MATIC rallies following Reddit’s NFT announcement

    The broader cryptocurrency market has had a superb week to this point and will file additional positive factors within the coming hours and days.

    The cryptocurrency market has been performing effectively because the begin of the week. Over the previous 24 hours, the overall market cap has elevated by greater than 5% and at present stands at $970 billion.

    If the market momentum is maintained, the overall market cap may quickly attain the $1 trillion mark for the primary time in practically a month.

    Bitcoin is buying and selling above $22k as soon as once more after including greater than 7% to its worth within the final 24 hours. Ether appears poised to surge previous the $1,300 resistance degree after including 6.8% to its worth throughout the identical interval.

    However, MATIC, the native token of the Polygon blockchain, is the most effective performer amongst the highest 20 cryptocurrencies by market cap. MATIC is up by greater than 13% within the final 24 hours and 22% up to now seven days.

    MATIC’s rally could be attributed to Reddit’s announcement that it will launch an NFT avatar marketplace on the Polygon blockchain. The new NFT-based avatar market will enable Reddit customers to buy blockchain-based profile footage for a set price, the corporate added.

    Key ranges to observe

    The MATIC/USD 4-hour chart is bullish as Polygon has been performing effectively over the previous few days.

    The MACD line crossed into the optimistic zone a number of days in the past and has remained there are MATIC outperformed the broader cryptocurrency market. The 14-day RSI of 76 exhibits that MATIC may quickly enter the overbought area if the coin maintains its present momentum.

    At press time, MATIC is buying and selling at $0.6095. If the rally continues, MATIC may surge previous the $0.64 resistance degree for the primary time since June. 

    The weekend shall be an fascinating one for the market as a sustained optimistic efficiency may see MATIC rally in the direction of the $0.70 psychological degree. 

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