Cryptocurrency News

MATIC Climbs 6% After Robinhood Support For Polygon POS Chain

MATIC has spiked by as much as 6% today with the crypto landscape having an optimistic vibe the entire week.

MATIC looking positive with a surge of 6% 
Polygon performance improves following announcement of Robinhood’s support for Polygon transactions
Around 18 million MATIC transactions made after Robinhood partnership announcement

Polygon (MATIC) is dubbed to be the top performer when pitted against the top 20 cryptos in terms of market capitalization as seen in the past three months.

In fact, MATIC was able to beef up its value by 6% in just 24 hours which means it has outperformed the rest of its contemporaries in the crypto space.

The entire crypto market is at the verge of recovery from its recent plunge but could proverbially close the week on a high note. MATIC’s total market cap is now at a whopping $990 billion which beams with a 1% increase today.

MATIC Shows Improved Peformance Following Robinhood Deal

More so, Bitcoin has also managed to hover above the $20k mark and also shows a 1% increase seen overnight. Ether is currently shooting for the key resistance zone spotted at $1,600 after it was able to beef up its value by 3% today.

MATIC has shown improved performance following its announcement showcasing their partnership with Robinhood, a famous stock and crypto investing app, for Polygon withdrawals and deposits on the PoS chain.

Remarkably, roughly around 18 million MATIC transactions were made following the announcement.

This partnership is said to help consolidate all the advantages of Ethereum’s L2 solutions to pioneering users of Robinhood which include low gas fees and speedy transactions.

More so, this collaboration with Robinhood is seen to boost Polygon’s network growth, increase liquidity, and also make MATIC readily accessible to Robinhood app users worldwide.

Chart: TradingView.com
Polygon Shows Impressive Signals

On the 4-hour chart, the MATIC/USD pair is seen as optimistic and performing optimally in the past 24 hours. More so, the technical indicators imply that the coin has remarkably improved and recovered considering its decline witnessed early this week.

Further, the MACD line is hinting at a bull run with it spotted above the neutral level. RSI for the past two weeks is 65 which imply that MATIC may be treading into the overbought zone with its positive outlook maintained.

If the bulls continue to dominate the market, MATIC could potentially move past its key resistance spotted at $0.9489. Regardless, MATIC, despite of its bullish movement, may find it difficult to move past its August ATH that registered at $1.057.

MATIC total market cap at $7.08 billion on the weekend chart | Source: TradingView.com

Featured image from The Economic Times, Chart from TradingView.com

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