Here is why MATIC is up by nearly 10% in the last 24 hours

The cryptocurrency market slightly retreated on Thursday but has continued its rally as the week comes to an end.

It has been a positive week for the broader cryptocurrency market. The broader cryptocurrency market has added more than $100 billion to its value over the past couple of days, with the total market cap now above $1 trillion.

Bitcoin slightly retraced below $23k on Thursday but is up by nearly 1% and is trading above $23k at the time of this report. Ether, the world’s second-largest cryptocurrency by market cap, is also up by more than 6% in the last 24 hours and currently trades above $1,550 per coin.

MATIC, the native token of the Polygon ecosystem, is the top performer amongst the leading 20 cryptocurrencies by market cap. MATIC has added more than 9% to its value and is now eyeing the $1 mark.

The ongoing rally can be attributed to Polygon’s partnership agreement with enterprise-grade Web3 infrastructure platform Kaleido. The partnership will allow Polygon to give businesses the power to build custom blockchains tailored to their needs.

As part of the agreement, Kaleido will use Polygon Edge, a modular framework for bootstrapping Ethereum-compatible networks, to meet the increasing demand from enterprises looking to launch services in Web3.

Key levels to watch

The MATIC/USD 4-hour chart is bullish as MATIC has been performing excellently since the start of the week.

The MACD line is within the positive territory, indicating bullish momentum. Meanwhile, the 14-day relative strength index of 60 shows that MATIC could be heading towards the overbought region if the rally continues.

At press time, MATIC is trading above $0.91 per coin. If the rally continues, MATIC could surge past the first major resistance level at $0.99 before the end of the day.

In the event of an extended bullish run, MATIC could target the second major resistance point at $1.10 over the next few days.