MATIC Price Prediction: Polygon Outperforms Bitcoin, Why It Could Climb Again

Key Takeaways:

  • MATIC price started a fresh increase from the $0.765 support zone.
  • It is facing a major bearish trend line with resistance near $1.100 on the 4-hours chart.
  • The price could continue to rise unless there is a clear move below the $0.95 support.

Polygon’s MATIC price rallied above $1.00 and trimmed losses. The price remains well supported and might aim another increase to $1.20.

Polygon’s MATIC Price Remains Supported

After FTX’s fall, MATIC price saw a major decline below $1.15 against the US Dollar. The price declined sharply below the $1.05 and $1.00 levels.

MATIC Price Prediction: Polygon Outperforms Bitcoin, Why It Could Climb Again
MATIC Price Prediction | Photo by Andrea Piacquadio

The crypto market tumbled, dragging bitcoin and ethereum further lower. Matic also extended losses below the $0.95 and $0.90 levels. Finally, the price broke the $0.85 support and settled well below the 50 simple moving average (4-hours, blue).

MATIC Price Prediction
MATIC 4-hours price chart | Source: MATICUSD on TradingView.com

It tested the key $0.750 support zone. A low was formed near $0.762 and the price started an upside correction. There was a strong increase above the $0.85 and $0.95 resistance levels.

The bulls pumped the price above 61.8% Fib retracement level of the downward move from the $1.291 swing high to $0.762 swing low. However, the bears were active near the $1.15 level and there was no proper close above the 50 simple moving average (4-hours, blue).

The price topped just below the 76.4% Fib retracement level of the downward move from the $1.291 swing high to $0.762 swing low. There is also a major bearish trend line in place with resistance near $1.100 on the 4-hours chart.

A clear move above the trend line resistance might send the price towards the $1.15 resistance. The next major resistance is near the $1.250 level, above which the price could rise towards the $1.32 level. Any more gains might open the doors for a move towards the $1.45 resistance.

Fresh Drop?

Conversely, MATIC price might fail to clear the $1.10 resistance zone or $1.15. In the mentioned case, the price could continue to move down below $1.05. An initial support is near the $1.00 level. The next major support is near $0.950.

A close below $0.950 may perhaps start a steady decline. In the stated case, the price might drop towards the $0.845 support, below which there is a risk of a move to $0.765.

Overall, MATIC price is facing a major hurdle near the $1.10 and $1.15 levels. If the bulls remain in action, it could rise towards the $1.25 resistance. If not, there could be a drop towards $0.95 in the near term. The main breakdown support sits at $0.750.

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matic, MATIC Price Prediction: Polygon Outperforms Bitcoin, Why It Could Climb Again

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