The cryptocurrency market continued its excellent start to the new week, with most coins gaining over 4% in the past 24 hours.
The new week is shaping up to be positive for the broader cryptocurrency market. The market has increased its value by about 6% in the last 24 hours, and now has a total market capitalization above $915 billion.
Bitcoin finally surpassed the $20k psychological level after adding more than 6% to its value. Ether is closing in on the $1,200 resistance and is up over 10% over the past 24 hours.
MATIC, the native token of the Polygon ecosystem, is the best performer among the top 20 cryptocurrencies by market cap. MATIC has increased its value by over 15% in the last 24 hours and is currently trading above $0.530 per coin.
The rally can be attributed to a conversation on Web3 adoption by co-founder Mihailo Bejelic on Monday. According to Bejelic, Web3 will be widely adopted on mobile and Polygon is preparing to play an important role in this development.
Web3 will be widely adopted on mobile and @0xPolygon is preparing for it.
Our strategy is not to build our own equipment. Instead, we will integrate with existing manufacturers.
Today, we are proud to announce the first major integration.
Ahead of. https://t.co/sGCfTm6v7P
— Mihailo Bjelic (@MihailoBjelic) 4 July 2022
The tweet was accompanied by a link to the announcement that HTC has launched a Metaverse phone with Polygon and Ethereum support.
prime level to watch
MATIC/USD 4-hours chart is bullish as MATIC is performing well over the last 48 hours.
The MACD line crossed the positive zone a few hours ago, which is indicating a bullish momentum. The 14-day RSI of 64 suggests that MATIC may soon enter overbought territory if the rally continues.
MATIC is likely to cross the first major resistance level of $0.629 before the end of the day. In case of extended bullish performance, MATIC could target the $0.70 level for the first time this month.