The cryptocurrency market is performing positively today after underperforming on Wednesday.
The broader cryptocurrency market is once again trading in the green zone after Wednesday’s poor performance. The market has added more than 2% to its value and the total market cap is now over $900 billion.
Bitcoin may break above the $21,000 resistance level after adding more than 1% to its value in the past 24 hours. Meanwhile, Ether held its value above $1,000 despite rising less than 2%.
MATIC, the native token of the Polygon ecosystem, is the top performer among the top 20 cryptocurrencies by market capitalization. MATIC is up over 25% in the last 24 hours and is currently trading at $0.5005 per coin.
The ongoing rally can be attributed to the launch of PolygonID by the Polygon team.
The Polygon team advertised in a blog post Wednesday that his PolygonID is now online. Polygon ID is a private, self-sovereign identity solution powered by zero-knowledge cryptography.
According to the development team, Polygon ID gives users full control of their digital identity, allowing them to prove specific aspects of their identity without revealing any personal information.
Key levels to monitor
The 4-hour MATIC/USD chart is currently bullish as Polygon has been performing strongly over the past 24 hours. Technical indicators show that MATIC is currently behaving above the market average.
The MACD line is above the neutral zone, indicating bullish momentum. The 14-day Relative Strength Index of 69 shows that MATIC may soon enter the overbought region.
If the bulls remain in check, MATIC could break above the first major resistance level at $0.5693 before the end of the day. However, it would need the support of the broader cryptocurrency market to break above the resistance point above $0.64.