• May 27, 2022

MATIC is up almost 7% today

MATIC is up almost 7% today

The cryptocurrency market has performed well over the past 24 hours as it slowly recovers from its recent collapse.

The broader crypto market has added more than 2.5% to its value in the last 24 hours. This is happening despite a bad start to the week.

Thanks to the positive performance recorded over the past 24 hours, the total market capitalization of the cryptocurrency now exceeds $1.3 trillion.

Bitcoin remains the dominant cryptocurrency and could break the $31,000 mark if the market recovery continues. Ether is also aiming for the $2,100 resistance level after adding almost 3% to its value in the last 24 hours.

MATIC, the native token of the Polygon ecosystem, is one of the top performers among the top 20 cryptocurrencies to date. MATIC, along with Avalanche, Cronos and Litecoin, have added more than 6% to their values in the last 24 hours.

For MATIC, the main catalyst for its continued positive performance is the partnership between Polygon and Ernst & Young (EY), one of the big four audit firms.

The Polygon team said the partnership will see the entities launch the first-ever Layer 2 Zero-Knowledge (ZK) on the Polygon mainnet.

Key levels to watch out for

The 4-hour MATIC/USD chart is bearish. This is not surprising because 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 the time of going to press, MATIC is trading at $0.7139. If the rally continues, MATIC could break the first major resistance level at $0.8087 before the end of the day. However, the resistance level at $0.9568 should limit further upward movement in the near term.