Polygon (MATIC) Price Prints Bullish Breakout, Why It Could Rally To $1

Polygon (MATIC) Price Prints Bullish Breakout | Photo by Andy Hermawan on Unsplash

Polygon’s MATIC gained pace after it broke the $0.84 resistance. The price remains well supported and might aim a fresh move towards $1.

Polygon (MATIC) Price Starts Fresh Increase

After forming a base above the $0.75 level, SOL started a fresh increase against the US Dollar. The price was able to clear the $0.78 and $0.80 resistance levels.

There was a strong move above the $0.84 resistance zone and the 50 simple moving average (4-hours, blue). The price climbed above the 23.6% Fib retracement level of the downward move from the $1.052 swing high to $0.758 swing low.

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

Besides, the price broke a major bearish trend line with resistance near $0.842 on the 4-hours chart. It is now showing positive signs above the $0.88 resistance zone and the 50 simple moving average (4-hours, blue).

On the upside, an immediate resistance is near the $0.905 level. It is near the 50% Fib retracement level of the downward move from the $1.052 swing high to $0.758 swing low.

The next major resistance is near the $0.94 level. A clear move above the $0.94 resistance level could set the pace for another strong increase. In the stated case, the price could test the $1.00 level. The next major resistance is near $1.05. 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 $0.94. In the mentioned case, the price could start a downside correction. An initial support is near the $0.84 level. The next major support is near $0.820 and the 50 simple moving average (4-hours, blue).

A close below $0.820 may perhaps start spark a major decline. 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 gaining pace above the $0.80 and $0.84 levels. If the bulls remain in action, it could rise towards the $1.00 resistance. If not, there could be a drop towards $0.82 in the near term. The main breakdown support sits at $0.75.