This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as rock in Rock, Paper and Scissors game.
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+270A prohibits a line break after it, if it’s followed by an emoji modifier.
The CLDR project calls this character “raised fist” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: clenched, fist, hand, punch, raised, solidarity.
This character is designated as an emoji. It will be rendered as colorful emoji on conforming platforms. To reduce it to a monochrome character, you can combine it with Variation Selector-15: ✊︎ The character can be changed in appearance, if it is followed by an emoji modifier. See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
The raised fist, or the clenched fist, is a long-standing image of mixed meaning, often a symbol of solidarity, especially with a political movement. It is a common symbol representing a wide range of political ideologies, most notably socialism, communism, anarchism, and trade unionism, and can also be used as a salute expressing unity, strength, or resistance.