The cryptocurrency market has performed well over the past 24 hours as it slowly recovers from its recent downturn.
The broader crypto market has increased its value by over 2.5% in the last 24 hours. This comes despite a poor start to the week.
Thanks to the positive performance recorded over the past 24 hours, the total cryptocurrency market cap is now above $1.3 trillion.
Bitcoin remains the dominant cryptocurrency and could cross the $31k mark if the market momentum continues. Ether is also eyeing the $2,100 resistance level after gaining nearly 3% in its value over the past 24 hours.
MATIC, the native token of the Polygon ecosystem, is one of the best performers among the top 20 cryptocurrencies to date. MATIC along with Avalanche, Cronos and Litecoin have increased their values by over 6% in the last 24 hours.
For MATIC, the primary catalyst behind its ongoing positive performance is the partnership between Polygon and Ernst & Young (EY), one of the big four auditing firms.
The Polygon team said that with the partnership, entities will launch Layer 2 Zero-Knowledge (ZK) for the first time on the Polygon mainnet.
#polygonin partnership with @EYnewsLaunching L2 zk live for the first time on mainnet.
Polygon Nightfall.
live streaming @Twitter, @youtubeAnd @linkedin,
Tomorrow at 12:30 p.m. ET. pic.twitter.com/IQj3qacMmc– Polygon – MATIC (@0xPolygon) 16 May 2022
prime level to watch
The MATIC/USD 4 hour chart is bearish. This is not surprising as MATIC has performed poorly in recent weeks.
The MACD is below the neutral zone, indicating that the bearish sentiment is not completely over. The 14-day Relative Strength Index 52 indicates that the MACD is no longer in oversold territory.
As of press time, MATIC is trading at $0.7139. If the rally continues, MATIC may break the first major resistance level of $0.8087 before the end of the day. However, the resistance level of $0.9568 should turn higher in the near term.