Key Takeaways:
- MATIC price started a major increase and cleared the $0.85 resistance.
- It broke a crucial bearish trend line with resistance near $0.815 on the daily chart.
- The recent breakout suggests a high chance of a strong move above $1.00 and $1.05.
Polygon’s MATIC is gaining momentum and trading above $0.80. The price is signaling more upsides and the bulls could even pump it above $1.00.
Polygon (MATIC) Price Outperforms
This past week, we discussed MATIC price prediction and a strong upward move above the $0.80 resistance zone against the US Dollar. The price formed a base above the $0.70 level and started a fresh increase.
There was a steady increase above the $0.75 and $0.80 resistance levels. The price gained over 10% in the past few days, outperforming ethereum and bitcoin. There was a clear move above the 50% Fib retracement level of the downward move from the $0.9403 swing high to $0.691 swing low.
MATIC price daily chart | Source: MATICUSD on TradingView.com
Besides, there was a break above a crucial bearish trend line with resistance near $0.815 on the daily chart. The price is now trading well above $0.80 and the 50-day simple moving average (blue).
It is also trading above the 76.4% Fib retracement level of the downward move from the $0.9403 swing high to $0.691 swing low. The current price action suggests high chances of a steady move above the $0.95 resistance.
The next major resistance is near the $1.00 level. It is near the 1.236 Fib extension level of the downward move from the $0.9403 swing high to $0.691 swing low. A clear move above the $1.00 resistance zone could set the pace for a major rally.
In the stated case, the price could test the $1.15 level. Any more gains might open the doors for a move towards the $1.25 resistance.
Conversely, MATIC price might fail to clear the $0.95 resistance zone or $1.00. In the mentioned case, the price could start a downside correction. An initial support is near the $0.85 level. The next major support is near $0.815 and the 50-day simple moving average (blue).
A close below $0.815 may perhaps increase selling pressure. In the stated case, the price might dive towards the $0.750 support, below which there is a risk of a move to $0.70.
Overall, MATIC price is showing positive signs above the $0.85 zone. If the bulls remain in action, it could rally above the $1.00 resistance. If not, there could be a fresh bearish wave towards the $0.75 zone or even $0.70.
