NEW DELHI (CoinChapter.com) — Polygon’s MATIC price is stable above the $0.820 support. MATIC seems to be setting up for a steady increase unless there is a close below $0.720.
MATIC Price Aims Fresh Surge
There have been mostly positive moves in Bitcoin, Ethereum, SOL, XRP, and other cryptocurrencies in the past few days. MATIC also climbed higher and settled above the $0.700 pivot level.
There was even a move toward the $1.00 level before a downside correction. MATIC dipped below $0.800, but it remained stable near $0.750. A low was formed near $0.7509, rapidly increasing the price.
The price climbed above the 50% Fib retracement level of the downward move from the $0.990 swing high to the $0.7509 low. Polygon’s token is now consolidating above $0.800 and the 50-day simple moving average (blue).
The current price action suggests MATIC could start a fresh surge. A key contracting triangle is forming with resistance near $0.900 on the daily chart.
On the upside, the price faces a major hurdle near $0.900 and the triangle trend line. It is close to the 76.4% Fib retracement level of the downward move from the $0.990 swing high to the $0.7509 low. The next key resistance could be $0.920.
A clear move above the triangle and $0.920 could set the pace for a fresh surge. In the stated case, MATIC’s price could even surpass $1.00. The next major target for the bulls could be $1.12.
Dips Supported?
The price could correct lower if there is no move above the triangle resistance. Immediate support sits at $0.820 and the 50-day simple moving average (blue). The next major support is now forming near $0.800.
A downside break below the $0.80 support could initiate a larger decline. The price could decline toward the $0.720 pivot level in the stated case. Any more losses might encourage the bears to push MATIC toward the $0.60 zone.
Overall, MATIC price signals high chances of a bullish break above $0.900 and $0.920. If the bulls succeed, the price could surge toward $1.00 and then $1.12. Conversely, Polygon could retest the $0.72 support.
