The cryptocurrency market is performing positively immediately after underperforming on Wednesday.
The broader cryptocurrency market is buying and selling within the inexperienced zone once more following the poor efficiency on Wednesday. The market has added greater than 2% to its worth and the overall market cap now stands above $900 billion.
Bitcoin might rally previous the $21k resistance degree after including greater than 1% to its worth within the final 24 hours. In the meantime, Ether has maintained its worth above $1,000 regardless of going up by lower than 2%.
MATIC, the native token of the Polygon ecosystem, is one of the best performer amongst the highest 20 cryptocurrencies by market cap. MATIC is up by greater than 25% within the final 24 hours and at the moment trades at $0.5005 per coin.
The continued rally could be attributed to the launch of the PolygonID by the Polygon workforce.
The Polygon workforce introduced in a weblog publish on Wednesday that its PolygonID is now reside. Polygon ID is a non-public and self-sovereign id resolution powered by zero-knowledge cryptography.
In keeping with the event workforce, Polygon ID places customers in full management of their digital id, permitting them to show particular points of their id with out revealing any private data.
Key ranges to observe
The MATIC/USD 4-hour chart is at the moment bullish as Polygon has been performing excellently over the previous 24 hours. The technical indicators present that MATIC is at the moment performing above the market common.
The MACD line is above the impartial zone, indicating bullish momentum. The 14-day relative power index of 69 exhibits that MATIC might quickly enter the overbought area.
If the bulls stay in management, MATIC might rally previous the primary main resistance degree at $0.5693 earlier than the tip of the day. Nonetheless, it could want the help of the broader cryptocurrency market to maneuver previous the resistance level above $0.64.
through Cointojournal
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