- 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.
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’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.
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.
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.