MATIC Price (Polygon) Sets Stage for Rally, $0.80 In Sight
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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.
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
