Key Takeaways:
- MATIC price is signaling a bullish breakout above the $0.65 zone.
- It broke a major bearish trend line with resistance at $0.70 on the daily chart.
- The price could surge and rise toward $0.86 or even $0.95.
NEW DELHI (CoinChapter.com) — Polygon’s MATIC is rising above $0.70. The bulls seem to be back in control and could aim for a move toward the $0.95 resistance.
Polygon (MATIC) Price Starts Recovery
After a significant decline, MATIC’s price found bids near the $0.50 zone against the US dollar. The price traded as low as $0.5079 and recently started a decent upward move.
A move above the $0.565 and $0.580 resistance levels opened the doors for a recovery wave. More importantly, the price broke a major bearish trend line with resistance at $0.70 on the daily chart.
The price has shown strength in the past few sessions, and it seems like there is positivity building around Polygon 2.0: The Value Layer of the Internet.
MATIC trades above the $0.72 zone and the 50-day simple moving average (blue). Immediate resistance is near the $0.74 zone or the 50% Fib retracement level of the main drop from the $0.9700 swing high to the $0.5079 low.
A clear move above the $0.74 resistance could spark bullish moves, and Polygon could outperform Bitcoin and Ethereum. The next major resistance is near $0.80 or the 61.8% Fib retracement level of the main drop from the $0.9700 swing high to the $0.5079 low.
If the bulls push the price above the $0.80 resistance zone could set the pace for a decent increase. In the stated case, MATIC price could test the $0.86 level. Any more gains might open the doors for a move toward the $0.95 resistance.
Downside Correction?
Initial support is near the $0.70 level. The next major support is near $0.64. The main support sits near the $0.565 zone. If the bulls fail to protect the $0.565 support, MATIC could decline heavily. In the stated case, there is a risk of a drop toward the $0.50 support.
Overall, MATIC price is rising above $0.70. A close above $0.74 could increase the price toward $0.86 or even $0.95 in the near term. If not, there might be a downside correction toward the $0.64 support.
