Investing.com – With a gain of 8.6% over 24 hours and almost 13% over a week at the time of writing, the cryptocurrency is by far the best performer in the top 20 crypto on Monday morning.
Recall that the MATIC had started an upward movement on Friday, before consolidating for most of the weekend. Finally, Polygon (MATIC) resumed its rise last night, rising from around $0.8330 to a peak at $0.9080 overnight from Sunday to Monday, a gain of 9% in a few hours.
The reasons behind Polygon (MATIC)’s strong rise since last night are unclear, although there is widespread bullish sentiment across cryptos since last night, with the on its side rising from around $19,200 to a high at $19,700.
In addition, it will be recalled that last week, Nubank, a , announced the creation of its own cryptocurrency, Nucoin, based on the Polygon blockchain.
Nubank said on Wednesday that it would launch the token, called Nucoin, in the first half of 2023. In a press release, the company touts Nucoin as “a new way to recognize customer loyalty and encourage engagement. towards Nubank products”. Nubank said it plans to offer discounts and other benefits to token holders.
“The project is another step forward in our belief in the transformative potential of blockchain technology and to democratize it even further, going beyond buying, selling and servicing cryptocurrencies in the app. Nu,” said Fernando Czapski, managing director of Nucoin at Nubank, in a statement.
Previously, on October 17, Polygon had also revealed that a total of more than 53,000 decentralized applications had been built on the Polygon blockchain by the end of September, a figure which has increased eightfold since the start of the year and which demonstrates exponential adoption of the Polygon blockchain and MATIC cryptocurrency.
Technical thresholds to monitor on Polygon (MATIC)
From a graphical point of view, the strong rise posted by the Polygon since last night confirms a bullish reversal that began last week, when the cryptocurrency crossed the trend line visible in red on the H4 chart below:
The $0.91 area is now showing as immediate resistance, ahead of the $0.94/$95 area, the last major chart hurdle before the key $1 threshold. On the downside, the 0.8770 area is the first chart support to consider, before $0.78/0.80.