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MATIC price forms a rising channel on the daily chart after rallying approximately 28% on Thursday. Polygon aims for a 20% rise to $2.40 amid increasing adoption.
MATIC Price rallied nearly 28% on October crushing a crucial hurdle at $1.77 which had curtailed Polygon’s movement upwards for over five months. Yesterday’s increase in bullish pressure has triggered a possible rally for the Layer-2 Token to areas around $2.4.
Can investors expect Polygon to continue the uptick?
Polygon’s relevance continues
Polygon blockchain company announced its first partnership with an insurer. Its partnership with Tidal insurance is expected to help Polygon to secure its DeFi ecosystem.
The project aims to solve DeFi insurer’s supply and demand problem by “allowing capital leverage as well as additional token incentives to increase capital return. The announcement read:
“This collaboration is aimed to increase safety measures for top quality Polygon projects through Tidal Insurance. Projects need to meet certain criteria in terms of auditing, TVL, and other safety measures. Qualified projects will be awarded with a premium discount offering and MATIC incentives for their coverage providers.”
Ethereum price rallied to an all-time high on October 28 with its ecosystem active with dApps, DeFi, NFTs and meme coins. Polygon has been providing valuable help to users and new projects on the Ethereum blockchain, who would otherwise have found it difficult.
Therefore, Polygon provides scaling solutions and is at the center of whatever the future might bring for the ETH ecosystem.
MATIC Price Could Rally To Above $2.40
MATIC price took a breather after rallying to $2.14. This price action has formed an ascending parallel channel on the four-hour chart that forecasts 20% gains for Polygon in the near future. However, this upward movement will not be easy, as the MATIC price uptick was rejected at the $2.22 barrier embraced by the upper boundary of the prevailing chart pattern.
Moreover, the Relative Strength (RSI) Indicator’s retraction from the overbought zone on the same four-hour chart forecasts a correction which seems to be playing out.
As such, Polygon must flip $2.22 into support, a confirmation of a decisive breakout upwards towards $2.40. This will represent an approximately 20% rise from the current price at $2.03. A further climb from here could see MATIC tag the all-time high around $2.69.
MATIC/USD Daily Chart
However, if things go awry for Polygon bulls and MATIC price closes below the immediate support at $2.00, the Layer 2 token may tank towards the $1.77 support level. A further drop below this level could see Polygon tag the $1.73 support wall or the Simple Moving Averages (SMAs) below it.
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