MATIC is up by greater than 6% at this time because the cryptocurrency market seems to be to finish the week on a optimistic 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 is additionally recovering from its current decline and will finish the week on a optimistic notice. The complete market cap now stands round $990 billion, up by greater than 1% at this time.
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 at this time.
MATIC’s optimistic efficiency comes after it introduced that Robinhood had launched support 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 flexibility to switch $MATIC to & from the #Polygon community through Robinhood with out paying bridging charges.
Read extra ???? https://t.co/kQrPsUpM6N
— Polygon – MATIC ???? (@0xPolygon) August 31, 2022
The Polygon workforce stated the transfer is anticipated to carry all the advantages of Ethereum’s Layer-2 (L2) options to Robinhood customers for the primary time. Some of those advantages embody sooner transactions and decrease charges as in comparison with Ethereum.
Key ranges to observe
The MATIC/USD 4-hour chart is optimistic, as Polygon has been performing nicely over the previous 24 hours. The technical indicators present that MATIC’s metrics are bettering following a stoop earlier this week.
The MACD line is above the impartial zone, indicating bullish momentum for MATIC. The 14-day RSI of 65 reveals that MATIC may very well be heading into the overbought area if the optimistic 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.
However, until there is an prolonged bullish run, MATIC may discover it onerous to interrupt previous August’s excessive of $1.057 within the close to time period.
