The cryptocurrency market is yet to kick the ground running this week and could end the week trading in the negative zone.
The cryptocurrency market has been underperforming since the start of the week. Over the last 24 hours, the total market cap is down by less than 1% and currently stands above $880 billion.
Bitcoin is looking to surge past the $20k resistance mark again despite going down by 0.5% over the past few hours. Ether, on the hand, is looking to climb above the $1,100 resistance point after adding 1% to its value today.
However, MATIC, the native token of the Polygon ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap. MATIC is up by more than 10% in the last 24 hours, outperforming the other major cryptocurrencies.
The primary catalyst behind the ongoing rally is the announcement that Polygon is the only blockchain project chosen to be a part of the Disney Accelerator program.
The 2022 Disney Accelerator, is a business development program designed to accelerate the growth of innovative companies from around the world.
Raise your hand if you remember your first Disney experience like it was yesterday 🙋🏻♀️ #disneyfeels
We are excited to announce that Polygon has been chosen to be a part of the Disney Accelerator program 🎉https://t.co/hk6gZziy8X
— Polygon – MATIC 💚 (@0xPolygon) July 13, 2022
Key levels to watch
The MATIC/USD 4-hour chart has turned bullish as Polygon has been performing well over the past 24 hours.
The MACD line is above the neutral zone, indicating bullish momentum. The 14-day RSI of 61 shows that MATIC is currently not in the oversold region and could rally towards the overbought zone in the coming hours or days.
At press time, MATIC is trading at $0.625. If the rally continues, MATIC could surge past the first major resistance level at 0.70 before the end of the day.
MATIC is retracing some of its earlier gains and could slip below the $0.57 support level if the bears remain in control of the broader cryptocurrency market.