That's why MATIC is up more than 6% today

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

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

Thanks to the positive performance recorded over the past 24 hours, the total cryptocurrency market cap is now over $1.3 trillion.

Bitcoin remains the dominant cryptocurrency and could surpass $31,000 if the market rally continues. Ether is also eyeing the USD 2,100 resistance level after adding nearly 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, is up more than 6% in the last 24 hours.

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

The Polygon team said the partnership will result in the companies launching the first-ever Layer 2 Zero-Knowledge (ZK) on the Polygon mainnet.

The MATIC/USD 4 hour chart is bearish. This is not surprising given that MATIC has underperformed in recent weeks.

The MACD is below the neutral zone, which suggests that the bearish sentiment is not entirely over. The 14-day Relative Strength Index of 52 shows that the MACD is no longer in the oversold territory.

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

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