The cryptocurrency market is performing positively at the moment after underperforming on (*24*).
The broader cryptocurrency market is buying and selling in the inexperienced zone once more following the poor efficiency on (*24*). The market has added more than 2% to its worth and the whole market cap now stands above $900 billion.
Bitcoin may rally previous the $21k resistance degree after including more than 1% to its worth in the last 24 hours. Meanwhile, Ether has maintained its worth above $1,000 regardless of going up by much less than 2%.
MATIC, the native token of the Polygon ecosystem, is the greatest performer amongst the high 20 cryptocurrencies by market cap. MATIC is up by more than 25% in the last 24 hours and at present trades at $0.5005 per coin.
The ongoing rally will be attributed to the launch of the PolygonID by the Polygon crew.
The Polygon crew announced in a blog post on (*24*) that its PolygonID is now dwell. Polygon ID is a non-public and self-sovereign identification resolution powered by zero-knowledge cryptography.
According to the improvement crew, Polygon ID places customers in full management of their digital identification, permitting them to show particular points of their identification with out revealing any private data.
Key ranges to observe
The MATIC/USD 4-hour chart is at present bullish as Polygon has been performing excellently over the previous 24 hours. The technical indicators present that MATIC is at present performing above the market common.
The MACD line is above the impartial zone, indicating bullish momentum. The 14-day relative energy index of 69 reveals that MATIC may quickly enter the overbought area.
If the bulls stay in management, MATIC may rally previous the first main resistance degree at $0.5693 earlier than the finish of the day. However, it could want the help of the broader cryptocurrency market to maneuver previous the resistance level above $0.64.