MATIC rallied by more than 25% in the last 24 hours

The cryptocurrency market is performing positively right now 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 may 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 the perfect performer amongst the highest 20 cryptocurrencies by market cap. MATIC is up by greater than 25% within the final 24 hours and at present trades at $0.5005 per coin.

The continuing rally will be attributed to the launch of the PolygonID by the Polygon staff. 

The Polygon staff introduced in a weblog put up on Wednesday that its PolygonID is now stay. Polygon ID is a personal and self-sovereign id answer powered by zero-knowledge cryptography.

In response to the event staff, 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 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 power index of 69 reveals that MATIC may quickly enter the overbought area.

If the bulls stay in management, MATIC may rally previous the primary main resistance degree at $0.5693 earlier than the top of the day. Nonetheless, it might want the help of the broader cryptocurrency market to maneuver previous the resistance level above $0.64.