HomeHere is why MATIC raced to a new all-time high a few hours ago

Here is why MATIC raced to a new all-time high a few hours ago

Hassan Maishera

MATIC, the native token of the Polygon blockchain, is one of the top performers in the market over the past 24 hours.

Matic has raced to a new all-time high after rallying by more than 10% in the past 24 hours. The coin’s price reached a new all-time high above $2.6 a few hours ago. This comes despite the broader crypto market experiencing a mixed performance.

The rally came after Uniswap, one of the largest decentralized exchanges in the world, launched its services on the Polygon blockchain. The Uniswap community voted to launch their services on the Polygon blockchain a few days ago, and the process was completed yesterday.

As a result, UNI tokens are now available on the Polygon blockchain. Mihailo Bjelic, the co-founder of Polygon, is excited by this latest development. In a recent interview, he stated that;

“Ethereum introduced a noble vision of an open, borderless economic system accessible to everyone. With this deployment, Uniswap as the flagship Ethereum application returns back to the original vision and again offers low fees and open access to everyone.”

Key levels to watch

The MATIC/USD 4-hour chart is very bullish at the moment, thanks to the cryptocurrency’s latest rally. The technical indicators show that the coin is currently performing well and could be set to rally higher soon.

The MACD line is above the neutral zone, indicating that the coin is in a bullish trend. Furthermore, the 14-day RSI of 50 shows that it is heading towards the oversold region. At press time, MATIC is trading above its 50-day moving average of $2.3.

If the bulls continue to stay in control, MATIC could rally higher in the coming hours and break past the first resistance point at $2.75. In the event of an extended rally, MATIC could set a new all-time high above $2.85 before the end of the day.

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