The cryptocurrency market has carried out properly over the previous 24 hours because it slowly recovers from its latest hunch.
The broader crypto market has added greater than 2.5% to its worth over the past 24 hours. This comes regardless of a poor begin to the week.
Thanks to the constructive efficiency recorded over the previous 24 hours, the entire 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 is additionally eyeing the $2,100 resistance stage after including nearly 3% to its worth within the final 24 hours.
MATIC, the native token of the Polygon ecosystem, is probably the greatest performers amongst the highest 20 cryptocurrencies thus far today. 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 constructive efficiency is the partnership between Polygon and Ernst & Young (EY), one of many Big Four auditing corporations.
The Polygon workforce stated the partnership will see the entities launch the first-ever Layer 2 Zero-Knowledge (ZK) on the Polygon mainnet.
#Polygon, in partnership with @EYnews, is launching the first-ever L2 zk dwell on Mainnet.
Streaming dwell 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 latest weeks.
The MACD is beneath the impartial zone, indicating that the bearish sentiment is not fully over. The 14-day relative energy index of 52 exhibits that MACD is not within the oversold area.
At press time, MATIC is buying and selling at $0.7139. If the rally continues, MATIC may break previous the primary main resistance stage at $0.8087 earlier than the top of the day. However, the resistance stage at $0.9568 ought to cap additional upward motion within the brief time period.