The cryptocurrency market is performing positively today after underperforming on Wednesday.
The broader cryptocurrency market is again trading in the green zone after a poor performance on Wednesday. The market has increased its value by over 2% and the total market cap is now above $900 billion.
Bitcoin is likely to rally above the $21k resistance level after increasing its value by over 1% in the past 24 hours. Meanwhile, Ether has maintained its value above $1,000 despite a gain of less than 2%.
MATIC, the native token of the Polygon ecosystem, is the best performer among the top 20 cryptocurrencies by market cap. 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.
polygon team announced in a blog post on Wednesday that its Polygon is now live. Polygon ID is a private and self-sovereign identity solution powered by zero-knowledge cryptography.
According to the development team, Polygon ID puts users in complete control of their digital identity, allowing them to prove specific aspects of their identity without disclosing any personal information.
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The MATIC/USD 4-hours chart is currently bullish as Polygon is doing well over the past 24 hours. Technical indicators show that MATIC is currently performing above the market average.
The MACD line is above the neutral zone, which indicates bullish momentum. The 14-day Relative Strength Index of 69 suggests that MATIC may soon enter overbought territory.
If the bulls remain in control, MATIC may cross the first major resistance level of $0.5693 before the end of the day. However, it will need support from the broader cryptocurrency market to cross the resistance point above $0.64.
