HomeLatest NewsMATIC is up by more than 15% today: here is why

MATIC is up by more than 15% today: here is why

Hassan Maishera

The cryptocurrency market has continued its excellent start to the new week, with most coins up by more than 4% in the last 24 hours.

The new week is shaping out to be a positive one for the broader cryptocurrency market. The market has added nearly 6% to its value in the last 24 hours, and the total market cap now stands above $915 billion. 

Bitcoin finally crossed the $20k psychological level after adding more than 6% to its value. Ether is closing in on the $1,200 resistance level and is up by more than 10% in the last 24 hours.

MATIC, the native token of the Polygon ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap. MATIC has added more than 15% to its value in the last 24 hours and currently trades above $0.530 per coin.

The rally can be attributed to the talks on Web3 adoption by Polygon co-founder Mihailo Bjelic on Monday. According to Bjelic, mass adoption of Web3 will happen on mobile, and Polygon is preparing to play a crucial role in this development.

The tweet was accompanied by a link to the announcement that HTC had launched a metaverse phone with Polygon and Ethereum support.

Key levels to watch

The MATIC/USD 4-hour chart is bullish as MATIC has been performing well over the past 48 hours.

The MACD line crossed into the positive zone a few hours ago, indicating bullish momentum. The 14-day RSI of 64 shows that MATIC could soon enter the overbought region if the rally continues.

MATIC could surge past the first major resistance level at $0.629 before the end of the day. In the event of extended bullish performance, MATIC could target the $0.70 level for the first time this month. 

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