people.

Are There Other ERC-20 Tokens Worth Considering?

Additionally to MATIC, the hottest crypto presale which is built on the Ethereum blockchain is Dash 2 Trade. Considered one of the greatest token sales of the year, the Dash 2 Trade presale has collected over $2.5 million in the last 7 days.

The goal of the Ethereum-based platform Dash 2 Trade is to give users access to various social trading signals and real-time data. A huge vote of confidence in the system has been validated by the fact that such a large sum was raised in such a short span of time. Keep in mind that the D2T token presale which started on 19th October came with a price tag of $0.05 USDT (you need to buy ETH Or USDT to purchase D2T). It’s the best time to enter now as this token has a massive potential to give 10x returns. 

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