Suffice to say, members of the crypto community have voted, and now we’ll see if their predictions are accurate.
As reported by CoinMarketCap’s price prediction indicator, the consensus in the cryptocurrency market predicts that MATIC prices will rise by 20% by the end of the month.
This rather optimistic prediction from the community indicates a high level of trust in the token and the ecosystem.
The Polygon community has had good news recently thanks to a tweet from Polygon’s official Twitter account announcing a new partnership with trading platform Robinhood.
Will Robinhood Teamwork Lead to Good Results?
The tweet indicates that Robinhood has partnered with Polygon to provide bitcoin wallet services. The FRobinhood wallet app was built with DeFi in mind.
According to Polygon’s blog post, the Robinhood Wallet is a self-custodial wallet, which means its owners have complete discretion over the cryptocurrencies they hold.
Robinhood has already ventured into the cryptocurrency market, so this isn’t their first venture.
It has been actively involved in the crypto industry since its inception in 2018, with Bitcoin and Ethereum being the first coins to be freely traded on the platform with no fees for traders. Changes start in a selected number of states.
By 2021, crypto-asset trading has expanded across the United States, with the exception of Hawaii and Nevada.
The trading platform supports 11 cryptocurrencies, including Bitcoin and Ethereum. It also facilitates the trading of alternative cryptocurrencies, similar to Polygon’s MATIC token.
With over 37,000 DApps on the Polygon platform, it will undoubtedly help Robinhood’s most ambitious cryptocurrency endeavors. But how did Polygon’s investors and traders react to the news?
Crypto Rally Coming?
At the time of writing, MATIC is trading at $$0.778741, down Data from Coingecko on Saturday showed 0.1% over the past seven days.
Currently, the coin is trading between the 50 Fib level ($0.6876) and the 61.80 Fib level ($0.7761).
The current support line at $0.7252 is essential as this will be the one that the bulls can rely on if the situation turns south.
If the price reaches the 61.80 Fib level again, we can expect a small pullback if there is enough buying demand.
Investor confidence is high as Polygon continues to advance its relationship with Robinhood given the community’s forecast for a nearly 20% price increase.
MATIC total market cap at $6.8 billion on the daily chart | Source: TradingView.com Featured image from VOI, Chart: TradingView.com