MATIC is up by 6% following Robinhood support

MATIC is up by greater than 6% right this moment because the cryptocurrency market appears to finish the week on a constructive notice.

MATIC, the native token of the Polygon community, is the perfect performer amongst the highest 20 cryptocurrencies by market cap. The coin has added greater than 6% to its worth within the final 24 hours, outperforming the broader market. 

The broader crypto market can also be recovering from its latest decline and will finish the week on a constructive notice. The entire market cap now stands round $990 billion, up by greater than 1% right this moment.

Bitcoin maintains its place above $20k and is up by greater than 1% over the past 24 hours. Ether is eyeing the $1,600 resistance level after including 3% to its worth right this moment.

MATIC’s constructive efficiency comes after it introduced that Robinhood had launched assist for deposits and withdrawals of MATIC on the Polygon Proof-of-Stake (PoS) chain.

.@RobinhoodApp launches $MATIC deposits & withdrawals on @0xPolygon PoS!

You get sooner & safer txns with low gas-fees PLUS the power to switch $MATIC to & from the #Polygon community through Robinhood with out paying bridging charges.

Learn extra 👇 https://t.co/kQrPsUpM6N

— Polygon – MATIC 💜 (@0xPolygon) August 31, 2022

The Polygon staff mentioned the transfer is anticipated to deliver all the advantages of Ethereum’s Layer-2 (L2) options to Robinhood customers for the primary time. A few of these advantages embrace sooner transactions and decrease charges as in comparison with Ethereum.

Key ranges to look at

The MATIC/USD 4-hour chart is constructive, as Polygon has been performing properly over the previous 24 hours. The technical indicators present that MATIC’s metrics are bettering following a hunch earlier this week.

The MACD line is above the impartial zone, indicating bullish momentum for MATIC. The 14-day RSI of 65 exhibits that MATIC might be heading into the overbought area if the constructive momentum is maintained.

At press time, MATIC is buying and selling at $0.8853 per coin. If the bulls stay in management, MATIC may surge previous the primary main resistance degree at $0.9489. 

Nevertheless, except there may be an prolonged bullish run, MATIC may discover it exhausting to interrupt previous August’s excessive of $1.057 within the close to time period.