MATIC Price Analysis: Polygon Now Houses 53,000 DApps in Major Adoption Milestone, Will This Lift Price?

• At the time of writing, MATIC had erased some of the gains, up 2.18% at $0.857
• Polygon is now home to more than 53,000 dApps
• Monthly active dApps rose 29% since the end of last quarter to 17,800

Polygon (MATIC) was a notable gainer on Tuesday as it rose to an intraday high of $0.878 earlier in the day. At the time of writing, MATIC had erased some of the gains, up 2.18% at $0.857. According to recent data from Alchemy, the Polygon is now home to more than 53,000 decentralized applications (dApps) at the end of September. That marks an increase of over 60% since June and almost an eightfold jump from the start of the year. The dApps figure is the cumulative number of applications launched on both the mainnet and the testnet and represents a high water mark of ecosystem activity. Monthly active dApps, a closer approximation of the number of live applications in the ecosystem, rose 29% from last quarter to 17,800. The increase is fourfold from the start of 2022. The number of monthly active teams, the most direct measure of developer activity on the Polygon PoS chain, rose 27% to about 13,700. About 66% of the projects are building solely on Polygon, with the remainder also launching on Ethereum.

Key Levels
Resistance Levels: $1.33, $1.20, $0.87
Support Levels: $0.80, $0.69, $0.52

MATIC/USD Daily Chart: Ranging

MATIC/USD Daily Chart

After bouncing off the $0.715 level, MATIC increased to near-term highs of $0.878, forming a bottom. Technically, the relative strength index (RSI) indicator confirms a minor increase in positive momentum by pointing upward. If the price moves higher, the daily MA 50 and the MA 200 could act as immediate support.

Bulls in MATIC could reach the $1.00 barrier before the $1.05 level after crossing over near-term resistance levels. On the other hand, a probable downward trend may test the floor of $0.690. The $1.00 barrier and the $1.05 level may serve as the stop points for a successful break higher. The overall picture continues to be one of consolidation, though.

MATIC/USD 4-Hour Chart: Ranging

MATIC/USD 4-Hour Chart

MATIC has been gaining ground after it soared above strong support around $0.80. If the MATIC price continues to rise over the next four hours, immediate resistance is located at $0.950, which is above the MA 50 and MA 200. Clearing this threshold would support the start of an uptrend and pave the way for numbers above the $1.00 threshold.

On the other hand, if the current upward momentum falters, the MATIC price may revert to the recent support zone of $0.80. If this barrier is crossed, attention would shift to $0.690. In conclusion, Polygon (MATIC) has partially reversed its recent decline on the 4-hour chart. The recent bias would be erased by a break over the $0.950 zone, and a breach below $0.80 might sustain the selling bias.

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