The cryptocurrency market has performed well over the past 24 hours as it slowly recovers from its recent slump.
The broader crypto market has added more than 2.5% to its value over 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 now stands above $1.3 trillion.
Bitcoin remains the dominant cryptocurrency and could cross the $31k mark if the market rally continues. Ether is also eyeing the $2,100 resistance level after adding nearly 3% to its value in the last 24 hours.
MATIC, the native token of the Polygon ecosystem, is one of the best performers amongst the top 20 cryptocurrencies so far today. MATIC, along with Avalanche, Cronos and Litecoin, have added more than 6% to their values 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 the partnership will see the entities launch the first-ever Layer 2 Zero-Knowledge (ZK) on the Polygon mainnet.
#Polygon, in partnership with @EYnews, is launching the first-ever L2 zk live on Mainnet.
Streaming live on @Twitter, @YouTube, and @LinkedIn.Tomorrow at 12:30 PM ET. pic.twitter.com/IQj3qacMmc
— Polygon – MATIC 💚 (@0xPolygon) May 16, 2022
Key levels to watch
The MATIC/USD 4-hour chart is bearish. This isn’t surprising as MATIC has underperformed 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 of 52 shows that MACD is no longer in the oversold region.
At press time, MATIC is trading at $0.7139. If the rally continues, MATIC could break past the first major resistance level at $0.8087 before the end of the day. However, the resistance level at $0.9568 should cap further upward movement in the short term.