The cryptocurrency market is but to kick the bottom working this week and will finish the week buying and selling within the destructive zone.
The cryptocurrency market has been underperforming for the reason that begin of the week. Over the past 24 hours, the full market cap is down by lower than 1% and at present stands above $880 billion.
Bitcoin is seeking to surge previous the $20k resistance mark once more regardless of happening by 0.5% over the previous few hours. Ether, on the hand, is seeking to climb above the $1,100 resistance level after including 1% to its worth immediately.
Nevertheless, MATIC, the native token of the Polygon ecosystem, is one of the best performer amongst the highest 20 cryptocurrencies by market cap. MATIC is up by greater than 10% within the final 24 hours, outperforming the opposite main cryptocurrencies.
The first catalyst behind the continuing rally is the announcement that Polygon is the one blockchain challenge chosen to be part of the Disney Accelerator program.
The 2022 Disney Accelerator, is a enterprise growth program designed to speed up the expansion of modern firms from all over the world.
Increase your hand when you bear in mind your first Disney expertise prefer it was yesterday 🙋🏻♀️ #disneyfeels
We’re excited to announce that Polygon has been chosen to be part of the Disney Accelerator program 🎉https://t.co/hk6gZziy8X
— Polygon – MATIC 💚 (@0xPolygon) July 13, 2022
Key ranges to observe
The MATIC/USD 4-hour chart has turned bullish as Polygon has been performing nicely over the previous 24 hours.
The MACD line is above the impartial zone, indicating bullish momentum. The 14-day RSI of 61 reveals that MATIC is at present not within the oversold area and will rally in direction of the overbought zone within the coming hours or days.
At press time, MATIC is buying and selling at $0.625. If the rally continues, MATIC may surge previous the primary main resistance stage at 0.70 earlier than the top of the day.
MATIC is retracing a few of its earlier features and will slip beneath the $0.57 help stage if the bears stay in command of the broader cryptocurrency market.