The broader cryptocurrency market has had a superb week to this point and will report additional good points within the coming hours and days.
The cryptocurrency market has been performing nicely because the begin of the week. Over the previous 24 hours, the entire market cap has elevated by greater than 5% and at present stands at $970 billion.
If the market momentum is maintained, the entire market cap might quickly attain the $1 trillion mark for the primary time in almost 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 to be like poised to surge previous the $1,300 resistance degree after including 6.8% to its worth throughout the identical interval.
However, 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% prior to now seven days.
MATIC’s rally may be attributed to Reddit’s announcement that it might launch an NFT avatar marketplace on the Polygon blockchain. The new NFT-based avatar market will permit Reddit customers to buy blockchain-based profile footage for a set 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 constructive 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 reveals that MATIC might 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 might surge previous the $0.64 resistance degree for the primary time since June.
The weekend shall be an attention-grabbing one for the market as a sustained constructive efficiency might see MATIC rally in direction of the $0.70 psychological degree.
