The Crypto Community predicts that Polygon (MATIC) will rise by almost 20% by October 31st
Members of the crypto community have cast their vote, so to speak, and now we’re going to find out if their forecast was accurate or not.
Consensus in the cryptocurrency market predicts a 20% increase in MATIC prices before the month ends, as reported by CoinMarketCap’s Price Estimates.
This rather optimistic forecast from the community suggests a high level of faith in both the token and the ecosystem.
Good news has recently hit the Polygon community thanks to a tweet from the official Polygon Twitter account announcing a new partnership with trading platform Robinhood.
Will Robinhood Team-Up deliver good results?
The tweet suggests that Robinhood has teamed up with Polygon to offer a bitcoin wallet service. The FRobinhood Wallet app is built with DeFi in mind.
According to Polygon’s blog post, the Robinhood wallet is a self-custodial wallet, meaning the owner has full discretion over their cryptocurrency holdings.
Robinhood has made other forays into the cryptocurrency market, so this isn’t their first venture.
From its inception in 2018, it has been actively involved in the crypto industry, with Bitcoin and Ethereum being the first coins to be freely traded on the platform at no cost to traders. The change began in a select 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 trading in alternative cryptocurrencies, similar to Polygon’s MATIC token.
With over 37,000 decentralized applications available on Polygon’s platform, it will undoubtedly help Robinhood’s most ambitious venture into cryptocurrency. But how did investors and traders of Polygon react to the news?
Rally underway for crypto?
At the time of writing, MATIC is trading at $$0.778741, down 0.1 per cent in the last seven days, data from Coingecko shows on Saturday.
Currently, the token is trading between the 50 Fib level ($0.6876) and the 61.80 Fib level ($0.7761).
The current support line is at $0.7252, which is important because this will be the support line the bulls can rely on if things go south.
If the price reaches the 61.80 Fib level again, we can expect a small correction if there is sufficient buying demand.
Investor confidence is high as Polygon continues its Robinhood relationship, given the community’s estimate of 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
