Key Takeaways:
- MATIC price started a fresh increase above the $1.08 resistance zone.
- It cleared a major bearish trend line with resistance near $1.08 on the 4-hours chart.
- The price is up nearly 10% and might rise further if it clears the $1.165 resistance.
Polygon’s MATIC gained over 8% and even tested $1.14. The price shows positive signs and could rise toward $1.20 or $1.25.
Polygon’s MATIC Price Breaks Hurdle
In the past few sessions, MATIC’s price remained well-bid above the $1.00 level against the US dollar. The price formed a strong base above the $1.05 level and recently started a new increase.
The price cleared the $1.08 and $1.10 resistance levels to move into a positive zone. During the increase, the price surpassed a major bearish trend line, with resistance near $1.08 on the 4-hours chart. It even settled above the $1.10 level and the 50 simple moving average (4 hours, blue).
Today, the price is up nearly 10% and has outperformed Bitcoin and Ethereum. The bears are now protecting the $1.15 resistance zone. It is close to the 50% Fib retracement level of the downward move from the $1.249 swing high to the $1.030 low.
Immediate resistance on the upside is near the $1.15 level. The first major resistance is near the $1.165 level or the 61.8% Fib retracement level of the downward move from the $1.249 swing high to $1.030 low.
A close above the $1.165 resistance might start another strong increase. The price may rise toward the $1.20 level in the stated case. Any more gains might open the doors for a move toward the main $1.25 resistance zone.
Another drop?
If there is no upside break above $1.165, MATIC’s price might correct lower. Immediate support is near the $1.10 level and the 50 simple moving average (4 hours, blue).
The next major support is near the $1.08 and broken trend lines. A close below $1.08 may send the price to $1.020, where the bulls might take a stand. Any more losses could set the pace for a larger drop toward the $0.95 level in the coming days.
The MATIC price rally is gaining momentum above $1.10 and might attempt a new rally. If the bulls succeed, the price may perhaps rise toward the $1.20 level. Conversely, the price might decline and revisit the $1.08 support zone.
