The cryptocurrency market has carried out nicely over the previous 24 hours because it slowly recovers from its current stoop.
The broader crypto market has added greater than 2.5% to its worth during the last 24 hours. This comes regardless of a poor begin to the week.
Due to the optimistic efficiency recorded over the previous 24 hours, the overall cryptocurrency market cap now stands above $1.3 trillion.
Bitcoin stays the dominant cryptocurrency and will cross the $31k mark if the market rally continues. Ether can also be eyeing the $2,100 resistance stage after including practically 3% to its worth within the final 24 hours.
MATIC, the native token of the Polygon ecosystem, is likely one of the greatest performers amongst the highest 20 cryptocurrencies up to now at this time. MATIC, together with Avalanche, Cronos and Litecoin, have added greater than 6% to their values within the final 24 hours.
For MATIC, the first catalyst behind its ongoing optimistic efficiency is the partnership between Polygon and Ernst & Younger (EY), one of many Large 4 auditing corporations.
The Polygon workforce stated the partnership will see the entities launch the first-ever Layer 2 Zero-Data (ZK) on the Polygon mainnet.
#Polygon, in partnership with @EYnews, is launching the first-ever L2 zk reside on Mainnet.
Polygon Dusk.
Streaming reside on @Twitter, @YouTube, and @LinkedIn.
Tomorrow at 12:30 PM ET. pic.twitter.com/IQj3qacMmc— Polygon – MATIC 💚 (@0xPolygon) May 16, 2022
Key ranges to look at
The MATIC/USD 4-hour chart is bearish. This isn’t shocking as MATIC has underperformed in current weeks.
The MACD is beneath the impartial zone, indicating that the bearish sentiment just isn’t utterly over. The 14-day relative power index of 52 reveals that MACD is now not within the oversold area.
At press time, MATIC is buying and selling at $0.7139. If the rally continues, MATIC might break previous the primary main resistance stage at $0.8087 earlier than the tip of the day. Nevertheless, the resistance stage at $0.9568 ought to cap additional upward motion within the brief time period.