MATIC Price Analysis: Price Rebounds Near $1 Mark; Polygon Teases Something Massive as No. of dApps Hits 37,000

• Polygon (MATIC) ticked near the $1 mark as the crypto market saw a rebound
• Polygon is teasing something big coming into its ecosystem
• More than 37,000 decentralized apps (dApps) have been built on Polygon

The price of Polygon (MATIC) ticked near the $1 mark as the crypto market saw a rebound following the release of lower-than-expected inflation statistics. At the time of publication, MATIC was changing hands at $0.936, up 5% in the last 24 hours. Polygon is teasing something big coming into its ecosystem. “Something massive is coming to accelerate mass adoption of Web3. Consumer finance will not be the same again.” More than 37,000 decentralized apps (dApps) have been built on Polygon, according to the latest Alchemy data. This is almost double the number in March (19,000) and a fourfold increase since the start of the year. The number of monthly active teams, the most direct measure of developer activity on the Polygon PoS chain, clocked over 11,800 at the end of July, up from just over 8,000 in March. Alchemy data shows that 74% of teams integrated solely on Polygon, while 26% deployed on both Polygon and Ethereum.

Key Levels
Resistance Levels: $1.500, $1.300, $1.000
Support Levels: $0.850, $0.750, $0.685

MATIC/USD Daily Chart: Ranging

MATIC/USD Daily Chart

MATIC recovered from a low of $0.870 during the early trading activity and it’s now attempting to sustain some of the gains it made to the high of $0.941. The near-term oscillators are reflecting the slight price rebound, but they appear unconvincing in terms of maturing this move. The RSI remains in the bullish zone, moving slightly below the 70 levels.

If the market refuses to fall any further, $1.00 could provide immediate resistance. An aggressive move above this level could pave the way to $1.10 ahead of the $1.15 level. Above that, the $1.30 level may act as a stumbling block to bullish moves towards March highs. More downside pressures, however, could cause MATIC to retest the $0.750 (MA 50) zone.

MATIC/USD 4-Hour Chart: Ranging

MATIC is slightly higher after the selling interest from the July 31 highs of $0.962 eased to $0.850. With the 4-hour relative strength (RSI) hovering around 60, the price has yet to gain much momentum to the upside. If the price recovers its losses and rises above the $1.00 psychological level, it may pave the way for the next barrier at $1.150.

A successful break above this barrier could take the price to $1.30. Otherwise, if selling interest rises, the $0.85 low could provide initial downside constraints. Bears could target the 4-hour moving average of 200 at $0.820 and $0.750, respectively, before aiming for the $0.685 support levels. To summarize, MATIC/USD is ranging on the intraday charts with less pressure.

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