MATIC is up over 6% today as the cryptocurrency market looks to end a strong week.
MATIC, the native token of the Polygon network, is the best performer among the top 20 cryptocurrencies by market capitalization. The coin has added more than 6% to its value in the last 24 hours, outperforming the broader market.
The broader cryptocurrency market is also recovering from recent declines and could end the week on a high note. It currently has a market capitalization of around $990 billion, up more than 1% today.
Bitcoin is holding its position above $20,000, up more than 1% over the past 24 hours. Ether is targeting the $1,600 resistance point after he added 3% to today’s price.
MATIC’s strong performance comes after Robinhood announced that it has started supporting MATIC deposits and withdrawals on Polygon Proof-of-Stake (PoS) chains.
Read more 👇 https://t.co/kQrPsUpM6N
— Polygon – MATIC 💜 (@0xPolygon) August 31, 2022
The Polygon team said the move is expected to bring all the benefits of Ethereum’s Layer 2 (L2) solution to Robinhood users for the first time. These advantages include faster transactions and lower fees compared to Ethereum.
Important Levels to Watch
The MATIC/USD 4-hour chart is positive as Polygon has been performing well over the past 24 hours. Technical indicators show that MATIC readings are improving following the slump earlier in the week.
The MACD line is above the neutral zone, indicating MATIC’s bullish momentum. The 14-day RSI 65 shows that MATIC may head into overbought territory if the positive momentum is maintained.
At the time of writing, MATIC is trading at $0.8853 per coin. If the bulls keep control, MATIC is likely to break out of the first major resistance level at $0.9489.
However, MATIC will struggle to break above the August highs of $1.057 in the near term unless the bull run continues.