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HomeNewsPolygon (MATIC) Rockets Past Competition: 7% Surge to $1 Defies Bitcoin and...

Polygon (MATIC) Rockets Past Competition: 7% Surge to $1 Defies Bitcoin and Ethereum

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  • Curve Finance integrates crvUSD into Polygon PoS, introducing an innovative ‘LLAMMA’ settlement mechanism to improve safety and efficiency.
  • REX Protocol launches Polygon zkEVM exchange with API3DAO, offering commission-free trading and advanced options such as margin and shorts.

In Polygon’s decentralized finance sector, developers are making their mark with breakthroughs that capture everyone’s attention. Let’s get right to the details that are defining Polygon’s direction.

Recent Developments at Polygon DeFi

Curve Finance has made a breakthrough by incorporating crvUSD into Polygon PoS. This new addition introduces a stable CDP currency to the network, with a ‘LLAMMA’ settlement mechanism that promises to transform users’ operations, making settlements more efficient and secure.

REX Protocol adds to the innovation with the launch of its Polygon exchange zkEVM. This development eliminates trading commissions and adds features such as limit orders and margin options, signaling Polygon’s commitment to offering accessible and flexible trading services.

SweeprFi comes into play in Polygon PoS, giving users the ability to save and trade with a single currency in balancer and uniswap. This service is evidence of Polygon’s commitment to making the user experience in the DeFi sector simpler and richer.

Panoptic_xyz launches its beta platform for trading crypto options on Polygon PoS. This launch not only expands the range of services within the environment, but also shows Polygon’s continuous capacity for innovation.

Polygon Price Uptrend

After establishing firm support above $0.80, the price of MATIC has started to move higher, overcoming resistance levels near $0.880 and $0.900 and putting itself on an upward trajectory, just like Bitcoin and Ethereum.

MATICUSDT_2024-02-19_03-08-52
Source: Tradingview

The advance beyond $0.92 resistance and the 4-hour 100 simple moving average marks the start of a positive trend, eventually testing $1.00 resistance and reaching a multi-week high.

 

MATIC is currently trading above $0.990, holding strong with support from an uptrend line on the 4-hour chart of the MATIC/USD pair.

The nearest resistance is near the $0.995 area, with the $1.00 level waiting as a challenge.

MATIC Immediate Future

If MATIC manages to break above the $1.00 barrier, we could witness an extension of its ascent. However, should it fail to reach this level, we may see a downward correction, finding nearby support at $0.955 and the trendline.

MATIC-Chart
Source: Tradingview

Major support is located near $0.900, essential to prevent steeper drops towards $0.850 or even $0.800.

Technical indicators are trending positive, with the 4-hour MACD increasing its presence in the bullish zone and the 4-hour RSI positioning above the 50 level, indicating strength in the MATIC market.

Polygon’s DeFi sector is experiencing a phase of intense activity, with developments ranging from advanced stable currencies to commission-free trading platforms, improving both liquidity and trading for users .

These enhancements not only enrich Polygon’s infrastructure but also pave the way for future developments, consolidating Polygon as favorable environment for investment and project development within the DeFi space.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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