- MATIC has formed a symmetrical triangle pattern.
- It also formed an inverted head and shoulders pattern.
MATIC price tilted upwards on Tuesday as investors reacted to the positive metrics by Polygon’s developers. The coin jumped to a high of $0.8636, which was the highest point in more than a month. It has risen by more than 168% from the lowest level this year.
Polygon growth continues
MATIC price continued in a bullish trend after the developers released the developer statistics of its network. In a tweet, the developers noted that its ecosystem had grown to over 53k decentralized applications. That was an 8x jump from where it started the year and about 60% increase since June of this year.
In a follow-up tweet, the developers clarified that the figure was the cumulative one since it launched its mainnet a few years ago. Its monthly active dApps rose by more than 29% since December to more than 17,800.
At the same time, the number of monthly active teams on the Polygon PoS chain rose by 27% to over 13,700. It has over 174.9 million unique user addresses and over $5 billion in total assets in its ecosystem.
Learn more about how to buy Polygon.
Polygon is used by some of the biggest companies in the world. For example, some of the top companies using Polygon are Adobe, eBay, Reddit, Robinhood, and Stripe among others. Other blockchain projects using the network are Aave, Uniswap, Rarible, and OpenSea among others.
According to DeFiLlama, there are over 320DeFi apps in its ecosystem. These apps have a total value locked (TVL) of more than $1.25 billion, which was lower than its all-time high of over $7 billion.
MATIC price has also rise as investors react to the recent product launches. Last month, the developers launched the testnet of its zero knowledge-EVM public testnet. This product will make it possible for developers won’t have to use new programming languages on Ethereum. Its mainnet will launch in 2023.
MATIC price prediction
The daily chart shows that the Polygon price has been in a tight range recently. It has formed a symmetrical triangle pattern that is shown in green. It also moved slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) moved above the neutral point at 50.
MATIC has also formed an inverted head and shoulders pattern. Therefore, with the triangle pattern nearing its confluence, there is a likelihood that the coin will have a bullish breakout. If this happens, the next key level to watch will be $1, which is about 20% above the current level.
