The broader cryptocurrency market has had a wonderful week up to now and will document additional features within the coming hours and days.
The cryptocurrency market has been performing nicely for the reason that begin of the week. Over the previous 24 hours, the entire market cap has elevated by greater than 5% and presently stands at $970 billion.
If the market momentum is maintained, the entire market cap may quickly attain the $1 trillion mark for the primary time in practically a month.
Bitcoin is buying and selling above $22k as soon as once more after including greater than 7% to its worth within the final 24 hours. Ether appears poised to surge previous the $1,300 resistance stage after including 6.8% to its worth throughout the identical interval.
Nonetheless, MATIC, the native token of the Polygon blockchain, is the most effective performer amongst the highest 20 cryptocurrencies by market cap. MATIC is up by greater than 13% within the final 24 hours and 22% up to now seven days.
MATIC’s rally might be attributed to Reddit’s announcement that it will launch an NFT avatar marketplace on the Polygon blockchain. The brand new NFT-based avatar market will permit Reddit customers to buy blockchain-based profile photos for a hard and fast charge, the corporate added.
Key ranges to look at
The MATIC/USD 4-hour chart is bullish as Polygon has been performing nicely over the previous few days.
The MACD line crossed into the optimistic zone just a few days in the past and has remained there are MATIC outperformed the broader cryptocurrency market. The 14-day RSI of 76 exhibits that MATIC may quickly enter the overbought area if the coin maintains its present momentum.
At press time, MATIC is buying and selling at $0.6095. If the rally continues, MATIC may surge previous the $0.64 resistance stage for the primary time since June.
The weekend will likely be an fascinating one for the market as a sustained optimistic efficiency may see MATIC rally in direction of the $0.70 psychological stage.