MATIC has increased by almost 7% today

The cryptocurrency market has performed well over the past 24 hours as it slowly recovers from its recent slump.

The broader crypto market has contributed more than 2.5% to its value over the past 24 hours. And this despite a weak start to the week.

Thanks to the positive performance recorded over the past 24 hours, the total market capitalization for cryptocurrencies is now over $ 1.3 trillion.

Bitcoin remains the dominant cryptocurrency and could cross the $31,000 mark if the market rally continues. Ether also has its eye on the $2,100 resistance mark, having contributed almost 3% to its value over the past 24 hours.

MATIC, the native token of the Polygon ecosystem, is one of the best performers among the top 20 cryptocurrencies today. MATIC, along with Avalanche, Cronos and Litecoin, has gained more than 6% in value in the last 24 hours.

For MATIC, the partnership between Polygon and Ernst & Young (EY), one of the four major accounting firms, is the most important catalyst for the continued positive development.

The Polygon team said that the partnership will lead to the companies launching the very first Layer 2 Zero-Knowledge (ZK) on the Polygon mainnet.

#Polygon, in partnership with @EYnews, is launching the first-ever L2 zk live on Mainnet.

Polygon Nightfall.

Streaming live on @Twitter, @YouTube, and @LinkedIn.
Tomorrow at 12:30 PM ET. pic.twitter.com/IQj3qacMmc

– Polygon – MATIC 💚 (@0xPolygon) May 16, 2022

Important levels at a glance

The MATIC/USD 4-hour chart is bearish. This is not surprising, since MATIC has performed below average in recent weeks.

The MACD is below the neutral zone, which indicates that the bearish mood is not yet completely over. The 14-day relative strength index of 52 shows that the MACD is no longer in the oversold area.

At the time of writing, MATIC is trading at $0.7139. If the rally continues, MATIC could break the first major resistance mark at $0.8087 before the end of the day. However, the resistance level at $ 0.9568 should limit further upward movement in the short term.