MATIC Price (Polygon) Sets Stage for Rally, $0.80 In Sight

MATIC price is showing positive signs from the $0.580 zone. Polygon is rising and might gain bullish momentum above the $0.70 resistance.

• MATIC price started a fresh increase above the $0.620 level against the US dollar.

• The price is trading above $0.650 and the 100-hour simple moving average.

• There was a break above a short-term bearish trend line with resistance at $0.6350 on the hourly chart of the MATIC/USD pair (data source from Kraken).

• The pair could gain bullish momentum if it clears the $0.680 and $0.700 resistance levels.

Polygon Price Aims Higher

After forming a base above the $0.5750 level, Polygon’s price started a fresh increase above the $0.600 pivot level. MATIC is moving higher above the $0.620 level, like Ethereum and Bitcoin.

There was a move above the $0.650 level. Besides, there was a break above a short-term bearish trend line with resistance at $0.6350 on the hourly chart of the MATIC/USD pair. The pair tested the $0.680 resistance zone. It is now consolidating gains and is well above the 23.6% Fib retracement level of the upward move from the $0.5715 swing low to the $0.6800 high.

MATIC is trading above $0.650 and the 100 simple moving average (4 hours). Immediate resistance is near the $0.680 zone. The first major resistance is near the $0.70 level.

If there is an upside break above the $0.70 resistance level, the price could continue to rise. The next major resistance is near $0.750. A clear move above the $0.750 resistance could start a steady increase. In the stated case, the price could even attempt a move toward the $0.780 level or $0.80.

Another Dip In MATIC?

If MATIC’s price fails to rise above the $0.680 resistance level, it could start another decline. Immediate support on the downside is near the $0.650 level.

The main support is near the $0.6250 level or the 50% Fib retracement level of the upward move from the $0.5715 swing low to the $0.6800 high. A downside break below the $0.6250 level could open the doors for a fresh decline toward $0.60. The next major support is near the $0.5750 level.

Technical Indicators

Hourly MACD – The MACD for MATIC/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for MATIC/USD is now above the 50 level.

Major Support Levels – $0.6500 and $0.6250.

Major Resistance Levels – $0.6800 and $0.7000.