MATIC moons 15% as Polygon prepares to build a DAO for DeFi

MATIC moons 15% as Polygon prepares to build a DAO for DeFi
“Racing car” by Juan_Alvaro is licensed under CC BY 2.0
  • MATIC/USDT exchange rate jumps 15%
  • Polygon is planning to build a DeFi DAO
  • MATIC still has room to go further up

JAIPUR (Coinchapter) – MATIC notched up higher amid Polygon forming a decentralized autonomous organization (DAO) to address decentralized finance (DeFi) growth.

The MATIC/USDT pair chalked up 15% gains as prices jumped from $1.3 to $1.54 in a bullish intraday session on Thursday. The pair’s latest upside move followed an almost 19% dip from its previous local top at $1.56 achieved on Monday. Some amount of profit-taking did thaw the rally, but the overall trend remains bullish.

DAO For DeFi

Polygon’s latest ecosystem update came after the widely used Ethereum layer-2 scaling solution announced plans to enter the blockchain gaming space.

Related: MATIC moons 18% as Polygon puts feet in $50B blockchain gaming industry

The Indian blockchain unicorn said it wishes to onboard 100 million users to its DAO. The community thus formed will have the right to steer the process of Polygon’s Defi development strategy.

Polygon scaling solution ecosystem map. Source: Novuminsights.com
Polygon scaling solution ecosystem map. Source: Novuminsights.com

Polygon’s team has set aside a fund of $100 million for developing the same, which will help in its transition from a proof-of-stake protocol to a cross-chain one. It’s the “next logical step,” claimed Polygon, impressing that the DAO will further its blockchain interoperability vision.

MATIC Still Has Room To Go Up

MATIC/USDT’s one-day chart hinted at further upside opportunities. The pair printed a breakout from a symmetrical triangle formation. The base of the triangle works out to a 23% change in value. MATIC gained 15% in the ongoing rally, and the said technical setup indicated another 8-10% rally for Polygon’s native token.

Related: Polygon pushes towards a two-month high as Poly hackers return $85M worth of MATIC.

Plus, prices remained well supported above the 50-day moving average (50-day MA) and 200-day moving average (200-day MA) waves. RSI readings are within the usual 30-70 range, although a 66.16 figure points to overbought conditions.

MATIC looks primed for further upside
MATIC looks primed for further upside. Source: MATICUSDT on TradingView.com

If bulls break above the crucial $1.63 resistance, the next target would be $1.84. However, reclaiming $2.03 would change the market dynamics for MATIC/USDT propping the pair the next leg up.

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