Here is why MATIC is up by more than 25% so far today

1 week ago 13

The cryptocurrency marketplace is performing positively contiguous aft underperforming connected Wednesday.

The broader cryptocurrency marketplace is trading successful the greenish portion again pursuing the mediocre show connected Wednesday. The marketplace has added much than 2% to its worth and the full marketplace headdress present stands supra $900 billion.

Bitcoin could rally past the $21k absorption level aft adding much than 1% to its worth successful the past 24 hours. Meanwhile, Ether has maintained its worth supra $1,000 contempt going up by little than 2%.

MATIC, the autochthonal token of the Polygon ecosystem, is the champion performer amongst the apical 20 cryptocurrencies by marketplace cap. MATIC is up by much than 25% successful the past 24 hours and presently trades astatine $0.5005 per coin.

The ongoing rally tin beryllium attributed to the motorboat of the PolygonID by the Polygon team. 

The Polygon team announced successful a blog post connected Wednesday that its PolygonID is present live. Polygon ID is simply a backstage and self-sovereign individuality solution powered by zero-knowledge cryptography.

According to the improvement team, Polygon ID puts users successful implicit power of their integer identity, allowing them to beryllium circumstantial aspects of their individuality without revealing immoderate idiosyncratic information.

Key levels to watch

The MATIC/USD 4-hour illustration is presently bullish arsenic Polygon has been performing excellently implicit the past 24 hours. The method indicators amusement that MATIC is presently performing supra the marketplace average. 

The MACD enactment is supra the neutral zone, indicating bullish momentum. The 14-day comparative spot scale of 69 shows that MATIC could soon participate the overbought region.

If the bulls stay successful control, MATIC could rally past the archetypal large absorption level astatine $0.5693 earlier the extremity of the day. However, it would request the enactment of the broader cryptocurrency marketplace to determination past the absorption constituent supra $0.64. 

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