Right here is why MATIC is up by greater than 6% as we speak

The cryptocurrency market has carried out properly over the previous 24 hours because it slowly recovers from its latest droop.

The broader crypto market has added greater than 2.5% to its worth during the last 24 hours. This comes regardless of a poor begin to the week. 

Due to the constructive efficiency recorded over the previous 24 hours, the whole cryptocurrency market cap now stands above $1.3 trillion.

Bitcoin stays the dominant cryptocurrency and will cross the $31k mark if the market rally continues. Ether can also be eyeing the $2,100 resistance stage after including practically 3% to its worth within the final 24 hours.

MATIC, the native token of the Polygon ecosystem, is among the greatest performers amongst the highest 20 cryptocurrencies thus far as we speak. MATIC, together with Avalanche, Cronos and Litecoin, have added greater than 6% to their values within the final 24 hours.

For MATIC, the first catalyst behind its ongoing constructive efficiency is the partnership between Polygon and Ernst & Younger (EY), one of many Massive 4 auditing corporations.

The Polygon crew mentioned the partnership will see the entities launch the first-ever Layer 2 Zero-Information (ZK) on the Polygon mainnet. 

#Polygon, in partnership with @EYnews, is launching the first-ever L2 zk dwell on Mainnet.

Polygon Dusk.

Streaming dwell on @Twitter, @YouTube, and @LinkedIn.
Tomorrow at 12:30 PM ET. pic.twitter.com/IQj3qacMmc

— Polygon – MATIC 💚 (@0xPolygon) Could 16, 2022

Key ranges to observe 

The MATIC/USD 4-hour chart is bearish. This isn’t stunning as MATIC has underperformed in latest weeks. 

The MACD is beneath the impartial zone, indicating that the bearish sentiment is just not fully over. The 14-day relative power index of 52 exhibits that MACD is not within the oversold area.

At press time, MATIC is buying and selling at $0.7139. If the rally continues, MATIC might break previous the primary main resistance stage at $0.8087 earlier than the top of the day. Nonetheless, the resistance stage at $0.9568 ought to cap additional upward motion within the brief time period. 

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