Polygon (MATIC) Price Could Rally Above $1: Here’s Why

Key Takeaways:

  • MATIC price started a major increase and surpassed $0.95.
  • A key bearish trend line is forming with resistance near $0.90 on the 4-hours chart.
  • The bulls seem to be eyeing a clear move above the $1.0 resistance zone.
matic, Polygon (MATIC) Price Could Rally Above $1: Here’s Why
Polygon (MATIC) Price Rally | Image from medium.com

Polygon’s MATIC gained pace after it broke the $0.75 resistance. The price remains well supported and might aim a fresh move above $1.

Polygon (MATIC) Price Uptrend Remains Intact

After forming a base above the $0.45 level, SOL started a fresh increase against the US Dollar. The price was able to clear the $0.55 and $0.70 resistance levels.

There was a strong move above the $0.80 resistance zone and the 50 simple moving average (4-hours, blue). Finally, there was a move above the $0.92 resistance zone but the bulls struggled for a push above the $1.0 barrier.

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

A high was formed near $0.983 before the price started a downside correction. There was a drop below the $0.95 and $0.94 support levels.

There was a move below the 23.6% Fib retracement level of the upward move from the $0.520 swing low to $0.983 high. However, the bulls are now protecting the key $0.800 support zone. The price is also well above the $0.80 zone and the 50 simple moving average (4-hours, blue).

On the upside, an immediate resistance is near the $0.880 level. The next major resistance is near the $0.90 level. There is also a key bearish trend line forming with resistance near $0.90 on the 4-hours chart.

A clear move above the $0.90 resistance level could set the pace for another strong increase. In the stated case, the price could test the $0.98 level. The next major resistance is near $1.00. Any more gains might open the doors for a move towards the $1.12 resistance.

Conversely, MATIC price might fail to clear the $0.90 resistance zone or $1.00. In the mentioned case, the price could start a downside correction. An initial support is near the $0.80 level. The next major support is near $0.750 and the 50 simple moving average (4-hours, blue).

It is near the 50% Fib retracement level of the upward move from the $0.520 swing low to $0.983 high. A close below $0.750 may perhaps start a strong decline. In the stated case, the price might dive towards the $0.620 support.

Overall, MATIC price is still in a positive zone and eyeing more gains above the $0.90 and $1.0 levels. If it fails, there could be a drop towards $0.75 in the near term.

Leave a Comment

Related Articles

Our Partners

SwapCoin.com RapidCoin.com ChangeNOW.com Paybis.com WestcoastNFT.com