Polygon (MATIC) is yet to show major decisive price action. At the time of publication, MATIC was trading at $0.741, down 1.98% in the last 24 hours. Robinhood is launching its self-custody, web3 wallet beta to 10,000 iOS customers who joined the waitlist back in May. The standalone app will support Polygon as its first blockchain network, give customers total control of their crypto, allow them to trade and swap crypto with zero network fees, and access the decentralized web. While the Robinhood Wallet is launching exclusively with Polygon, in the long run, it will be a multichain wallet that supports a wide number of blockchains. Robinhood said it chose Polygon due to its scalability, speed, low network fees, and robust developer ecosystem. Robinhood also recently rolled out support for deposits and withdrawals on the Polygon PoS network so that customers can purchase its native MATIC token on the Robinhood app and seamlessly transfer it over to their self-custody wallet.
Key Levels
Resistance Levels: $1.150, $1.00, $0.850
Support Levels: $0.750, $0.685, $0.565
MATIC/USD Daily ChartThe MATIC/USD is attempting to go through horizontal support at $0.750, and if flipped into resistance could trigger a bearish decline to the $0.685 mark. However, it is currently unable to do so due to the ascending trendline support as seen on the daily chart. On the other hand, a bounce from this area might result in a retest of the $0.850 level. A bullish breakout above the resistance level might indicate a swift turn back to the upside.
In a broader sense, the rise from the $0.689 level is viewed as a further step upward of the pattern from the $0.317 yearly (low) level. Cluster resistance within the daily moving average (MA 50 and MA 200) could be seen after an extended rally occurs. This will be the preferred scenario as long as the $0.750 resistance level, which has since turned support, holds.
MATIC/USD 4-Hour ChartThe intraday bias in the MATIC/USD remains negative at the moment. A temporary low has firmed at $0.727, just ahead of the monthly low level at $0.689, which may signal the beginning of another rebound phase. Above the 4-hour moving average (MA 200) at the $0.822 resistance level on the upside could change the intraday bias to bullish.
The present session highs near $0.794, on the other hand, appear to be acting as immediate resistance right now. It is followed by the last 1o day’s swing high, which, if decisively cleared, could pave the way for additional short-term appreciation. The pair might then break through $0.850 and try to test the following significant barrier close to the $0.900 congested zone.
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