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MATIC is up by greater than 6% in the present day because the cryptocurrency market seems to be to finish the week on a optimistic word.

MATIC, the native token of the Polygon community, is the most effective 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 latest decline and will finish the week on a optimistic word. The whole market cap now stands round $990 billion, up by greater than 1% in the present day.

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 in the present day.

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 quicker & safer txns with low gas-fees PLUS the power 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 crew stated the transfer is anticipated to convey all the advantages of Ethereum’s Layer-2 (L2) options to Robinhood customers for the primary time. Some of those advantages embrace quicker transactions and decrease charges as in comparison with Ethereum.

Key ranges to look at

The MATIC/USD 4-hour chart is optimistic, as Polygon has been performing effectively over the previous 24 hours. The technical indicators present that MATIC’s metrics are enhancing following a droop 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 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 stage at $0.9489. 

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