NEW DELHI (CoinChapter.com) — Polygon (MATIC) price is moving higher above the $0.95 resistance. The bulls seem to be setting up for a major move above the $1.050 resistance.
MATIC Price Turns Bullish
In the past few weeks, there has been a steady increase in Bitcoin, Ethereum, SOL, and a few other cryptocurrencies. MATIC also climbed higher and settled above the $0.800 pivot level. The upward move gained pace after there was a close above the $0.82 level and the 50-day simple moving average (blue).
In 2024, the bulls made two attempts to gain strength above the $1.00 resistance. However, MATIC seems to be facing a major hurdle near the 50% Fib retracement level of the downward move from the $1.567 swing high to the $0.4939 low.
The current price action is very bullish, and the last weekly candle was very strong. These are positive signs, and it seems like Polygon bulls might successfully clear the $1.00 resistance.
There is also a key rising channel forming with resistance near $1.035 on the weekly chart. The next key resistance could be $1.050. A clear move above the triangle and $1.050 could set the pace for a fresh surge.
In the stated case, MATIC’s price could even surpass $1.158. The next major target for the bulls could be $1.30 or the 76.4% Fib retracement level of the downward move from the $1.567 swing high to the $0.4939 low. Any more gains might send the price toward the $1.55 resistance zone.
This month, the Etrog upgrade went live on Polygon zkEVM Mainnet Beta. It includes support for additional precompiles and a new way of processing transactions. They also unveiled Polygon ID Release 6, which could be a big step in becoming the most adopted digital identity solution.
Another Dip In Polygon?
If there is no move above the channel resistance, the price could correct lower. Immediate support sits at $0.920. The next major support is forming near $0.820 and the 50-week simple moving average (blue).
A downside break below the $0.82 support could initiate a larger decline. In the stated case, the price could decline toward the $0.720 pivot level. 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 $1.030 and $1.050. If the bulls succeed, the price could surge toward $1.30 and then $1.55. Conversely, Polygon could retest the $0.82 support.
