MATIC has been rallying since the start of the day and could be set to set a new milestone.
The cryptocurrency market has been experiencing a mixed performance since the start of the day. Most coins are trading in the red zone, while others are up by less than 1%.
The total cryptocurrency market now stands at around $1.7 trillion. Bitcoin continues to trade below the $40k level as bears are still in control of the market.
However, MATIC, the native token of the Polygon ecosystem, is currently up by nearly 5% in the last 24 hours, making it one of the best performers amongst the top 20 cryptocurrencies by market cap.
At press time, MATIC is trading at $1.5 per token. However, MATIC would find it hard to break past the next resistance level unless it gains the support of the broader cryptocurrency market.
There is no major catalyst behind MATIC’s ongoing rally except the slight recovery of the market.
Key levels to watch
The MATIC/USD 4-hour chart is bullish, thanks to the coin’s performance over the past 24 hours. The technical indicators show that MATIC is currently outperforming the broader cryptocurrency market.
The MACD line crossed the neutral zone into the positive territory following MATIC’s latest rally. The 14-day relative strength index of 44 shows that MATIC is no longer in the oversold region. If the rally continues, MATIC could enter the overbought region soon.
At press time, MATIC is trading at $1.5 per coin. The next major resistance level at $1.8 could present a huge challenge for MATIC over the coming hours unless it gains support from the broader cryptocurrency market.
If the bears take control of the market, MATIC could drop below the next support level at $1.40 over the coming hours.