MATIC Price Analysis: Polygon (MATIC) Briefly Spikes 16% Following Robinhood Listing, Here’s What To Watch

• Polygon (MATIC) briefly spiked 16% to intraday highs of $1.47
• At the time of publication, MATIC trades at $1.37
• In a blogpost, Robinhood has announced that customers can now buy and sell Polygon (MATIC)

Polygon (MATIC) briefly spiked 16% to intraday highs of $1.47 following the news of its Robinhood listing. At the time of publication, MATIC trades at $1.37, slightly above the lows of $1.26 reached earlier. In a blog post, Robinhood has announced that customers can now buy and sell Polygon (MATIC) and three other cryptocurrencies through its platform. It says that MATIC purchased on or sent to Robinhood may be held partially on either the Ethereum or Polygon network. Polygon has also announced its plans of Going Carbon Negative in 2022 With a $20 Million Pledge for its Green Manifesto project. As the first step, Polygon is buying $400,000 worth of high-quality and traceable BCT and MCO2 carbon credits, the equivalent of roughly 90,000 tons of CO2 emissions. Polygon is also partnering with KlimaDAO, a decentralized collective of environmentalists, developers, and entrepreneurs.

Key Levels
Resistance Levels: $1.70, $1.60, $1.50
Support Levels: $1.30, $1.25, $1.09

MATIC/USD Daily Chart: Ranging

MATIC/USD Daily Chart

MATIC is stabilizing within a narrow trading range capped by the MA 50, which is now at $1.520. MATIC price had attempted to break above the range in the previous week, reaching MA 200 and a high of $1.746 on Mar. 28. It failed to close above the consolidation region once more. The RSI indicator appears to fall into a range beneath its midline 50.

As a result, a return above the MA 50 ($1.50) and $1.60 might push the price closer to the $1.70 mark. MATIC/USD could halt near the MA 200 resistance level at $1.750, ahead of the current year highs of $2.66 set in January. On the downside, the $1.246 serves as immediate support below the MA 50, and any breach of this level could lead to a fall.

MATIC/USD 4-hour Chart: Ranging

MATIC/USD 4-Hour Chart

On the 4-hour chart, the MATIC/USD pair has created a rebound pattern, and the price is stabilizing above the $1.30 horizontal support level. MATIC rebound indicates the cryptocurrency is attempting to return to its bullish continuation pattern that starts with consolidation and ends with a breakout.

A close over the 4-hour moving average (MA 50) should push the price beyond $1.50, with the March 2022 highs of $1.746 insight. Alternatively, under the MA 50, there is a band of support. Horizontal support from recent lows near $1.314 is the next key support. Despite trading below MAs, its outlook is neutral to optimistic.

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