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The cryptocurrency market is performing positively at this time after underperforming on Wednesday.

The broader cryptocurrency market is buying and selling in the inexperienced zone once more following the poor efficiency on Wednesday. The market has added more than 2% to its worth and the complete market cap now stands above $900 billion.

Bitcoin may rally previous the $21k resistance stage after including more than 1% to its worth in the last 24 hours. Meanwhile, Ether has maintained its worth above $1,000 regardless of going up by much less than 2%.

MATIC, the native token of the Polygon ecosystem, is the greatest performer amongst the prime 20 cryptocurrencies by market cap. MATIC is up by more than 25% in the last 24 hours and presently trades at $0.5005 per coin.

The ongoing rally will be attributed to the launch of the PolygonID by the Polygon crew. 

The Polygon crew announced in a blog post on Wednesday that its PolygonID is now reside. Polygon ID is a personal and self-sovereign id resolution powered by zero-knowledge cryptography.

(*24*) to the growth crew, Polygon ID places customers in full management of their digital id, permitting them to show particular elements of their id with out revealing any private info.

Key ranges to observe

The MATIC/USD 4-hour chart is presently bullish as Polygon has been performing excellently over the previous 24 hours. The technical indicators present that MATIC is presently performing above the market common. 

The MACD line is above the impartial zone, indicating bullish momentum. The 14-day relative energy index of 69 reveals that MATIC may quickly enter the overbought area.

If the bulls stay in management, MATIC may rally previous the first main resistance stage at $0.5693 earlier than the finish of the day. However, it could want the assist of the broader cryptocurrency market to maneuver previous the resistance level above $0.64.